Mubadala plans to boost spending to $16.3bn this year

Abu Dhabi gov't-owned investor held 0.72% in GE, 9.35% in Carlyle at end of last year, bond prospectus shows
Mubadala plans to boost spending to $16.3bn this year
STAKE HOLDER: Mubadala held a 0.72 percent stake in General Electric Co at the end of last year (Image: GE website)
By Bloomberg
Sun 10 Apr 2011 03:56 PM

Mubadala Development Co, an
Abu Dhabi government-owned investor with stakes in Carlyle Group and
General Electric Co., plans to boost spending to about AED60bn
($16.3bn) this year, according to a bond prospectus
obtained by Bloomberg News.

The company
will deploy a "substantial" portion of capital and investment
expenditure over 2011 to 2015 on Advanced Technology Investment Co,
Mubadala GE Capital, Masdar, real-estate, oil and gas, and
public-private partnership projects, according to the document. The
group spent an average AED16.4bn over the last three years,
it said.

Abu Dhabi, home
to more than 7 percent of the world’s proven crude reserves, is seeking
to diversify from oil by investing in industries such as real estate
and aerospace.

Mubadala hired banks to arrange meetings with investors
starting April 6 in London, according to a banker involved in the deal.
Meetings took place in Abu Dhabi and Dubai on Sunday.

contributions of as much as AED37.8bn have been approved by
the government for 2011, Mubadala said in the bond prospectus.

The company
posted a comprehensive loss of AED315m ($85.8m) for
2010, because of declines in "mark- to-market" investments. 

Mubadala held a 0.72 percent stake in General Electric
Co at the end of last year, according to the bond prospectus of the UAE-based
company. It also held
a 9.35 percent stake in Carlyle Group at the end of last year, the prospectus revealed.

Mubadala in December invested $500m in Carlyle Group in exchange
for convertible subordinated notes and additional equity in the world’s
second-biggest private equity firm. The investor also agreed to invest as
much as $600m in funds managed by Carlyle



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