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, firstname.lastname@example.org
Copyright (c) 2012 Dow Jones & Co.
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