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
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.
Also Read
-
Abu Dhabi's Mubadala CEO doesn’t rule out more M&A
The state fund is merging with IPIC thereby pooling investment power and consolidating operations Economy -
Abu Dhabi’s Mubadala Petroleum to explore big Morocco offshore area
The company, a subsidiary of Abu Dhabi state-owned fund Mubadala Development Co, obtained an exclusive licence Energy -
HP sells UAE-based IT firm stake to Abu Dhabi fund Mubadala
The deal, announced in a statement from Injazat on Tuesday, comes a day after HP said it would split into two listed companies Technology -
Abu Dhabi’s Mubadala assessing options over $1.25bn bond
State fund is considering a new bond when $1.25 billion issue matures in May Banking & Finance
