GE, Abu Dhabi firm in $8 bln joint venture

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Source: Reuters

BOSTON, July 22 (Reuters) - U.S. conglomerate General Electric Co <GE.N> and Abu Dhabi investment agency Mubadala Development Co said on Tuesday they have entered into an $8 billion joint venture that will initially focus on providing commercial finance in the Middle East and Africa.

The two companies said they also plan on working together in the clean energy and water, aviation, and oil and gas sectors.

The action reflects GE's strategy of shifting its financial operations away from volatile segments such as those influenced by U.S. consumer spending toward areas of higher growth.

Shares of the second-largest U.S. company by market capitalization have been battered this year because of concerns about its consumer and commercial finance units.

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