You are hereHome SectorsUAE
Abu Dhabi fund Mubadala's 2011 loss soars to US$1.14 billion
Source: BI-ME with Reuters , Author: Posted by BI-ME staff
Posted: Thu April 12, 2012 1:43 pm

UAE. Mubadala, the Abu Dhabi government's investment vehicle, on Thursday reported an overall loss for 2011 of US$1.14 billion as volatile global markets led to a sharp drop in the value of its financial investments and real estate portfolio.

The state-owned fund, which has stakes in General Electric and private equity firm Carlyle, made an overall loss of AED4.2 billion USbillon) in 2011, compared with a loss of AED338 million in 2010, it said in a statement.

"While our financial investments' performance was impacted by the volatility in the global market place during 2011, we continue to maintain a long-term financial investment perspective," Khaldoon al Mubarak, chief executive and managing director said in the statement.

Mubadala incurred a loss of AED3.03 billion from its financial investments compared with a profit of AED355 million a year earlier, the company's financial statements showed.

Unlisted Mubadala saw its 2011 revenues surge 77% to AED27.9 billion due to high energy prices last year and consolidation of its semi-conductor unit Advanced Technology Investment Company (ATIC). This compared with revenues of AED15.8 billion in 2010.

Total assets also grew 73% to AED177 billion (US$48.19 billion) in 2011, Mubadala said.

Mubadala, one of few state-controlled vehicles to publish results, also owns stakes in local companies including indebted developer Aldar Properties and struggling cooling firm Tabreed.

The fund, which holds a near-majority position in indebted Aldar, plans to transfer a 14% stake in the developer to secure a loan facility from an Abu Dhabi Commercial Bank .

Last month, Mubadala said it would buy a US$2 billion stake in Brazil's EBX Group, providing fresh capital to the Brazilian conglomerate of billionaire Eike Batista.

Abu Dhabi is also home to sovereign wealth fund Abu Dhabi Investment Authority (ADIA).

 

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: September 2, 2014
UAE. The top ten most influential brands headquartered in the UAE based on engagement among LinkedIn's membership of 313 million professionals; Leading UAE airlines are the top two brands, Etihad Airways tops ranking.
date:Posted: September 2, 2014
INTERNATIONAL. U.S. strategic conception must evolve away from seeing these conflicts as distinct theaters into seeing them as different aspects of the same theater: the Black Sea.
date:Posted: September 1, 2014
UAE. The Middle East's top brands have grown by an average of 38%, according to The Brand Finance Middle East 50; This brings the total value of the top 50 above US$50 billion for the first time; Emirates holds the top spot and remains far ahead of the rest.
UAE. The top ten most influential brands headquartered in the UAE based on engagement among LinkedIn's membership of 313 million professionals; Leading UAE airlines are the top two brands, Etihad Airways tops ranking.
dhgate