General Electric Co. and an Abu Dhabi-based sovereign fund have agreed to a global partnership that includes a commercial finance business, research center for clean energy and water, and plans to expand GE’s aircraft engine service and repair in the Middle East.

In a joint statement, GE and the Mubadala Development Co said they would build on an already strong relationship, aiming for high growth opportunities in the Middle East and around the globe. The agreement provides for shared capital commitments to new joint ventures and investment funds.

Mubadala also plans to become a long-term GE shareholder, the partners said. The expectation is that Mubadala will become one of GE’s top ten institutional investors.

For the commercial finance venture, GE and Mubadala plan to each allocate $4 billion in equity over three years. GE also plans to commit up to $50 million for global investments in clean technology and companies that reduce dependency on traditional energy sources.

In addition, Mubadala intends to invest up to $200 million to GE Industrial Investment Partners, a new partnership of global investors that will provide capital to companies in the health care, energy, and transportation industries.

Mubadala is a sovereign fund based in Abu Dhabi, the capital of the United Arab Emirates.

A senior portfolio manager at Huntington Asset Advisors in Cincinnati, Peter Sorrentino, said the deal is a good move for GE but said the politics may not be the best.

However, the business opportunities are tremendous for GE in a large developing market, Mr. Sorrentino said.

“It will open a lot of doors to them,” he said. “It’s smart. It was certainly unexpected. Hats off to them,” he said.