Mubadala revenues grow to AED34bn

Abu Dhabi / WAM

Mubadala Development Company (Mubadala), the Abu Dhabi-based investment and development company, on Thursday announced its full year audited financial and operational results for 2015, showing that the revenues increased to AED 34.1 billion as profit remains stable at AED1.2 billion.
Group CEO and Managing Director, Khaldoon Khalifa Al Mubarak, said: “Mubadala managed through the significant macroeconomic volatility of 2015 to mark moderate increases in revenue and profit. In addition, we achieved a number of major milestones for Abu Dhabi, including the opening of Cleveland Clinic Abu Dhabi, the continued development of Al Maryah Island, and strengthening our base in key global industries
such as aerospace and information technology.”
He further commented: “We remain resolutely focused on prudent cash management and cost control, as well as active oversight of our assets, in order for us to navigate the anticipated challenging market conditions of 2016 and beyond.”
Mubadala created a joint venture with global commodities leader, Trafigura, to invest in base metals in the mining sector. This partnership saw Mubadala acquire a 50 percent stake in Trafigura’s flagship mining operation, Minas de Aguas Teidas (MATSA), in southern Spain.
GLOBALFOUNDRIES successfully closed its proposed acquisition of IBM’s microelectronics business. The transaction included IBM’s two wafer fabrication facilities, world-class technologists and IP in the form of over 16,000 patents. GLOBALFOUNDRIES also became IBM’s exclusive supplier of 14 nanometer (nm) and 10nm server chips.
Mubadala, China Development Bank Capital and China’s State
Administration of Foreign Exchange launched a $10 billion global investment fund.