NEWS

Mubadala grows in 2009

Mubadala Development, the strategic investment arm of the Abu Dhabi government, grew its total assets by 75 per cent to AED88.5 billion ($24.1 billion) in 2009.

Its 2009 annual report, published on 2 May, states that among its major achievements for the year was the launch of a global $1.85 billion bond program, with maturities of predominantly five and 10 years, to reduce its reliance on the Abu Dhabi government for funding.

The bond issue was primarily taken up by US and European banks, and as a result, Mubadala drew $2.4 billion from the Abu Dhabi government from an annual allowance of $5.7 billion.

The fund also ranked the beginning of at EMAL, the Emirates Aluminium smelter, and the establishment of its commercial finance joint venture with GE, called Mubadala GE Capital PJSC, among the highlights.

The fund also increased its stake in SR Technics, a solutions provider of aircraft, component, engine and technical services, from 40 per cent on an equity accounted basis to 70 per cent on a fully accounted basis in 2009, and sold its first commercial plots of land on Sowwah Island.

It also began leasing office space in Sowwah Square, home of the headquarters of the Abu Dhabi Stock Exchange.

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