Macron unveils 1 billion euro joint investment with UAE

French President Emmanuel Macron gives a press conference in Dubai on Nov 9, 2017.
French President Emmanuel Macron gives a press conference in Dubai on Nov 9, 2017.PHOTO: AFP

DUBAI (AFP) - French President Emmanuel Macron on Thursday (Nov 9) announced a one-billion euro (S$1.6 billion) joint investment platform with the United Arab Emirates whose funds are to be invested in France.

This agreement "will allow us to mobilise our economy with the investment strength of the Emirates", Macron told members of the French community in Dubai on the second day of a visit to the United Arab Emirates, his first as head of state to the Middle East.

The agreement was signed by Abu Dhabi-based sovereign fund Mubadala and the French Caisse des Depots group, which have pledged to contribute 500 million euros each.

In part, the fund serves as an extension of a 2014 collaboration between CDC International Capital, a subsidiary of Caisse des Depots, and Mubadala launched to support firms with "proven" growth potential, chiefly based in France.

But the new fund goes further with a collaboration between Mubadala and Bpifrance, also a subsidiary of Caisse des Depots, that will aim to support innovation in France, whether start-ups or more mature companies.