Mubadala Development, a strategic investment company owned by the Abu Dhabi Government, announced profits of Dh1.1 billion (US$299.5 million) for last year as revenues grew by 22 per cent. The main contributors were energy, aerospace and infrastructure. Mubadala's key assets in those sectors, and some other businesses, are:
Strata is an aerostructures plant in Al Ain that opened last year and finished its first composite aircraft parts in September. Its first products were flap track fairings, structures that reduce drag on jetliners' wings, for Airbus A330s and A340s. The plant has contracts with Airbus, Alenia Aeronautica and FACC, and other major aircraft makers. A second phase of construction to expand the business is expected to begin next year.
Sanad was launched last year to lease and manage spare parts and engines for aircraft. It is part of Mubadala's numerous aircraft maintenance ventures, which include SR Technics, a maintenance and repair outfit based in Zurich airport, and Abu Dhabi Aircraft Technologies, which services military and civilian aircraft. Mubadala also owns the Advanced Military Maintenance Repair and Overhaul Centre, a venture with the US company Sikorsky.
Mubadala is behind the new Abu Dhabi branch of one of France's most famous educational institutions on Al Reem Island, which comprises one of its core investments in infrastructure. The first phase was completed in 2009, and the second phase last August. Other investments in education infrastructure include a new UAE University campus in Al Ain and a branch of Zayed University in Abu Dhabi.
Dolphin Energy operates the Gulf's only interstate gas pipeline and produces gas in Qatar. Along with Pearl Energy, which does exploration and production in South East Asia, Dolphin has been a major contributor to Mubadala's revenues in past years. Last year, energy companies contributed 38 per cent of revenues, down from 81 per cent in 2008.
Imperial College London
One of Mubadala's oldest healthcare assets, the Imperial College of London Diabetes Centre, opened in Abu Dhabi in 2006. Since then Mubadala has diversified its healthcare holdings, which now include the Abu Dhabi Knee & Sports Medicine Centre, the Arzanah Wellness & Diagnostic Centre and the Tawam Molecular Imaging Centre in Al Ain. A new branch of the Cleveland Clinic is due to open on Sowwah Island.
Emal, a joint venture with Dubai Aluminium, reached full production capacity last year and is a central asset in Mubadala's portfolio of industrial companies.
Mubadala has substantial holdings in stocks locally and internationally. It is one of the biggest shareholders in General Electric, Advanced Micro Devices and the Carlyle Group. It owns large chunks of the property developer Aldar, and Tabreed, a district cooling company.
* Asa Fitch