MORE WORLD NEWS
News from the region's first prime-time newscast. You'll find it First On Fox!
Mubadala's triples 2013 profits to $395 million, buoyed by strong international investments
Reported by: Associated Press
Reported: Thursday, April 17, 2014 10:28 AM EDT
DUBAI, United Arab Emirates
Abu Dhabi's Mubadala state investment company says profits last year tripled to roughly $395 million on the back of a strong performance from international investments.
Revenues also rose from 30.8 billion dirham ($8.38 billion) in 2012 to 31.1 billion dirham ($8.47 billion) last year.
Mubadala's mandate is to diversify Abu Dhabi's oil-rich economy. It has stakes in General Electric, Carlyle Group and semiconductor manufacturer Global Foundries. It also has aerospace partnerships with defense giant Lockheed Martin.
Total assets stood at 223.8 billion dirham ($61 billion) at the end of 2013, partly due to the addition of Emirates Global Aluminium to the portfolio.