Mubadala Development, the Government’s strategic investment arm, has published an annual earnings report for the first time, shedding new light on a fast-growing organisation that has expanded to Dh54 billion (US$14.7bn) in assets despite losing almost Dh12bn in last year’s global market meltdown.
Rising output from its oil and gas investments helped Mubadala nearly quadruple revenues last year to Dh6.7bn, from Dh1.8bn the year before. But the six-year-old company posted a net loss of Dh11.8bn after write-downs on a whirlwind of investments, reflecting sliding prices for oil and other assets.
Mubadala said it would continue to make acquisitions, borrowing more from banks and investors and drawing on Dh21bn in budgeted contributions this year from the Government to pursue its mandate of diversifying Abu Dhabi’s economy.
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