Mubadala eyes Yemen energy opportunities

Dubai: Mubadala Development Company, the Abu Dhabi government investment firm, is studying plans to invest in Yemen's oil, gas and mining, and petrochemical industries, state-run WAM news agency reports Tuesday.

A delegation from the company, who held talks with the Yemen's oil minister in Sana'a, also proposed a partnership with Yemen's Safer E&P Company to increase oil and gas production from Block 18 in Ma'rib province, WAM said.

The Abu Dhabi firm, which has stakes in luxury car marker Ferrari and General Electric, said on Monday it swung to a profit in 2009, reporting total comprehensive income of Dh8.6 billion as revenues rose and the value of its investments rebounded.

Revenue

Mubadala's revenue was boosted in 2009 by income from SR Technics, its 70 per cent owned Zurich airport-based technical solutions provider, as well as from changes in the fair value of some of Mubadala's other investments.