DUBAI (Zawya Dow Jones)--Mubadala Development Co., a strategic
investment company owned by the Abu Dhabi government, said Thursday
it lost almost $900 million last year as the value of its financial
investments declined and research and development costs spiked.
Mubadala, which owns stakes in the U.S. conglomerate General
Electric, semiconductor giant Advanced Micro Devices and private
equity firm Carlyle Group, made a loss of 3.2 billion U.A.E.
dirhams ($872 million) attributable to its shareholders, compared
with a profit of AED1.2 billion a year earlier, the company
said.
Mubadala's net loss on financial investments reached AED3.03
billion last year, according to its financial statements. Research
and development expenses rose to AED2.95 billion, compared with
AED80.3 million a year earlier, following the transfer of the
government-owned Advanced Technology Investment Company into
Mubadala's hands in February. ATIC holds Abu Dhabi's semiconductor
research and production investments.
-By Asa Fitch, Dow Jones Newswires, +971 4 446-1685,
asa.fitch@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
Order free Annual Report for Advanced Micro Devices, Inc.
Visit http://djnweurope.ar.wilink.com/?ticker=US0079031078 or
call +44 (0)208 391 6028
Order free Annual Report for General Electric Co.
Visit http://djnweurope.ar.wilink.com/?ticker=US3696041033 or
call +44 (0)208 391 6028