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).