Abu Dhabi's Mubadala glad to get back in profit

Mubadala-LogoThe year 2009 brought profits for the Mubadala Development Company as the company doubled total revenues to AED13.1 billion, higher from AED 6.66 billion in 2008. The total comprehensive income of the company touched AED 8.6 billion.

Since the assets of the company hiked AED88.5 billion, there are hopes for Abu Dhabi's state-controlled investment body to repeat its 2009 performance this year. The company has stakes in the likes of Ferrari and General Electric.

Back in the year 2008, Mubadala dealt with a net loss of AED 11.76 billion. Mubadala, which is one of the few state-owned investment vehicles in the Gulf region to publish results, also has shareholders in semiconductor company AMD, the UAE telco Du, and Abu Dhabi real estate developer Aldar.

Mubadala specified in a conference call with investors that return on investor capital on 2009 was 22 pct. When asked to publicly state the target return on investment for 2010, the company refused, as it said it was decided by the Abu Dhabi government. The company also has a sum of AED11 billion in undrawn facilities.