EU approves Mubadala, Rolls-Royce joint venture

BRUSSELS Feb 17 (Reuters) - The European Commission approved on Tuesday a new joint venture by United Arab Emirates investment fund Mubadala Development and British aircraft engine maker Rolls-Royce PLC (RR.L).

The Commission, competition watchdog of the 27-nation European Union, said in a statement that the venture to provide maintenance, repair and overhaul services for aircraft engines, would not raise competition concerns.

The venture will provide services primarily in North Africa and the Middle East.

Rolls-Royce said in July that the joint venture would serve the fast-expanding Middle East aviation services market. The mew company will provide aftermarket services for large commercial aircraft engines.

Though their activities overlapped in the aircraft engine maintenance markets, Rolls-Royce and Mubadala's subsidiaries are not direct competitors, as they service different engines, the Commission said. (Reporting by Bate Felix; Editing by David Brunnstrom)