Airbus on Monday agreed a new deal to expand its partnership agreement with Mubadala, the Abu Dhabi investment fund with a mandate to develop the emirate's local economy.

The new agreement, signed at the Dubai Airshow, is "for further composite and metallic aero structure production in the United Arab Emirates, in addition to procurement of composite raw materials, worth $2.5 billion," Mubadala said in a statement on Monday.

Reuters reported on Sunday that the two parties were close to signing a strategic deal.

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