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Fri 24 Apr 2009 08:40 AM

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Abu Dhabi's Mubadala posts $3.21bn loss in 2008

Abu Dhabi gov't's investment body blames downturn for muted performance.

Abu Dhabi government investment body Mubadala made a loss of AED11.8bn ($3.21bn) last year due to the global financial crisis, it said in its 2008 annual report posted on its website.

The company said it was hit "by reductions in the estimated fair value of certain investment properties and impairment charges against a number of Mubadala's quoted and unquoted investments, caused by sharp falls in global financial stock markets and the value of other investments."

Though Mubadala's revenues during the year rose almost fourfold to AED6.66bn ($1.8bn)from AED1.79bn ($487.4m) in the previous year; the extra income was swamped by losses on investments.

Mubadala owns a 51 percent stake in Dolphin Energy, a joint venture with France's Total and US firm Occidental.

It holds a five percent stake in Ferrari and a 25 percent stake in German firm LeasePlan.

Mubadala also owns a 50 percent stake in Emirates Aluminium (EMAL), which says it will be the world's largest single-site aluminium smelter complex. (Reuters)