Mubadala Development Co., the Abu Dhabi-based investment firm, and Indra, a Spanish technology company, have signed an agreement for the development of technology to improve traffic and transport systems in Abu Dhabi.
The Memorandum of Understanding (MoU) will see the provision of technology solutions for the emirates transport system and explore traffic management and transport joint ventures.
"This agreement is important for Indra which, after being in the country for a year, has strengthened its position to develop projects related to aerospace and security," the company said in a statement.
Jassem al Zaabi, the executive director of information and communications at Mubadala said: "The ICT [information and communications technologies] sector is vital to our plans for economic diversification, and partnering with businesses that are global leaders in their field is a central part of our growth strategy."
The MoU is also expected to lead to other big technology projects between both companies. Mubadala and Indra have already partnered together before and signed previous agreements in 2009 to work on aerospace and security technology projects.
"We've been working with Indra for some time now, collaborating on important projects across a wide range of technology areas. We look forward to exploring new projects and opportunities together," said Jassem al Zaabi.
Indra offers a variety of traffic management technologies covering rail, air, toll roads and tunnels. It is a member of a Spanish consortium expected to win a US$ 7.8 billion contract to build and operate a 450km railway between Mecca and Medina.
