We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Wed 16 Feb 2011 11:58 AM

Font Size

- Aa +

Abu Dhabi's Mubadala says ATIC to become wholly-owned unit

Advanced Technology Investment Co was formed in 2008 and has a stake in chipmaker GlobalFoundries

Abu Dhabi's Mubadala says ATIC to become wholly-owned unit
ABU DHABI FIRM: Mubadala has stakes in AMD and Ferrari, as well as General Electric and private equity firm Carlyle (Getty Images)

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

Semiconductor.

"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

transaction.

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

companies.

Arabian Business: why we're going behind a paywall

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.