| ABU DHABI
ABU DHABI Oct 31 Abu Dhabi's Advanced
Technology Investment Co (ATIC) expects to earn its first profit
by 2015 as it scales up operations overseas, but plans to set up
a chip manufacturing facility at home remain on hold, its chief
executive said on Wednesday.
ATIC, owned by Abu Dhabi's official investment fund Mubadala
and founded in 2008, is part of the emirate's drive to diversify
its economy away from oil into technology sectors such as
The company owns unlisted Global Foundries, which has chip
manufacturing facilities in Singapore, Germany and New York.
Early this year, Global Foundries said it would invest more than
$3 billion to fund expansion of its facilities.
"Profit in the industry is driven by scale and in the next
two to three years, by 2015 we would make profits," Ibrahim
Ajami told reporters.
Last year ATIC put on hold plans to build a semiconductor
fabrication plant in Abu Dhabi because of tough market
conditions due to a faltering global economy.
"We are still assessing the timing, the demand equation,"
Ajami said, adding that no date had been set to build the Abu
Global Foundries, launched in 2009 and now the world's
second largest chip foundry in terms of revenue, will conduct
capital spending of about $3.5 billion this year, below the $5
billion which it spent last year, said Global Foundries chief
executive Ajit Manocha. He declined to give a figure for 2013.
Revenue in the first nine months of this year grew 34
percent from a year earlier, while third-quarter revenue was up
29 per cent, he said without citing specific figures.
Manocha said he was bullish about the short term in the
fast-changing industry. "We will definitely remain on the same
trajectory of growth and we are well-positioned for the next
three years," he said.
(Reporting by Stanley Carvalho Editing by Andrew Torchia and