Abu Dhabi’s Mubadala Development Company’s profits in the first half of 2009 were AED737.7m ($196.1m), down 39 per cent on the same period the year before.

In the first half of 2008, the firm made a profit of AED1.2bn.

The company blamed the fall in profits on lower oil and gas prices.

In April, the company said it had lost AED11.8bn in 2008 as a result of the fall in value of its investments in chip-maker Advanced Micro Devices and the private equity firm the Carlyle Group.

Although profits fell, Mubadala’s total operating income rose 81 per cent to AED6.5bn.

The company’s total assets reached $21.6bn on 30 June 2009, more than double their $10.7bn value on 30 June 2008.