#Russia’s Sberbank to set up office in Abu Dhabi, exploring opportunities with Mubadala including in Islamic finance
Russian state-owned Sberbank will establish a presence in Abu Dhabi by the end of the year. Sberbank has also signed an agreement with Abu Dhabi sovereign investor Mubadala Investment Company. The agreement covers cooperation in areas including co-investments, debt and equity financing, long-term financing of Mubadala projects in Russia and other territories. It also includes the potential cooperation and investments in a broad range of areas including Islamic finance, artificial intelligence, cybersecurity, life sciences, venture capital, telemedicine and education. The bank is new to Islamic finance. In August it announced that it had structured a trade finance deal, its first-ever, with the International Islamic Trade Finance Corporation (ITFC).
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