Abu Dhabi fund Mubadala, China’s HNA to partner on investments

China’s HNA Group, owner of Hainan Airlines, and Abu Dhabi state investor Mubadala Development Co said on Monday they would invest together in tourism, logistics and financial services.

They will also look at areas including aerospace, advanced manufacturing, real estate and healthcare, they said in a joint statement. They provided no details.

HNA, a shipping and airlines conglomerate with more than $90bn of assets, began a commercial relationship with Mubadala in July when Mubadala agreed to sell a majority stake in SR Technics, a civil aviation business, to HNA.

Mubadala retained 20 per cent of SR Technics.

In an effort to strengthen its ties to the Gulf, HNA in September 2015 announced plans for an Islamic financing deal, although it has not yet announced completion of the deal.

Mubadala, which is merging with fellow state fund International Petroleum Investment Co, has stakes in companies across the world. Mubadala had Dhs246.4bn ($67.1bn) of assets at the end of 2015.