Mubadala, the Abu Dhabi state-owned investment fund with a mandate to develop the emirate's economy, said on Thursday its 2013 net profit tripled as it benefited from a strong performance by its financial investments.
Mubadala, which has stakes in General Electric and private equity firm Carlyle, made a profit attributable to equity owners for 2013 of AED1.45 billion ($395 million) compared with AED470 million dirhams in the previous year, according to its financial statement.
Total comprehensive income, which comprises all forms of income, jumped to AED5.3 billion in 2013 from AED1.6 billion in the previous year, which the fund attributed to growth in its financial investments.
Mubadala made a profit of AED3.36 billion on its financial investments in 2013. It had made a loss of AED1.39 billion in the previous year.
Unlike other regional sovereign wealth funds such as Abu Dhabi Investment Authority (ADIA) and Qatar Investment Authority (QIA), Mubadala's main goal is to engage in investments which enhance development of the local economy, a theme which has gained greater prominence in the wake of the 2011 Arab spring uprisings elsewhere in the region.
The fund has interests in semiconductors, oil and gas, aerospace and real estate among others.
Total assets held by Mubadala grew 11 percent to AED223.8 billion at the end of 2013, which it attributed to a gain from last year's merger of Emirates Aluminium - of which Mubadala owned 50 percent - with Dubai Aluminium.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.
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