Mubadala, Abu Dhabi’s increasingly powerful state investment vehicle, said on Tuesday it planned to become one of the 10 biggest institutional investors in General Electric as it announced a series of deals with the US group, including a $8bn joint venture to set up a commercial finance business.

The move highlights the growing self-confidence and ambitions of Abu Dhabi’s sovereign investment vehicles as the emirate seeks to utilise its immense oil wealth to diversify its economy and broaden its portfolio of investments.