The Business of…2010’s best companies
Business has been bad in 2010, but not for all. Kipp looks at the year’s business success stories, from Dubai’s online retail scene to pretty much anything in Qatar.
December 28, 2010 12:34 by shafeer
Abu Dhabi’s investment group Mubadala is another one of those companies that has consistently been in the news, whether it is for the latest acquisition, a million dollar agreement or a major investment.
To begin with, they snuck into the business headlines last month when they sold their stake in Ferrari for a whopping €122 million. The company originally made the purchase (amounting to 5 percent of shares) in 2005 from Fiat, who reserved the right to buy them back – and duly did so.
Earlier this December, news emerged that General Electric (GE) and Mubadala Development have so far arranged $2 billion (Dh7.34bn) of loans. Mubadala GE Capital, the joint venture between the two, was announced last year. They both agreed to pitch $4 billion in to the 50-50 venture, aimed at becoming “a financing stalwart in the region.” However, to date most of its deals have involved companies in North America and Europe.
This year Mubadala also tied up with EoN Resorts to develop an exclusive ultra luxury resort in the Maldives. At the start of the year, March to be precise, Mubadala announced it had returned to profit in 2009. Not bad in a year that saw almost everybody suffer, and almost certain to be repreated in 2010, thinks Kipp.
HSBC Q1 profit falls 14 per cent as market remains uncertain
UAE non-oil business slows in April as employment stalls
UAE – Jersey trade relations: from a tax haven to taxonomy
No fines for negative comments on economy, Dubai confirms
UAE and Azerbaijan discuss economic, trade ties