close

policy

We would like to invite you to continue a survey you have started. ...

Do you trust your insurer ?

Strongly agree
Agree
Disagree
Strongly disagree
Insurance provides peace of mind
Insurance is purchased only when compulsory
Terms and Conditions (small print) are clear and easily accessible
Insurance jargon (language) stands in the way of fully understanding each policy
Insurance companies try their best to uphold the details of the policy without cutting corners
Reducing risk, cutting costs and profits are more important to an insurance company than the customer
Insurance companies in the region are as professional as in other more developed markets
Gender
Age group
Do you feel your insurance provider works in your interest?
Have you had a rejected claim that you feel was not justified?
Do you trust your insurance provider?
Our Network

Register for our free newsletter

 
 
Latest News

Abu Dhabi Fund Mubadala plans $5.5 billion spending in 2012

Abu Dhabi Fund Mubadala plans $5.5 billion spending in 2012

Mubadala, the Abu Dhabi government's investment vehicle, expects to spend about 20.1 billion dirhams ($5.47 billion) this year as its seeks to expand a diverse line of businesses ranging from oil and gas to semiconductors.

0

May 9, 2012 4:34 by



“The group currently anticipates that its capital and investment expenditure for 2012 is likely to be substantially in line with the 20.1 billion dirhams annual average for the past three years,” it said in a update of its bond program.

The state-owned fund, which has stakes in General Electric and private equity firm Carlyle, expects a majority of that expenditure to relate to its semiconductor unit Advanced Technology Investment (ATIC); its joint venture with General Electric ; solar energy project Masdar and oil and gas projects.

Its semiconductor unit ATIC had an accumulated deficit of 4.1 billion dirhams ($1.12 billion)as of the end of 2011 and made losses in the past two years, Mubadala said in the filing.

“No assurance is given that ATIC will be profitable in 2012 or in subsequent years,” Mubadala said in a section highlighting the risks associated with the business in its bond prospectus.

In a separate statement, Mubadala said ATIC was making further investments in boosting capacity and research in a bid to become a “profitable catalyst” for the emirate’s economic development.

“Mubadala routinely discloses risk factors within a bond prospectus, in line with various regulatory requirements,” it said.

Mubadala, which recently bought a $2 billion stake in Brazilian conglomerate EBX Group, said in April that it expects its investment outlay in 2012 to be slightly lower than last year’s $16.3 billion after saying its overall annual loss surged due to volatile global markets.

One of the few state-controlled vehicles to publish results, Mubadala also owns stakes in local companies including indebted developer Aldar Properties and cooling firm Tabreed which it helped recapitalise last year.



0

Leave a Comment