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Mubadala Development Company (Mubadala), the Abu Dhabi-based investment and development company, today released its interim financial statements for the first half of 2012. The results demonstrate continued growth of the business both in the UAE and internationally, and prudent risk management in challenging market conditions.
Business highlights from across the Mubadala Group in the first half of 2012 include: Semiconductors: GLOBALFOUNDRIES has quickly achieved scale as the second largest dedicated semiconductor foundry in the world, providing advanced manufacturing technology to more than 160 customers. Year to date the company shipped nearly half a million High-k Metal Gate (HKMG) wafers far more than any other foundry and began ramping production in its new Fab 8 facility in upstate New York.
Oil ’&’ Gas: Mubadala Petroleum’s South East Asia business continued to grow with higher than expected oil production in Thailand from the Jasmine Field, and finalisation of development plans for the Manora Field. In the UAE, the Emirates LNG Terminal project remains on schedule.
Communications Technology: Yahsat successfully launched its second satellite, Y1B, which has since begun operations. As with the Y1A satellite launched last year, Y1B is providing a variety of government and commercial applications. In Africa, Etisalat Nigeria (EMTS), which is 30 per cent owned by Mubadala, has seen an increase from 10.7 million to 13.1 million subscribers during the first half of this year.
Aerospace: Strata Manufacturing won a landmark contract from SABCA for the Airbus A350 XWB flap track fairings work package, adding to its existing Airbus flap track fairing work packages for the manufacturer’s fleet of A330, A340 and the A380 aircraft. SR Technics signed an engine maintenance service agreement with Spice Jet while ADAT signed a seven year integrated component solutions agreement with Ethiopian Airways to cover the Boeing 737NG fleet.
Real Estate & Infrastructure: The development of Al Maryah Island continued with the completion of Sowwah Square Office Towers 2, 3 and 4. In addition, the Galleria at the Sowwah Square development on Al Maryah announced a commitment from over 90 top global retail brands, corresponding to over 85% of the development’s available retail space.
Metals and Mining: EMAL achieved the milestone of 1.5 million tons of hot metal produced in just two and a half years since its commissioning in December 2009. Tabreed, the district cooling utility, increased its installed capacity across the GCC to 767,125 Refrigeration Tons, making it one of the world’s largest district cooling companies.
Renewable Energy: Masdar reported that the Valle 1 & 2 Concentrated Solar Power plants, part of its Torresol investment in Spain, achieved full operation with each plant providing enough power for 40,000 households. The Shams 1 solar power plant, the largest UAE solar project implemented by Masdar, finalized development and is on schedule to generate electricity.
Healthcare: Mubadala delivered further vital healthcare infrastructure for the UAE. The Imperial College London Diabetes Centre in Al Ain was officially inaugurated and the Wooridul Spine Centre in Dubai successfully completed the UAE’s first ever minimally invasive spine surgery to treat cervical disc diseases.
Mubadala CEO and Managing Director, Khaldoon Khalifa Al Mubarak, said: "Against a backdrop of global economic volatility, our interim financial results demonstrate ongoing delivery against our mandate. We continue to support Abu Dhabi’s economic diversification through investments in priority sectors, the development of social infrastructure, and the generation of economic returns for our Shareholders."
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