Advanced Technology Investment Co was formed in 2008 and has a stake in chipmaker GlobalFoundries
Abu Dhabi's Mubadala said
Advanced Technology Investment Co (ATIC), a technology
investment firm, will become a wholly-owned unit of the
state-owned fund as the emirate strives to diversify its economy
away from oil.
ATIC was formed in 2008 and has a stake in chipmaker
GlobalFoundries, a joint venture with Advanced Micro Devices. GlobalFoundries is merging with Singapore's Chartered
"ATIC's integration into Mubadala will further drive the
creation of innovative industries for the benefit of Abu Dhabi
and the UAE," Waleed Al Muhairi, Mubadala's chief operating
officer, said in a statement.
Mubadala did not provide any financial details of the
The investment fund said the deal will have no impact on the
operations of ATIC or GlobalFoundries and Ibrahim Ajami will
remain chief executive of ATIC. Investment plans for
GlobalFoundries will also remain unchanged, the statement said.
GlobalFoundries was set up in March 2009 as the world's
first full service semi-conductor foundry when AMD spun off its
manufacturing arm into a new firm with ATIC.
ATIC will spend as much as $7bn to build a chip
manufacturing plant in the emirate, its chief executive officer
said in published remarks last September.
Mubadala has stakes in AMD and Ferrari, as well as General
Electric and private equity firm Carlyle.
It had total assets under management of AED86.1bn ($23.4bn) as at June 30, 2010.
Along with its international holdings, Mubadala also owns
stakes in local firms including UAE telecom operator du and developer Aldar Properties.
Mubadala posted a first-half loss of $1.12bn in
September driven by the falling value of stakes it has in other