Mubadala losses hit $1.2bn

26 September 2010

State firm to receive AED13bn in government support in 2010

Abu Dhabi’s Mubadala Development Company has reported a loss of AED4.5bn ($1.2bn) in the first half of 2010, largely as a result of a fall in the value of its investments.

The firm said its investments fell by AED4.4bn in the first six months of 2010. The state-owned fund will also receive AED13bn from the Abu Dhabi government this year, well above the AED8.6bn that Mubadala received from the government in 2009.

The loss in the first half is a sharp turnaround from 2009, when the firm made a profit of AED2.7bn in the same period.

Mubadala said its total assets under management reached AED86.1bn at the end of June. Khaldoon Khalifa al-Mubarak, chief executive of Mubadala, says “As long-term holders of substantial and strategic positions in leading local and global companies, we will experience some unrealized losses and gains during our holding period.”

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