April 17, 2014 / 8:56 AM / 4 years ago

Abu Dhabi's Mubadala 2013 profit jumps on financial investments

DUBAI, April 17 (Reuters) - 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 investments.

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)

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