Advanced Technology Investment Company says it will bring the high-tech plan online in 2015
The technology unit of the
Abu Dhabi government's investment fund Mubadala will build a $6bn semiconductor factory as part of the emirate's broader
plan to diversify its economy away from oil, a company official
said on Tuesday.
The Advanced Technology Investment Company (ATIC) will bring
the plan online in 2015, which will be run by a subsidiary,
ATIC holds a 86 percent stake in silicon wafer maker Global
Foundries, with Advanced Micro Devices holding the rest.
"The region is savvy and tech-hungry and ATIC's plans helps
drive the 2030 vision of Abu Dhabi's diversification," said the
official, who asked not to be named. "The goal is for Global
Foundries to be financially sustainable."For all the latest UAE 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.