As the majority shareholder in Piaggio Aero Industries, with a 31.5-percent stake, Mubadala of Abu Dhabi is taking the lead in trying to advance the Italian airframer’s plans to launch a new business jet. The company is due to present a business plan and technical specifications for the proposed program by early 2012.

Mubadala has indicated that it will be willing to launch the development only if it can persuade a major existing business aircraft manufacturer to join it as a risk-sharing partner. Dassault, Gulfstream and Cessna have been targeted as prospective partners.