Mubadala plans to triple assets

According to the National, “Mubadala Development, the investment arm of the Abu Dhabi government, will grow its assets threefold over the next five years, the company’s chief operating officer said today. The firm lost Dh11.8bn (US$3.21bn) last year due to write-downs on investments triggered by falling oil prices and the global financial crisis. Mubadala, which released its first annual report last week, has said it would continue to make acquisitions, borrow from banks and draw as much as Dh21bn from the Abu Dhabi Government this year.

‘Over the next five years, given the existing portfolio of projects that we have, you will see that the asset base of Mubadala is likely to to grow from the Dh54bn that you see today to a number at least three times that,’ said Waleed al Muhairi at the UAE Global Investment Forum in Abu Dhabi.

Mubadala is planning to issue a bond and has recently engaged in a roadshow with potential investors in Europe and the US. The bond will be part of a larger medium-term programme.”

read more: The National

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