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UAE state fund Mubadala’s net profit nearly triples in 2016

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Abu Dhabi’s state-owned Mubadala Investment Company said its net profit nearly tripled in 2016, while total comprehensive income rebounded to a profit from a loss in 2015, primarily helped by financial investments.

Mubadala reported a net profit of 3.3 billion dirhams ($899 million) for 2016, compared to a net profit of 1.2 billion dirhams in 2015. Total comprehensive income, which comprises all forms of income was 4.1 billion dirhams in 2016, up from 1.3 billion dirhams in the previous year, the company said in a statement on Thursday.

Meanwhile, it was reported last week that Mubadala is lining up new overseas investments in 2017 and may divest some stakes in companies in its existing portfolio.

Mubadala, which is merging with Abu Dhabi-owned International Petroleum Investment Company (IPIC), will not see any change it its strategy after the merger, which will be completed in May, Khaldoon al-Mubarak told Reuters in interview.