Abu Dhabi: Mubadala Development Company, the Abu Dhabi Government's investment arm, said yesterday its assets in the three years since the end of 2006 have grown from just under Dh18 billion to more than Dh88.5 billion.
"We currently have nine business units operating in diverse sectors and geographical territories," Waleed Ahmad Al Mokarrab Al Muhairi, Mubadala's chief operating officer, wrote in the company's annual report for 2009.
Mubadala said its total income for the financial year ended December 2009 was Dh8.6 billion, while revenue rose to Dh13.1 billion.
Mubadala said last year it had increased its stake in SR Technics from 40 per cent on an equity accounted basis to 70 per cent on a fully consolidated basis.
That apart, its Jasmine Field in Thailand reached a major milestone of 25 million barrels of cumulative oil production. During the year, there was the launch of its Global Medium Term Note Programme, raising $1.85 billion (Dh6.79 billion).
Production start at Emal
The company also saw the first hot metal poured at Emirates Aluminium Company (Emal) in an annual phase-one production capacity of 718,000 tonnes; the establishment of Mubadala GE Capital, a commercial finance joint venture; the first commercial plots sold on Sowwah Island; and two award-winning deals reaching financial closure, including the $4.1-billion Dolphin Energy refinancing and the $1.07-billion Zayed University financing.
Initial contracts worth more than Dh4.8 billion were also finalised for Strata, Mubadala's composites aerostructures plant, last year.
"Mubadala's financial results speak for themselves, and are in line with its shareholder's expectations at this stage of the company's development," General Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, wrote in the annual report. "Importantly, the company is also meeting its shareholder's expectations in terms of its contribution to the ongoing development and diversification of the economy of Abu Dhabi, and the creation of high-value jobs for current and future generations of UAE Nationals," Shaikh Mohammad added.
Mubadala said strong operational performance enabled it to deliver on its mandate to provide both financial and social returns.
"Growth and development of key investments contributed to the year's profitability, while ongoing professional development underpinned the foundations for sustainable future growth," Mubadala said in the report.
At last year's Paris Air Show, GE Aviation and Mubadala signed an agreement under which Mubadala affiliate Abu Dhabi Aircraft Technologies (ADAT) will become the world's first maintenance, repair and overhaul (MRO) network provider for GEnx engines.
- Dh88.5b Mubadala's total assets at the end of 2009
- Dh8.6b total comprehensive income in 2009
- Dh13.1b total revenue earnedin 2009
- $1.85b Global Medium Term Note issued last year
