ABU DHABI, Sept 26 Mubadala, the Abu
Dhabi investment fund with a mandate to develop the emirate's
local economy, on Thursday posted a 10.4 percent rise in
first-half profit boosted mainly by income from financial
Mubadala, which has stakes in General Electric and
private equity firm Carlyle, said profit attributable to
equity owners for the first half of the year was 1.1 billion
dirhams ($299.5 million), compared with 984.7 million dirhams in
the corresponding period last year.
Unlike other regional sovereign wealth funds like Abu Dhabi
Investment Authority (ADIA) or Qatar Investment Authority (QIA),
Mubadala's main goal is to engage in investments which enhance
development of the local economy, a theme which has gained
greater prominence in the wake of the Arab spring.
The fund has interests in semiconductors, oil and gas,
aerospace and real estate among others.
Net income from financial investments in the period was 1.3
billion dirhams, Mubadala said. That compared with a loss of
771.6 million dirhams in the opening six months of 2012.
Mubadala's operating income dropped sharply to 614 million
dirhams in the first half, compared with 2.3 billion dirhams in
the year-ago period due to an increase in investment-related
spending, particularly research and development, it said.
First-half revenues dropped to 14.8 billion dirhams versus
16.1 billion dirhams in the same months of 2012. The company
attributed this to the one-time exceptional revenue increase
recorded last year from semiconductor manufacturing and because
of lower hydrocarbon revenues.
Unlisted Mubadala's total assets grew slightly to 204
billion dirhams as at June 30, 2013 from 202.2 billion dirhams
at the end of December 2012.
Mubadala, one of the few state-controlled vehicles to
publish results, also owns stakes in local companies such as
district cooling firm Tabreed and real estate
developer Aldar Properties.