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Mubadala swings to 2010 loss, eyes U.S. tech buys

Investment writedowns hit bottom line; Eyes investments in U.S. tech sector through ATIC; Has invested over $1 billion in GE, plans stake in Dubal.

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March 24, 2011 4:11 by



Mubadala, the Abu Dhabi government’s investment vehicle, swung to a 2010 loss of 315 million dirhams ($86 million) due to market writedowns and said global volatility would hit its performance this year.

Mubadala, which holds stakes in Advanced Micro Devices (AMD.N), General Electric (GE.N) and private equity firm Carlyle, also said on Thursday it boosted total assets 14 percent to 101.5 billion dirhams last year.

Its total comprehensive income in 2009 was 8.6 billion dirhams.

“The revenue mix increased its diversification in 2010 and that will continue in 2011. We anticipate earnings to be impacted by volatility in markets,” chief operating officer Waleed al Muhairy said on a conference call.

Revenue rose 22 percent to 16 billion dirhams, helped by its aerospace, infrastructure and oil and gas businesses, said Mubadala, one of a few state-controlled vehicles to publish results.

Mubadala will continue to invest in the U.S. tech sector as well as emerging markets, Muhairy said, adding the investment would be through its Advanced Technology Investment Company (ATIC) subsidiary. Among emerging markets, Mubadala is looking at Brazil, China and India.

Mubadala has invested over $1 billion in U.S. conglomerate General Electric and $750 million in the Mubadala-GE Capital joint venture. This joint venture has so far deployed $2 billion, chief financial officer Carlos Obeid said.

The fund’s long-term debt totals 24 billion dirhams and short-term debt is 2 billion, Obeid said.

Mubadala, which held a 5 percent stake in Ferrari last year, sold its stake back to Fiat five years after buying into the sportscar maker. “The contract exit was 2010 but the technical closing of exit is 2011,” Muhairy said, without giving a value.

Plans to acquire a stake in Dubai Aluminium were on track, he said, again declining to give a value for the deal.

“All options are on the table,” he said.

Local media reported this month Mubadala had offered to buy a stake in Dubal and planned to create a new holding company which includes Emirates Aluminium Co (Emal) — a joint venture between Dubal and Mubadala.

(Reporting by Stanley Carvalho; Editing by Dan Lalor)



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