General Electric Co. and an Abu Dhabi-based sovereign fund have agreed to a global partnership that includes a commercial finance business, research center for clean energy and water and plans to expand GE's aircraft engine service and repair in the Middle East. GE and Abu Dhabi-based Mubadala Development Co plan to each allocate $4 billion in equity to the commercial finance venture over three years. Separately, GE earlier signed a “founding sponsor's” agreement with Hawkamah Institute, an autonomous association of corporate governance practitioners, regulators and institutions. The new relationship helps to promote corporate governance across the MENA region and further build on GE's high standards of transparency. A world leader in promoting corporate governance best practices, GE's sponsorship of Hawkamah demonstrates its commitment to promoting these practices in the Middle East region. Nabil Habayeb, GE's president and CEO for the Middle East and Africa region, said: “Corporate governance plays a critical role in the development of modern businesses as it enhances investor trust and promotes transparent conduct. Working with leading institutes such as Hawkamah is a logical step for GE Middle East in creating a strong support network throughout the region. GE's directors have already adopted strong corporate governance principles and this new agreement will help ensure that these values are practiced in all GE initiatives in the region.” Dr. Nasser Saidi, executive director of Hawkamah, said: “GE's decision to be a founding sponsor of Hawkamah demonstrates its confidence in our programs and initiatives aimed at improving corporate governance practices in the region. With its vast global expertise in implementing corporate governance, GE's sponsorship will support us tremendously.” __
