Abu Dhabi firm invests in Nexen Tire, signs MoU

(l to r): Waleed Al Mokarrab Al Muhairi (Deputy Group CEO & chief executive officer of Mubadala Investment Company), Khaldoon Al Mubarak (Group chief executive officer & managing director of Mubadala Investment Company), Travis Kang (CEO of Nexen Tire), Frank Chung (vice-president of Nexen Tire)

Abu Dhabi-based investor Mubadala Investment Company has Nexen Tire on its radar, and this has led to the signing of a Memorandum of Understanding between the two firms. According to Nexen Tire, the agreement its chief executive officer Travis (Ho-chan) Kang formalised yesterday with Khaldoon Khalifa Al Mubarak, Mubadala’s managing director and group chief executive officer, sets out ways and means for both parties to “explore strategic partnership opportunities.” Mubadala has directly invested into Nexen as part of the agreement, however so far the tyre maker hasn’t disclosed the extent of this investment.

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