WHEN: July 22nd, 10:30 AM ET
WHERE: CNBC's "Squawk on the Street"

Following is the unofficial transcript of a CNBC interview with Jeff Immelt, Chairman & CEO of General Electric, and Khaldoon Al-Mubarak, CEO of Mubadala, today on CNBC's "Squawk on the Street."

All references must be sourced to CNBC's "Squawk on the Street."

CNBC'S MARK HAINES: GENERAL ELECTRIC, PARENT COMPANY OF THIS NETWORK OUT WITH BIG NEWS THIS MORNING OF A NEW GLOBAL VENTURE. THEY'RE ANNOUNCING A PARTNERSHIP WITH THE ABU DHABI BASED MUDABALA. LET'S GO STRAIGHT TO CNBC'S MARIA BARTIROMO WHO HAS A SPECIAL GUEST.

CNBC'S MARIA BARTIROMO: THANK YOU VERY MUCH, MARK. JEFFREY IMMELT WITH ME, ALONG WITH MUBADALA CEO, KHALDOON AL-MUBARAK. NICE TO HAVE YOU ON THE PROGRAM GENTLEMEN. CONGRATULATIONS ON THIS IMPORTANT ANNOUNCEMENT. THERE IS A LOT HERE, SO LET'S GO THROUGH ITS AS FAR AS COMMERCIAL FINANCE, CLEAR ENERGY AND INVESTMENT FUNDS AND YOU BECOMING ONE OF THE TOP 10 SHAREHOLDERS IN GE. JEFF, WHAT ARE THE BIG OPPORTUNITIES FOR GE INVESTORS?

JEFF IMMELT: I THINK THERE'S ACTUALLY THREE. THE FIRST ONE IS THE FORMATION OF A COMMERCIAL FINANCE JOINT VENTURE. IT CAPITALIZES ON OUR RICH NATIONS SKILL AND MUBADALA'S GREAT POSITION GEOGRAPHICALLY. WE THINK IT GIVES US THE OPPORTUNITY TO DO MORE RICH NATIONS AT A TIME WHEN THE MARKETS ARE IN SOME DISARRAY WHICH I THINK IS A REAL POSITIVE, WE CAN DO INFRASTRUCTURE, A WHOLE SERIES OF THINGS AND I THINK THAT'S GOOD FOR GE INVESTORS. THE SECOND THING IS THE INDUSTRIAL INVESTMENTS WE'RE MAKING IN ABU DHABI WITH CLEAN ENERGY, CLEAN WATER, AVIATION, THAT ARE REALLY FAST GROWTH OPPORTUNITIES, BOTH IN THE REGION AND GLOBALLY. SO WE THINK THAT'S VERY POWERFUL FOR INVESTORS, AS WELL, AS WELL AS BUILDING A LEARNING CENTER. AND THEN THE THIRD ONE IS A JOINT INVESTMENT IN A FUND THAT MUBADALA STARTED. I THINK THERE'S THREE WAYS FOR GE INVESTORS TO WIN. THE BIG PICTURE IS WE'RE IN LINE WITH ONE OF THE MOST IMPORTANT GLOBAL PARTNERS, A COMPANY THAT WE ADMIRE, THAT WE THINK FITS VERY WELL WITH OUR SKILLS AND MAY BE ONE OF THE FASTEST GROWING PARTS OF THE WORLD RIGHT NOW. SO I THINK THIS IS A BIG PICTURE, A VERY BIG ALLIANCE FOR GE.

BARTIROMO: YOU'RE INVESTING SIDE BY SIDE, $4 BILLION FROM YOUR SIDE, $4 BILLION FROM YOUR SIDE. TELL ME WHAT KIND OF BEST PRACTICES AND WHAT ARE THE MOST IMPORTANT ASSETS THAT YOU SEE WITHIN THE GE FAMILY THAT WILL BE OPPORTUNISTIC FOR YOU?

KHALDOON AL MUBARAK: WELL, THIS IS AN EXTREMELY EXCITING TIME FOR US. THIS IS A WONDERFUL PARTNERSHIP THAT WE'VE BUILT OVER MANY MONTHS. AND I THINK THIS PARTNERSHIP TODAY THAT WE ARE FORMULATING REALLY SETS THE TONE IN TERMS OF HOW MUBADALA AND GE WILL DO BUSINESS IN THE FUTURE. IT'S AN $8 BILLION COMMITMENT FROM BOTH PARTIES TO FORM A JOINT VENTURE, FOCUSING ON COMMERCIAL BUSINESS FINANCE BASED OUT OF ABU DHABI. WE'RE GOING TO GO ON OFFENSE. WE SEE A LOT OF OPPORTUNITIES IN THE REGION. WE SEE A LOT OF OPPORTUNITIES AROUND THE WORLD. AND WE'VE AGREED TOGETHER THAT, YOU KNOW, WE'RE GOING TO GO AFTER THEM. AND WE'RE GOING TO GET THE BEST POSSIBLE RETURN ON EQUITIES FOR BOTH SHAREHOLDERS.

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