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Abu Dhabi’s Mubadala fund loses $1.19 bln in first half of 2016

Blames lower commodity prices, decreased gains in financial investments and other woes

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Abu Dhabi’s state-run Mubadala Development Co. wealth fund has announced it lost $1.19 billion in the first half of 2016.

In results released on Thursday, it blamed lower commodity prices, decreased gains in financial investments and other woes for the loss. That compares to a net gain of $169 million the same time last year.

Mubadala CEO Khaldoon Khalifa al-Mubarak said in a statement that “the global economic challenges we have faced since the beginning of 2015 persist.”

Merger

Mubadala is in the process of being merged with the International Petroleum Investment Co., another wealth fund in Abu Dhabi, the oil-rich capital of the UAE.

Mubadala’s holdings include semiconductor maker Globalfoundries and renewable energy company Masdar, as well as stakes in General Electric Co. and The Carlyle Group.