Sovereign Wealth Fund Institute » Mubadala

Mubadala Sells JBI Unit to Serco

Web Director — Sat, 31 Dec 2011 20:23:08 +0000

Sowwah Square

Abu Dhabi-based Mubadala Development recently sold a commercial property joint venture called John Buck International (JBI) for an undisclosed price. JBI was mainly tasked for the development of Sowwah Square in Abu Dhabi. The commercial development project is located in Abu Dhabi’s latest business district on Sowwah Island. In addition, JBI specializes in integrated facilities management. It manages a number of Abu Dhabi properties such as Sowwah Square, Paris Sorbonne University (Abu Dhabi Campus), and New York University (Abu Dhabi Campus).

The buyer of JBI is Serco, a UK property management and outsourcing business. Serco maintains a strong presence in the United Arab Emirates. Less than 9 months ago, Mubadala paid 83.6 AED million to take control of the full joint venture.

Originally the joint venture was created in 2008 with The John Buck Company, a Chicago property developer. The joint venture called JBI was at first 51% owned by Mubadala Development and the rest by The John Buck Company.

Strategic Development: Mubadala and Boeing Together on Aerostructures and Military Sustainment

Web Director — Tue, 15 Nov 2011 21:57:31 +0000

According to the press release, “Boeing and Mubadala Aerospace, a business unit of the Abu Dhabi-based Mubadala Development Company, a business development and investment vehicle of the Abu Dhabi government, today announced agreements to advance the commercial and military aviation industry in the United Arab Emirates (UAE). These milestones further Abu Dhabi’s plans to become a global aerospace hub, a key part of the Emirate’s economic diversification plans, and grow the strong relationship between the two companies.

The commercial and defense agreements announced today build on a framework agreement Boeing and Mubadala Aerospace signed in November 2009 to show their commitment to develop mutually beneficial initiatives in areas where there is strategic alignment between the two companies. Future partnership initiatives could include additional manufacturing, military maintenance and sustainment activities, as well as people development and training.

“These strategic agreements represent the natural evolution of the longstanding military and commercial aerospace collaboration between Boeing and the UAE,” said Mubadala Aerospace Executive Director Homaid Al Shemmari. “Mubadala Aerospace is proud to expand this partnership with Boeing and feel that this agreement shows confidence in the outstanding results that Strata Manufacturing and AMMROC offer for its customers and partners.”

Jim McNerney, Chairman, President, and CEO of The Boeing Company, said: “These important agreements will strengthen the businesses of both Mubadala and Boeing. Building on the strategic framework we and Mubadala announced at the last Dubai Airshow, we are now demonstrating our solid commitment to our partner, the UAE and the Middle East region. These agreements are a reflection of Mubadala’s outstanding capabilities and pave the way for an ever stronger relationship in the years to come.”"

Mubadala Part of Group to Buy EMI Music Publishing

Web Director — Mon, 14 Nov 2011 06:57:36 +0000

According to the press release, “An investor group comprised of Sony Corporation of America (“SCA”), in conjunction with the Estate of Michael Jackson; Mubadala Development Company PJSC; Jynwel Capital Limited; the Blackstone Group’s GSO Capital Partners LP; and David Geffen (the “Group”) announced today the execution of a definitive agreement, whereby the Group will acquire EMI Music Publishing from a wholly-owned subsidiary of Citigroup, Inc. (“Citi”) for total consideration of $2.2 billion.

The transaction is subject to certain closing conditions, including regulatory approvals. Following the acquisition, Sony/ATV Music Publishing and its strong and experienced management team will help oversee EMI Music Publishing on behalf of the Group. Sony/ATV Music Publishing is co-owned by subsidiaries of SCA and trusts formed by the Estate of Michael Jackson.

EMI Music Publishing is a world-leading popular music publisher with a vast collection of musical compositions and a roster of highly talented songwriters. The business represents and administers one of the world’s most comprehensive and diverse catalogs of over 1.3 million music copyrights covering all genres, periods and territories of the world.

EMI Music Publishing represents some of the most successful writers working in the music industry today including Beyoné, Drake, Jay-Z, Norah Jones, Alicia Keys, P!nk, Scissor Sisters, Rihanna, Stargate, Usher, Kanye West, Pharrell Williams, Tinie Tempah, Duffy, Arcade Fire, Dallas Davidson, Don Omar, Alan Jackson and Hillary Scott. Its remarkable catalog spans the decades with some of the greatest hits dating from the early 20th century right up to today. EMI Music Publishing holds rights to some of the greatest Motown hits from the 1960s including Baby Love, Heard It Through The Grapevine, and My Girl, as well as other timeless standards, such as Bohemian Rhapsody, Every Breath You Take and You’ve Got A Friend. Its catalog is home to a wide range of film and TV scores, including some of the most recognizable songs of all time such as New York, New York, Over the Rainbow and Have Yourself A Merry Little Christmas.”

Hamilton Sundstrand Authorizes Mubadala Aerospace for Boeing 787 MRO

Web Director — Sun, 17 Jul 2011 05:34:54 +0000

According to the press release, “Hamilton Sundstrand Corporation and Mubadala Aerospace have finalized a wide-ranging strategic agreement under which Mubadala Aerospace will be a key part of the support network for servicing Hamilton Sundstrand products and systems on the Boeing 787. The deal, a first for Hamilton Sundstrand, includes a licensing agreement for Mubadala Aerospace to provide maintenance, repair and overhaul (MRO), through Mubadala-owned companies Abu Dhabi Aircraft Technologies (ADAT), SR Technics and Sanad Aero Solutions (Sanad), based on Hamilton Sundstrand’s technical expertise. The agreement gives 787 operators an additional choice for their maintenance needs for Hamilton Sundstrand products and systems, which make up a majority of the systems on Boeing’s new 787 Dreamliner.

Mubadala Aerospace is a business unit of Mubadala Development Company, the strategic investment arm of the Abu Dhabi government. Hamilton Sundstrand is a subsidiary of United Technologies Corp. (NYSE: UTX).

Under the license agreement, ADAT and SR Technics will provide integrated component solutions (ICS) to Boeing 787 airline customers, while Sanad will provide financing of rotable components, all with the technical support of Hamilton Sundstrand. Mubadala Aerospace is developing a global network covering the entire MRO value chain, including engine, component and airframe capabilities, in addition to spare engine and rotable leasing through Sanad.

“Hamilton Sundstrand is pleased to establish this key relationship with Mubadala Aerospace to equip Mubadala MRO companies with the required resources to service Hamilton Sundstrand systems and particularly components for the Boeing 787,” said Matthew Bromberg, vice president and general manager, Hamilton Sundstrand Customer Service. “This arrangement will allow Hamilton Sundstrand to extend its reach of OEM world-class service by building on Mubadala Aerospace’s capabilities in both the Europe and the Middle East. The Boeing 787 has a diverse customer base and demands diverse maintenance solutions.”

Homaid Al Shemmari, executive director of Mubadala Aerospace, said, “We are delighted to sign this strategic agreement with Hamilton Sundstrand, which brings essential component capability to ADAT and SR Technics for the Boeing 787 and financing opportunities for Sanad. Hamilton Sundstrand is one of the largest players in the aerospace components industry, and shares our global ambitions. Importantly, this expands our relationship with UTC and complements our existing partnership with Sikorsky in AMMROC. We are excited about the overall opportunities this relationship brings to both parties.”"

Mubadala Believes Brazil has Potential

Web Director — Sat, 11 Jun 2011 07:01:20 +0000

Brazil seems to be the Latin American darling of the Middle East. Over the past few years, Brazil has been improving its macroeconomic stability and building up significant foreign reserves. Brazil was one of the first emerging market economies to recover from the financial crisis. The Government of Brazil even created a sovereign fund. In early May 2011, the Mubadala Development Company expressed interest in possibly investing in Brazilian industries such as mining, energy, aluminum, agribusiness, and logistics.

Mubadala believes that emerging markets like Brazil, India, and China will yield the best risk-rewards in growth over time.

[Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view site content.]

Mubadala Announces 2010 Financial Results

Web Director — Fri, 25 Mar 2011 02:49:53 +0000

According to the press release, “Financial highlights of the results are:

Revenue increased 22% year-on-year from AED 13.1bn to AED 16bn, as a result of a number of assets reaching operational milestones
Net profit for the year was AED 1.1bn and total comprehensive income for the year was a negative AED 315m, resulting from mark-to-market on investments
Total assets increased by 14% to AED 101.5bn
Total equity increased by 26% to AED 62.1bn in line with the approved contributions from the Government of Abu Dhabi
Total interest bearing liabilities remained flat while total debt to capitalization decreased from 37% to 30%
Strong liquidity position of AED 6.3bn
Credit ratings remain among the top corporate ratings in the region at Aa3/AA/AA by Moody’s, Fitch and S&P”

Mubadala Offers to Buy Stake in DUBAL

Web Director — Thu, 10 Mar 2011 17:08:00 +0000

[Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view site content.]

Mubadala wants to Fully Acquire John Buck International

Web Director — Wed, 09 Mar 2011 00:54:46 +0000

[Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view site content.]

US Defense Industry Increasing Partnerships with Mubadala

Web Director — Tue, 22 Feb 2011 08:12:55 +0000

Another United States defense contractor, Raytheon Co is in developmental discussions with Mubadala Development Co about constructing a missile maintenance facility in the United Arab Emirates. [Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view site content.]

Mubadala Integrates ATIC

Web Director — Sat, 19 Feb 2011 23:02:13 +0000

According to the press release, “Abu Dhabi –Mubadala Development Company (Mubadala) today announced that the Advanced Technology Investment Company (ATIC) has become a wholly owned business of Mubadala. “With common executive leadership and the Government of Abu Dhabi as shareholder of both organizations, ATIC’s integration into Mubadala will further drive the creation of innovative industries for the benefit of Abu Dhabi and the UAE,” said Waleed al Muhairi, COO of Mubadala.

“The development of an advanced technology ecosystem in Abu Dhabi, anchored by the semiconductor sector, is a critical aspect of the Abu Dhabi Economic Vision 2030 framework that guides the Emirate’s development.”

Mubadala played a key role in launching ATIC in 2008 as an element of Abu Dhabi’s long-term strategy to diversify its economy through investments in high-technology sectors. In less than three years, ATIC has transformed the competitive landscape of the semiconductor manufacturing industry through the creation of GLOBALFOUNDRIES, which has emerged as one of the top three semiconductor manufacturers in the world.”