Abu Dhabi’s Mubadala Development Company has struck a US$2bn deal with Brazilian tycoon Eike Batista, the world’s tenth richest man, to invest in his future investments and expansion plans, it was announced on Monday. The Abu Dhabi-backed investment and development company signed a partnership agreement with Batista, who is reportedly worth around US$30bn, to acquire 5.63 percent equity in a holding firm named Centennial Asset Brazilian Equity Fund. Under the agreement, Mubadala will benefit from Batista’s future investment opportunities, such as technology companies, cement, fertilisers, entertainment and others, as well as those through his Rio de Janeiro-based business conglomerate EBX Group. “This well-structured transaction marks our first significant direct investment into one of the fastest growing markets and is an important step in Mubadala’s development of strategic opportunities in Brazil and Latin America. We are confident that this partnership will pave the way for future collaboration,” said Khaldoon Khalifa Al Mubarak, Mubadala’s CEO and managing director. “We are delighted to welcome Mubadala to Brazil through this landmark transaction, Mubadala’s first significant direct investment into Brazil. This is the first time we have invited a strategic partner to invest at our holding company level. The investment considerably strengthens the entire group and its ability to successfully implement current and future projects,” Batista added. Batista, the world’s 10th richest man, is raising money to help him build his oil and mining business in Brazil and diversify from commodity companies. Mubadala owns stakes in companies from General Electric to the Carlyle Group.