Woori Financial Group has established a strategic partnership with Mubadala, the sovereign wealth fund of the United Arab Emirates (UAE), between their respective subsidiaries.
According to sources in the financial sector on Feb. 28, Woori Venture Partners, a subsidiary of Woori Financial Group, signed a memorandum of understanding (MOU) on Feb. 22 (local time) with Mubadala Capital, a subsidiary of Mubadala, at a hotel in Abu Dhabi, the UAE, to establish strategic cooperation.
Under the agreement, the two firms plan to explore global joint investment opportunities for mutual benefit in various sectors.
In particular, they have decided to establish a working committee to facilitate ongoing collaboration and communication between the two parties. This emphasizes their dedication to maintaining a long-term partnership rather than focusing solely on one-time projects.
As a wholly owned subsidiary of the UAE sovereign wealth fund Mubadala Investment Company, the asset management company operates with a total of US$22 billion (approximately 29.4 trillion won) in assets under management.
In 2022, Mubadala Capital introduced a solution platform featuring a diversified portfolio of assets from around the globe. The initial investment capital alone totaled a substantial US$2.7 billion.
Regarding plans following the signing of the MOU, Hani Barhoush, chief executive and managing director of Mubadala Capital, stated, “We eagerly anticipate collaborating with Woori Venture Partners to explore investment opportunities in key global markets. Sustaining long-term partnerships is at the core of the firm’s operational strategy,” indicating optimism for the synergy to be created between the two organizations.
Woori Venture Partners CEO Kim Chang-kyu also expressed optimism, stating, “Establishing a partnership with Mubadala Capital, which possesses an extensive global investment network, will greatly benefit the future growth of Woori Venture Partners. There is significant growth potential through mutual cooperation. We hope this will lead to further cooperative relationships between the two parent companies in the future.”
Woori Venture Partners is a first-generation domestic venture capital firm that joined Woori Financial Group in March of last year, just before Chairman Lim Jong-ryong took office. To date, it has invested in over 2,000 companies, with approximately 300 of them being listed on the stock market.