Mubadala Development Company


Country: United Arab Emirates - Abu Dhabi

Established: 2002

US$ Billion: 13.3

Origin: Oil

Firm Investment Style: Portfolio

Entity Structure: Corporate

Transparency Rating: 10

Established in October 2002 as a Public Joint Stock Company is a wholly owned investment vehicle of the Government of the Emirate of Abu Dhabi, in the United Arab Emirates. Mubadala's sole shareholder is the Government of the Emirate of Abu Dhabi. This wealth fund has the structure of a corporation. They have a tendency to invest in high technology and aerospace firms. The firm has also invested in oil fields, real estate partnerships, and hospitals.

Mubadala does not consider itself a SWF.

**Total equity (not assets)

Sovereign Wealth Enterprises:

1. Mubadala Petroleum Services Company LLC

Major Direct Foreign Investments (Public)

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News and Updates

PRESS RELEASE: Fitch Affirms Mubadala Development Company PJSC at 'AA'; Outlook Stable
According to Fitch Ratings, "Fitch Ratings has today affirmed Mubadala Development Company PJSC's (Mubadala) Long-term Issuer Default rating ( IDR) and senior unsecured rating at 'AA' respectively. The Abu Dhabi-based diversified development and investment group's Short-term IDR has been affirmed at 'F1+'. The Outlook for the Long-term IDR is Stable. The rating affirmation also affects MDC GMTN B.V.'s (MDC) global medium-term note (GMTN) programme with USD1.85bn of notes outstanding which remains rated at 'AA'.

As Fitch has previously stated, the agency has applied its parent and subsidiary rating linkage methodology in rating Mubadala, as it believes that a strong relationship exists between the company and the Emirate of Abu Dhabi (Abu Dhabi, rated 'AA'/Stable). As such, Mubadala's rating is aligned with Abu Dhabi's sovereign rating. Mubadala is at a relatively early stage in its development and is investing substantially in new projects. As a result, it is currently experiencing strong growth, and its capital and investment expenditures are comparatively high in relation to its revenues and operating income.

Mubadala is focused on developing and managing an extensive and economically diverse portfolio of commercial initiatives. Its commercial strategy is based on long term capital intensive investments that deliver strong financial returns. The company manages a multi-billion dollar portfolio of local, regional, and international investments, projects and initiatives."
read more: Nasdaq

Mubadala & General Electric sign Commercial Finance JV Agreement
Mubadala Press Release states, "Abu Dhabi, UAE, May 31, 2009 - General Electric (NYSE: GE) and Mubadala Development Company today announced the signing of their commercial finance joint venture agreement and establishment of a regional training center for next-generation business leaders, demonstrating significant progress on key aspects of a broader strategic partnership forged by the companies last year.

'The global financial services business proposed under today’s agreement combines Mubadala’s regional investment expertise with GE’s global origination excellence in one of the world’s fastest-growing markets,' GE Chairman of the Board and Chief Executive Officer Jeff Immelt said. 'Having grown its Middle East-based revenues more than 60 percent in the past two years, GE clearly shares Mubadala’s view of high-growth opportunities in the region.'"
read more: Mubadala Press Release

Mubadala selling stake in LeasePlan
LeasePlan Press Release states, "Today LeasePlan announces that Fleet Investments B.V., an investment company of the German banker Friedrich von Metzler will become a 50% shareholder of LeasePlan. This transaction follows the decision end 2008 of both Mubadala Development Company and the Olayan Group to divest their 25% stakes in LeasePlan. Subject to approval of the relevant anti-trust and supervisory authorities, the transaction is expected to close in the autumn of 2009. Volkswagen, which continues its 50% interest in LeasePlan, has reconfirmed the high strategic importance of multi brand fleet management for their Group.

Vahid Daemi, CEO of LeasePlan comments: 'We value the fact that in the current economic climate a financially strong and long-term oriented investor is interested to acquire a 50% stake in our company and consider this a confirmation of the success of our company. We look forward to continuing our strategy as one of the leading independent financial services and fleet management providers in the world with the support of two strong 50% shareholders.'"
read more: LeasePlan Press Release

Mubadala set to triple asset base in five years and may launch bonds
Business 24-7 reports that, "Mubadala plans to triple its asset base from Dh54 billion to Dh162bn in five years and is likely to announce a bonds issue for the United States and British markets shortly, its chief operating officer revealed yesterday. The Abu Dhabi-based investment company is likely to consider using contributions of equity from the government, debt and revenues to boost its assets, said Waleed Al Mokarrab Al Muhairi, who is also Director-General of the Abu Dhabi Council for Economic Development.

'We will see both equity contributions from the government and the optimisation of the use of debt,' he told the UAE Global Investment Forum in the capital."
read more: Business 24-7

Mubadala Names Former BP Executive COO For Oil Unit
WSJ reports that, "Abu Dhabi's Mubadala Development Co. said Wednesday it's appointed Steve Peacock, a former top Middle East executive at U.K. oil major BP PLC to help oversee its oil and gas unit. Peacock, who was Middle East president for exploration at BP, has taken over as chief operating officer for Mubadala Oil & Gas, a spokesperson for the company told Zawya Dow Jones."
read more: Wall Street Journal

Mubadala Discloses Carlyle Group Writedown
WSJ reports that, "you won’t find details of any private equity investments other than Carlyle that the firm may have made, but Mubadala does reveal that it took an AED2 billion ($543 million) writedown on its investment in Carlyle. That figure represents more than a third of the $1.35 billion that Mubadala invested for a 7.5% stake in Carlyle in late 2007 (the dirham is pegged to the dollar). It got a 10% discount, it said at the time, when Carlyle Group was valued at roughly $20 billion."
read more: Wall Street Journal

Sikorsky Aerospace Services partnering with Mubadala Development to open MRO Center in United Arab Emirates
Press release states, "Sikorsky Aerospace Services and the Mubadala Development Company today announced "the signing of a Heads of Agreement (HOA) to form a joint venture that will establish an aviation military Maintenance Repair and Overhaul (MRO) Center serving the United Emirates Armed Forces and other military aircraft throughout the Middle East and North Africa. Mubadala is a leading business development and investment company headquartered in Abu Dhabi, United Arab Emirates. Sikorsky Aircraft Corp. is a subsidiary of United Technologies Corp. (NYSE:UTX) and the parent of the Sikorsky Aerospace Services aftermarket business, which will have a leading role as a partner in the new venture."
read more: Sikorsky - Press Release

Mubadala signs aerospace partnership
The National reports that, "Mubadala Development, the Government’s investment arm, has signed a deal to form a partnership with the Italian aerospace company Finmeccanica to build components for civilian aircraft. Alenia Aeronautica, a subsidiary of Finmeccanica, will supply technology, technical assistance and specialised training while providing support to develop the manufacturing processes needed for international industrial certifications."
read more: The National

Mubadala and Conoco agree Kazakhstan deal
According to Reuters, Mubadala said on Sunday, "it has signed a preliminary deal with U.S. major ConocoPhillips and Kazakhstan's state energy firm to develop an offshore Kazazh oil and gas block. Conoco and Abu-Dhabi government-owned investment agency Mubadala will each hold a 24.5 percent stake in the offshore Kazakh block in the Caspian Sea, Mubadala said. Kazakh state oil and gas firm KazMunaiGas KMG.UL will hold the majority stake."
read more: Reuters

Malaysia's UBG in oil venture with Mubadala
According to Reuters "Malaysian infrastructure firm UBG Berhad and Abu Dhabi investment agency Mubadala Development Co have agreed to form a 50:50 joint venture to develop petroleum projects in the Southeast Asian country, UBG said on Thursday. UBG said the initial focus of the joint venture would be on exploring oil projects in the East Malaysian states of Sabah and Sarawak on Borneo as well as Terengganu on the east coast of peninsular Malaysia."
read more: Reuters

Petrofac and Mubadala start joint venture
According to Forbes, "Oil industry service provider Petrofac and the Abu Dhabi state investment firm Mubadala say they plan to establish a new energy-related joint venture in the oil-rich emirate. The new company, to be called Petrofac Emirates, will provide engineering and construction services for onshore oil and gas, refining and petrochemical projects throughout the United Arab Emirates. The Emirates are one of the world's largest producers of oil."
read more: Forbes

Mubadala, Waha Capital and Fullerton Financial Holdings create a new finance company in UAE
According to AME info, "Dunia Finance LLC (Dunia) will have a nationwide presence across the UAE and will focus on the retail and small business segments in the UAE to provide a range of loans, credit cards and financial planning services, as well as deposits for non-individual customers.

The company will deploy a unique customer-centric approach, enabled through investment in state-of-the-art technology and capabilities, and partnerships with service providers who excel in their individual areas of expertise. Dunia will be led by a senior management team comprising talented and seasoned business leaders with a wealth of global experience."
read more: AME info

Indra signs preliminary joint venture deal with Abu Dhabi's investment vehicle
Indra Sistemas SA. said it has signed a preliminary agreement with Abu Dhabi's state-owned investment vehicle, the Mubadala Development Company, to develop joint ventures for technology projects and products.
read more: Hemscott

Abu Dhabi firm buys into Shell's Algerian operations
According to Reuters, " Abu Dhabi's state investment arm Mubadala said on Tuesday its energy unit has bought 20 percent of Royal Dutch Shell's stake in production and exploration projects in Algeria. "Liwa Energy ... bought a 20 percent stake in the projects carried out by Shell's exploration and production in Algeria," Mubadala said in a statement, without giving the value of the deal."
read more: Reuters

Mubadala in discussion to buy stake in US realty firm
"We are in discussions to buy a stake in The John Buck Company," Carlos Obeid, chief financial officer (CFO) of Mubadala, told a news conference in Abu Dhabi on Sunday, without giving further details. Mubadala said in a statement it had set up a new real estate company with Chicago-based The John Buck Company to develop projects in Abu Dhabi and the Middle East.
read more: Arabian Business

P180 Avanti II Displayed at Singapore Airshow
As an Affiliate of Mubadala Development Company, Piaggio Aero will display its P180 Avanti II at the First edition Singapore Airshow. The Airshow is being held from 18 through 24 of February 2008.

ADIC and UBS Asset Management Launch Investment Fund
ADIC is forming a 50:50 joint venture with UBS to develop, promote and manage infrastructure investment funds focused on the Middle East and North Africa region. The fund size will be around $500 million.


Mubadala Development Company

1. All figures quoted are from official sources, or, where the institutions concerned do not issue statistics of their holdings, from other publicly available sources.

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