The two companies announced an agreement to work together on a number of issues, including commercial finance, clean energy research, aviation, industry and corporate learning.

Under the agreement, capital commitments will be shared and new joint ventures and investment funds will be started, the announcement said.

Also in the announcement, Mubadala said it plans to become a long-term shareholder in GE.

The pair said they will start a clean energy technology center in Masdar City, the carbon-neutral city that is under construction in Abu Dhabi. The center is planned to be an expansion of GE's global research network, and 100 technologists will work there to develop new sustainable energy and water technologies.

GE also said it will invest up to $50 million in Masdar's Clean-Tech Fund.