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FINANCIAL NEWS
UAE’s Globalfoundries to invest USD3b in its plants
13 Jan 2012
(MENAFN) UAE’s Globalfoundries’ chief executive, Ajit Manocha, said that in 2012, the Abu Dhabi-owned chipmaker would invest USD3 billion in its manufacturing plants, reported The National.
Manocha added that the investment would help the company meet growing customer and technology demand, adding that the investment would be spent on new tools and development at the firm’s’ new microprocessor-fabrication factory in New York.
He also said that the first client of the New York plant was IBM, and that the
UAE firm would help IBM in making their new chip, adding that other electronics companies would use the New York plant which managed to attract USD1.2 billion in aid from New York state with the aim of creating job opportunities.
It is worth noting that Abu Dhabi’s Advanced Technology Investment Company (Atic) owns over 90 percent of Globalfoundries and is a wholly owned subsidiary of Mubadala Development, which is owned by the Abu Dhabi Government.
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