FINANCIAL NEWS

Abu Dhabi’s Mubadala reports USD1.14b loss in 2011

12 Apr 2012

(MENAFN) Mubadala, the investment arm of Abu Dhabi sovereign wealth fund, reported deeper losses in 2011 due to a drop in the value of its investments, Arabian Business reported.

The company said it had a USD1.14 billion loss last year compared to USD92 million in 2010, blaming the market volatility which impacted its investments’ values.

Mubadala also reported 77 percent increase in revenues for the year to USD7.6 billion, while total assets increased 73 percent to USD48.2 billion.

In March, Mubadala unveiled plans to invest USD2 billion in Brazil’s EBX Group in exchange for a 5.63 percent stake in the firm and an indirect interest in his publicly listed companies.

Mubadala has investments in companies across a wide range of sectors including General Electric and the Carlyle Group.

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