Abu Dhabi's Mubadala sees profits triple
State-owned investment fund reports $395mn profit
Mubadala, the Abu Dhabi state-owned investment fund with a mandate to develop the Emirate's economy, has revealed its 2013 net profit has tripled as it benefited from a strong performance by its financial investments.
Mubadala, which has stakes in General Electric and private equity firm Carlyle, made a profit attributable to equity owners for 2013 of AED1.45bn ($395mn) compared with AED470mn ($127.9mn) in the previous year, according to its financial statement.
Total comprehensive income, which comprises all forms of income, jumped to 5.3 billion dirhams in 2013 from 1.6 billion dirhams in the previous year, which the fund attributed to growth in its financial investments.
Mubadala made a profit of AED3.36bn ($914,000) on its financial investments in 2013. It had made a loss of AED1.39bn ($378mn) in the previous year.
Unlike other regional sovereign wealth funds such as Abu Dhabi Investment Authority (ADIA) and 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 2011 Arab spring uprisings elsewhere in the region.
The fund has interests in semiconductors, oil and gas, aerospace and real estate among others.