Mubadala, one of oil-rich Abu Dhabi’s most active investment vehicles, on Thursday released its first annual report which showed that it made losses of AED11.8bn (€2.5bn) in 2008.
The report – the first of its kind by a Gulf state investment entity wholly owned by the government – provides a rare insight into the losses incurred by sovereign investment entities after the decline in asset prices and the collapse in global stock markets.
Mubadala is one of a growing pool of investment vehicles acting on behalf of Abu Dhabi, which is the capital of the United Arab Emirates and home to the world’s largest sovereign wealth fund, the secretive Abu Dhabi Investment Authority .
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