DUBAI, April 17 Mubadala, the Abu
Dhabi state-owned investment fund with a mandate to develop the
emirate's economy, said on Thursday its 2013 net profit tripled
as it benefited from a strong performance by its financial
Mubadala, which has stakes in General Electric and
private equity firm Carlyle, made a profit attributable
to equity owners for 2013 of 1.45 billion dirhams ($395 million)
compared with 470 million dirhams in the previous year,
according to its financial statement.
Total comprehensive income, which comprises all forms of
income, jumped to 5.3 billion dirhams in 2013 from 1.6 billion
dirhams in the previous year, which the fund attributed to
growth in its financial investments.
Mubadala made a profit of 3.36 billion dirhams on its
financial investments in 2013. It had made a loss of 1.39
billion dirhams in the previous year.
Unlike other regional sovereign wealth funds such as Abu
Dhabi Investment Authority (ADIA) and Qatar Investment Authority
(QIA), Mubadala's main goal is to engage in investments which
enhance development of the local economy, a theme which has
gained greater prominence in the wake of the 2011 Arab spring
uprisings elsewhere in the region.
The fund has interests in semiconductors, oil and gas,
aerospace and real estate among others.
($1 = 3.6730 UAE Dirhams)
(Reporting by David French; Editing by Andrew Torchia)