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FINANCIAL NEWS
Abu Dhabi’s ATIC expects to earn profits in 2015
01 Nov 2012
(MENAFN) Advanced Technology Investment Company (ATIC), owned by Abu Dhabi’s investment fund Mubadala, expects to make profits by 2015 as it scales up operations overseas, Reuters reported.
ATIC owns unlisted Global Foundries, which has chip manufacturing facilities in Singapore, Germany and New York.
Early this year, Global Foundries said it would invest more than USD3 billion to fund expansion of its facilities.
On the other hand, plans to build a chip manufacturing facility in Abu Dhabi is still on hold. Last year, ATIC shelved plans to build a semiconductor fabrication plant in the UAE capital due to “tough market conditions resulting from faltering global economy”, according to the company.
CEO Ibrahim Ajami said “We are still assessing the timing, the demand equation”. He did not give date to build the Abu Dhabi plant.
Global Foundries CEO Ajit Manocha said the company will spend about USD3.5 billion this year, below the USD5 billion which it spent last year.
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