Mubadala Development Co., an Abu Dhabi government-owned investor with stakes in Carlyle Group and General Electric Co., plans to boost spending to about 60 billion dirhams ($16.3 billion) this year, according to a bond prospectus obtained by Bloomberg News.
The company will deploy a "substantial" portion of capital and investment expenditure over 2011 to 2015 on Advanced Technology Investment Co., Mubadala GE Capital, Masdar, real- estate, oil and gas, and public-private partnership projects, according to the document. The group spent an average 16.4 billion dirhams over the last three years, it said.
Abu Dhabi, home to more than 7 percent of the world’s proven crude reserves, is seeking to diversify from oil by investing in industries such as real estate and aerospace. Mubadala hired banks to arrange meetings with investors starting April 6 in London, according to a banker involved in the deal. Meetings took place in Abu Dhabi and Dubai today.
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