Abu Dhabi’s Mubadala Development Company has posted a 70 per cent increase in revenues to AED13.6bn ($$3.7bn) for the first half of this year compared to the same period last year.

The revenue boost was a result of the consolidation of its semiconductor business Advanced Technology Investment Company (ATIC) into the Mubadala Group, which also helped to raise total assets by 67 per cent to AD169.7bn.

“The consolidation of ATIC adds further diversification to our revenues and underlines Mubadala’s strategic intent to create globally competitive industry platforms that both accelerate the development of Abu Dhabi’s economy and deliver socio-economic benefits to its citizens,” says Khaldoon Khalifa al-Mubarak, chief executive officer and managing director of Mubadala.