Mubadala reports $1.2b loss in H1

23 Sep 2010

(MENAFN) Mubadala Development Co., an Abu Dhabi government investor with, reported a first-half comprehensive loss as its investments lost value because of the decline in global markets, Reuters reported.

The loss was $1.2 billion compared with a profit of $738 million in the year-earlier period. Mubadala had an unrealized loss of $1.2 billion from public market investments in the first half, the company said in a statement.

Abu Dhabi forecast a second consecutive budget deficit this year with the shortfall to be covered by transfers from state- run investment bodies, according to a government-guaranteed bond prospectus released in July.

Mubadala�s investments include an $8 billion joint venture with General Electric Co. in emerging markets, and a stake in Advanced Micro Devices Inc., the second- largest maker of personal-computer processors.

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