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Annual Review 2013

A catalyst for Abu Dhabi’s economic diversification. A team passionate about partnership and focused on growth. A company shaped by the powerful idea that a commercially-focused
organization can invest for both financial and socioeconomic returns.

Chairman’s Message

Beyond generating returns and supporting diversification, Mubadala has also created employment and development opportunities for qualified UAE Nationals, stimulated the local private sector and delivered world-class infrastructure to improve the quality of health, education and commerce in Abu Dhabi.

His Highness General Sheikh Mohamed bin Zayed Al Nahyan

Crown Prince of Abu Dhabi,
Deputy Supreme Commander of the Armed Forces of the UAE,
Chairman of Mubadala Development Company

Under the guidance of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi, the development and diversification of the local economy remains a key priority of the Government of Abu Dhabi.

Five years ago the Government charted an ambitious course for its economic future. Known as the Abu Dhabi Economic Vision 2030, the plan aims to stimulate activity in non-oil, export-oriented sectors in order to create a more diversified, globally-integrated and knowledge-based economy over the next two decades.

We have made great progress towards these goals. In 2013, the non-oil sector contributed 45 percent of the Emirate’s GDP with further growth expected. Through the breadth and scale of its operations, Mubadala has always been, and will continue to be, on the front line of that process.

However, from the perspective of its shareholder, the unique value of Mubadala has always been much broader than that. In addition to generating returns and supporting diversification, Mubadala has also created employment and development opportunities for qualified UAE Nationals, stimulated the local private sector and delivered world-class infrastructure to improve the quality of health, education and commerce in Abu Dhabi. In 2014 and beyond, through the implementation of its commercial mandate, Mubadala will continue – and where possible expand – its contribution in each of these areas.

I would like to thank the board and executive leadership of Mubadala for their responsible stewardship of the organization in the last twelve months. I would also like to recognize the many local and international companies that have partnered with Mubadala and played a key role in the success of its many initiatives. And most importantly, I would like to thank the more than 30,000 employees of the Group around the world for their ongoing hard work, talent, creativity and commitment.

VIEW MUBADALA BOARD OF DIRECTORS

Group CEO & Managing Director Viewpoint

We are supporting the Government of Abu Dhabi’s vision by creating new sectors and professions, while helping establish the emirate as a global player in knowledge-intensive industries.

Khaldoon Khalifa Al Mubarak

Group CEO & Managing Director
Member, Investment Committee

How has the business evolved from its formation to present day?

Mubadala was formed by the Government of Abu Dhabi in 2002 around a single and powerful idea: to be a major contributor to the emirate’s economic diversification, and in doing so provide financial returns for our shareholder and opportunities for the people of the UAE.

Throughout the past 11 years, we have supported this vision by creating new sectors and professions, while helping establish Abu Dhabi as a global player in high-growth and knowledge-intensive industries.

Our upward trajectory has been possible thanks to the strong support of our shareholder and our ability to leverage Abu Dhabi’s competitive advantages. We remain guided by the same principles: partnership, long-term investment horizons, and the creation of opportunity for UAE Nationals. These principles unite our AED 224 billion global portfolio and the more than 30,000 employees across the Group who bring the company’s vision to life.

Mubadala is entering a new phase of growth, and under the guidance of the Board of Directors, in late 2013 we evolved the company’s organizational structure around four business platforms where we will grow our leadership position in globally-integrated industries. These are: Energy; Aerospace and Engineering Services; Technology and Industry; and Emerging Sectors, which includes healthcare, real estate and capital investments.

As we evolve our existing sectors and enter into new ones, we are guided by Abu Dhabi’s strategic vision and the opportunities we can create for current and future generations.

How would you characterize 2013 for Mubadala?

2013 was an exciting year for the business and the impact of our public and private sector partnership approach has never been clearer. We delivered significant infrastructure for Abu Dhabi, achieved major developments across a range of globally-integrated industry sectors we are establishing in the UAE, and importantly, we cemented our strategy for the next phase of growth.

One of our proudest moments was the creation of Emirates Global Aluminium (EGA), an Abu Dhabi and Dubai jointly owned company that will integrate the businesses of Dubai Aluminium (DUBAL) and Emirates Aluminium (EMAL). EGA will be one of the world’s largest aluminium companies, serving over 440 customers in 55 countries, and will create thousands of new jobs in the UAE. This represents a major shift towards the establishment of the UAE as a hub for world primary aluminium production.

In 2013, we also significantly grew our international portfolio and partnerships, establishing relationships with new partners and evolving existing ones. Highlights include the co-investment vehicle established with the Russian Direct Investment Fund and new agreements with longstanding aerospace partners such as Airbus, Boeing, GE, Rolls Royce and Sikorsky.

Al Maryah Island, Abu Dhabi’s new central business district and home of Abu Dhabi Global Market, came to life with the opening of The Galleria and Rosewood Abu Dhabi, alongside more than 40 blue-chip companies establishing operations in the Sowwah Square commercial towers. We also opened Healthpoint, a fully integrated, primary care and multi-specialty hospital at Zayed Sports City in Abu Dhabi, which forms part of our mandate to support the development of the emirate’s healthcare infrastructure.

Delivering Best Practice in Governance and
Financial Management

 

  • Total Revenue (AED)

    31.1 bn

    2013
    31.1 bn
    2012
    30.8 bn
    2011
    27.9 bn
    2010
    15.8 bn
  • Total Assets (AED)

    223.8 bn

    2013
    223.8 bn
    2012
    202 bn
    2011
    177.1 bn
    2010
    102.1 bn
  • Total Equity (AED)

    157.5 bn

    2013
    157.5 bn
    2012
    135.5 bn
    2011
    106.4 bn
    2010
    62.1 bn
  • Credit Ratings

    • Short term
      P-1 / A-1+ / F1+

      Moody's / Standard & Poor's / Fitch

    • Long term
      Aa3 / AA / AA

      Moody’s / Standard & Poor's / Fitch

  • Transparency

    10/10

    Highest score for transparency

    Linaburg-Maduell
    Transparency Index

Message from
Group Chief Financial Officer

Our 2013 results saw significant overall improvement, reflecting improved market conditions and our continued delivery of infrastructure and operational assets that diversify Abu Dhabi’s economy.

Carlos Obeid

Group Chief Financial Officer
Member, Investment Committee

Mubadala’s 2013 results saw significant overall improvement, reflecting improved market conditions and our continued delivery of infrastructure and operational assets that diversify Abu Dhabi’s economy.

Our steadfast commitment to conscientious financial planning, the continued support of our shareholder and the efficient management of our balance sheet means we can continue to make capital intensive investments that can deliver long-term socioeconomic benefits for the UAE.

Message from
Group Chief Legal Counsel

As we look to the next phase of the business, our priority is to strengthen and safeguard our culture of integrity and responsible business practices.

Samer Halawa

Group Chief Legal Counsel
Member, Investment Committee

We have a responsibility to ensure Mubadala has a robust organizational and risk management framework that supports the diverse nature of our operations and enables us to grow our global footprint.

As we look to the next phase of the business, our priority is to strengthen and safeguard our culture of integrity and responsible business practices. We have established a multi-layered approach to corporate governance in order to provide a clear structure by which Mubadala’s Board of Directors and management can set objectives and monitor performance.

Nurturing the Next Generation of Professionals in Diverse Fields

Abdalla Al Zarooni
Senior Manager,
Technology Development & Transfer
DUBAL
Naser Al Hajri
Facilities Integrity Manager, Operations
Mubadala Petroleum
Najeeba Al Jabri
Senior Manager
Engineering & Asset Management
EMAL
Abdulaziz Qaoud
Senior Supervisor
AMMROC
Mohammad Sharafi
Senior Legal Associate
Legal & Compliance, Mubadala
Dr. Farhana Bin Lootah
Doctor, Specialist Internal Medicine
ICLDC
Majeda Al Kaabi
Aerostructure Technician
Strata
Ibrahim Al Hosani
Associate, Business Development
Real Estate & Infrastructure, Mubadala
Kholoud Suhool
Senior Engineer, Process Efficiency
DUBAL
Ali bin Zubaa
Payload Operations Engineer
Yahsat
Reem Al Zaabi
Semiconductors Engineer
GLOBALFOUNDRIES
Abdulla Al Banna
Senior Associate
Mubadala Capital
Ahmed Al Harthi
PhD student, Chemical Engineering
Masdar Institute
Halima Al Hossani
Section-Head Geo Capturing, GeoSpatial Data Production Department
Bayanat
Left
Right

Mubadala is committed to nurturing talent in order to accelerate the UAE’s journey to global competitiveness.

Khaled Abdulla Al Qubaisi

Chief Human Capital Officer, Mubadala Group
Member, Investment Committee

Mubadala is committed to nurturing talent in order to accelerate the UAE’s journey to global competitiveness. We have created over 15,000 jobs in the UAE since formation, and will continue to support long-term career development while also developing opportunities for the next generation in cutting-edge industries.

From senior engineers ensuring operational excellence in metals and mining, to physicians working at the leading-edge of diverse medical disciplines and aerospace technicians developing advanced composite materials, homegrown UAE talent is doing incredible things across Mubadala.

  • Developing Emerging Sectors and Diversifying the Energy Mix

    Our philosophy is to capitalize on opportunities in diverse industries by building on existing strengths, sharing knowledge, and collaborating for competitive advantage.

    Waleed Al Mokarrab Al Muhairi

    Deputy Group CEO &
    Chief Executive Officer, Emerging Sectors
    Member, Investment Committee

    What are some of the key factors in developing new industry sectors?

    Partnerships are fundamental to our business, especially when we work to establish entirely new industries in Abu Dhabi. Our philosophy is to capitalize on opportunities in diverse industries alongside leading organizations by building on existing strengths, sharing knowledge, and collaborating for competitive advantage. Across all sectors, this has enabled us to become a stronger and more globally-integrated organization.

    Another important factor is our ability to actively manage our portfolio and invest throughout the business cycle. Our investments range from start-up projects to investments in emerging sector leaders and mature global businesses. Across the board, we focus on the commercial viability of investments and the value they bring as catalysts for new sectors to flourish in Abu Dhabi.

    Innovation and cutting-edge technology are also central to our future growth, ultimately providing high-skill jobs for the local community. It is clear that if we are to succeed and become global leaders in these new industry sectors, we must establish education initiatives and R&D facilities across a range of sectors. We do this in partnership with local universities, the private sector and world-class institutions.

    What sectors are likely to be growth areas internationally?

    When we look at international opportunities, we are seeking to establish our footprint in new markets where we can create links back to Abu Dhabi. This can be in the form of financial investments and partnerships that generate returns that we can then channel back into initiatives here in Abu Dhabi, or through the global integration of the industries we are creating for the UAE.

    We continually explore opportunities across a range of mature and emerging markets, and we are always keen to collaborate with partners who have in-market expertise and share our vision for long-term value creation. Within our business platforms, vertical integration and global supply chain development are key drivers for international growth. Ultimately, our international growth helps to establish Abu Dhabi’s leadership position in high-growth industries.

    Mubadala’s ambitious energy portfolio is reinforcing the UAE’s energy leadership and driving the growth of the business through a range of projects.

    Dr. Sultan Ahmed Al Jaber

    Chief Executive Officer, Energy
    Member, Investment Committee

    Given Mubadala is primarily mandated to support Abu Dhabi’s economic diversification, why is the business so active in the energy sector?

    Mubadala’s energy platform is contributing to the diversification of the UAE’s energy sources while tapping its wealth of expertise abroad in both the hydrocarbon and renewable energy spaces. Mubadala’s ambitious energy portfolio is reinforcing the UAE’s energy leadership and driving the growth of the business through a range of projects from natural gas to offshore wind power; from new hydrocarbon exploration concessions to cutting-edge clean energy technology research.

    In 2013 we achieved major milestones that span a broad portfolio of energy businesses. Mubadala Petroleum, our international, upstream oil and gas exploration and production company, continued to identify new sources outside the UAE. Emirates LNG announced the development of a new regasification facility on the UAE’s east coast in Fujairah, which once fully operational, will be capable of supplying 1.2 billion cubic feet per day of clean, efficient natural gas. Dolphin Energy, Mubadala’s first major project, produced its four trillionth cubic foot of gas in 2013.

    What were some of the renewable energy achievements for Masdar in 2013?

    In 2013, Masdar completed two ground-breaking projects: Shams 1, the region’s first and one of the world’s largest concentrated solar power plants, located in Abu Dhabi’s Western Region; and the London Array, the world’s largest offshore wind farm, located in the English Channel, which is providing 630 MW of clean energy and powering more than half a million homes.

    Masdar City also continued to develop as a home for world-class organizations that share its vision for sustainability and innovation. It broke ground on the International Renewable Energy Agency (IRENA) headquarters and completed the Siemens Middle East headquarters, the first LEED Platinum certified building in Abu Dhabi. GE’s ecomagination Center was also delivered, and will provide a new hub for innovative solutions in energy and water efficiency.

    The Masdar Institute of Science and Technology, the world’s first graduate-level university dedicated to providing real-world solutions to issues of sustainability, currently has more than 300 research projects underway, on topics ranging from biofuels to energy storage.

  • Developing Emerging Sectors and
    Diversifying the Energy Mix

    • Tabreed

      A leading district cooling company providing sustainable, energy-efficient and cost-effective cooling solutions to UAE and regional customers.

    • Emirates Aluminium (EMAL)

      A state-of-the-art aluminium smelter complex, located in Khalifa Industrial Zone Abu Dhabi (KIZAD), which supplies global customers with high-quality metal and provides diverse, high-skill job opportunities in the UAE.

    • Zayed University - New Campus

      Established in 1998 and offering a range of bachelor and graduate programs on two campuses, Zayed University provides higher education to thousands of students from the UAE and around the world.

    • Dolphin Energy

      A multinational gas development and transportation initiative that delivers two billion standard cubic feet of gas per day to the UAE.

    • Zayed Sports City

      The premier sports and entertainment venue in the UAE, Zayed Sports City is a 1.2 million square meter development offering a diverse range of sports and fitness facilities and hosting nearly 30 UAE-based sporting groups, academies and federations.

    • Shams 1

      One of the largest concentrated solar power plants in the world, and the first of its kind in the Middle East, the 100 MW Shams 1 facility provides clean energy to 20,000 UAE homes.

    • Imperial College London Diabetes Centres

      Two state-of-the-art facilities, one in Al Ain and one in Abu Dhabi, offering diabetes treatment, research and education together with the highest level of specialized patient care.

    • Aldar

      Abu Dhabi’s leading property development, management and investment company, Aldar Properties was established to support high-quality and sustainable development in the region.

    • Paris-Sorbonne University Abu Dhabi

      The first French higher-education institution to open in the Gulf region and the first international campus for one of the world’s oldest and most prestigious universities.

    • The Galleria

      A premier shopping and dining development in Abu Dhabi’s new central business district, offering an array of luxury retail amenities and fine dining options.

    • Central Business District

      Modeled on the world’s leading central business districts and home to Abu Dhabi Global Market financial free zone, Al Maryah Island is a business, leisure and entertainment hub designed to meet Abu Dhabi’s long-term commercial and community needs.

    • Rosewood Abu Dhabi

      A luxury business hotel situated in the heart of Abu Dhabi’s new central business district on Al Maryah Island, providing a range of accommodation and dining options to discerning guests and residents.

    • Cleveland Clinic Abu Dhabi

      A world-class multi-specialty hospital being built on Al Maryah Island, specifically designed to address a range of complex and critical care requirements in the UAE.

    • Strata

      Designed to meet the demands of the 21st century aerospace industry, Strata is an advanced composite aerostructures manufacturing facility based in Al Ain that produces high-quality products for the next generation of commercial aircraft.

    • Healthpoint

      A fully integrated, primary care and multi-specialty hospital that is helping to address some of Abu Dhabi’s most pressing healthcare needs by bringing together a wide range of top-tier healthcare services.

    • Masdar Institute of Science & Technology

      A private academic research institute that collaborates with Massachusetts Institute of Technology, Masdar Institute is the world’s first graduate-level university dedicated to providing real-world solutions to issues of sustainability.

    Through strategic investments,
    active asset management, and
    long-term partnership with leading
    global companies, Mubadala is
    helping to provide the community
    and industrial infrastructure that
    will underpin Abu Dhabi’s future
    development.

    Tabreed

    A leading district cooling company providing sustainable, energy-efficient and cost-effective cooling solutions to UAE and regional customers.

    Emirates Aluminium (EMAL)

    A state-of-the-art aluminium smelter complex, located in Khalifa Industrial Zone Abu Dhabi (KIZAD), which supplies global customers with high-quality metal and provides diverse, high-skill job opportunities in the UAE.

    Zayed University - New Campus

    Established in 1998 and offering a range of bachelor and graduate programs on two campuses, Zayed University provides higher education to thousands of students from the UAE and around the world.

    Dolphin Energy

    A multinational gas development and transportation initiative that delivers two billion standard cubic feet of gas per day to the UAE.

    Zayed Sports City

    The premier sports and entertainment venue in the UAE, Zayed Sports City is a 1.2 million square meter development offering a diverse range of sports and fitness facilities and hosting nearly 30 UAE-based sporting groups, academies and federations.

    Shams 1

    One of the largest concentrated solar power plants in the world, and the first of its kind in the Middle East, the 100 MW Shams 1 facility provides clean energy to 20,000 UAE homes.

    Imperial College London Diabetes Centres

    Two state-of-the-art facilities, one in Al Ain and one in Abu Dhabi, offering diabetes treatment, research and education together with the highest level of specialized patient care.

    Masdar Institute of Science & Technology

    A private academic research institute that collaborates with Massachusetts Institute of Technology, Masdar Institute is the world’s first graduate-level university dedicated to providing real-world solutions to issues of sustainability.

    Healthpoint

    A fully integrated, primary care and multi-specialty hospital that is helping to address some of Abu Dhabi’s most pressing healthcare needs by bringing together a wide range of top-tier healthcare services.

    Strata

    Designed to meet the demands of the 21st century aerospace industry, Strata is an advanced composite aerostructures manufacturing facility based in Al Ain that produces high-quality products for the next generation of commercial aircraft.

    Cleveland Clinic Abu Dhabi

    A world-class multi-specialty hospital being built on Al Maryah Island, specifically designed to address a range of complex and critical care requirements in the UAE.

    Rosewood Abu Dhabi

    A luxury business hotel situated in the heart of Abu Dhabi’s new central business district on Al Maryah Island, providing a range of accommodation and dining options to discerning guests and residents.

    Central Business District

    Modeled on the world’s leading central business districts and home to Abu Dhabi Global Market financial free zone, Al Maryah Island is a business, leisure and entertainment hub designed to meet Abu Dhabi’s long-term commercial and community needs.

    The Galleria

    A premier shopping and dining development in Abu Dhabi’s new central business district, offering an array of luxury retail amenities and fine dining options.

    Paris-Sorbonne University Abu Dhabi

    The first French higher-education institution to open in the Gulf region and the first international campus for one of the world’s oldest and most prestigious universities.

    Aldar

    Abu Dhabi’s leading property development, management and investment company, Aldar Properties was established to support high-quality and sustainable development in the region.

  • Oil & Gas

    Mubadala Petroleum is building on the UAE’s traditional strengths to develop a world-class exploration and production business, based on proven commercial expertise, effective partnerships, and a commitment to the highest operational standards. The company pursues exploration and production in 12 countries, generating strong financial returns and contributing to diversity and security of supply in meeting the UAE’s growing energy demand.

    2013 summary

    Mubadala’s oil and gas assets reached several operational and production milestones in 2013, including the commencement of operations at the Ruby gas field in Indonesia – Mubadala Petroleum’s first operated, full-field gas development

    View interactive portfolio

    1 billion barrels

    Dolphin reached cumulative production of 1 billion barrels of oil equivalent.

    387,000 barrels

    Mubadala Petroleum’s working interest production averaged 387,000 barrels of oil equivalent per day across an international portfolio.

    Gas field launch

    The Ruby gas field, Mubadala Petroleum’s first operated, full-field gas development project, began production in Indonesia.

    50 millionth barrel

    The Jasmine/Ban Yen field in the Gulf of Thailand produced its 50 millionth barrel of oil.

    Thailand milestone

    Mubadala Petroleum and Kris Energy approved development of the Nong Yao field in the Gulf of Thailand.

    ELNG pre-development

    Emirates LNG leased 260,000 sqm of land in Fujairah to accommodate its import terminal and regasification facility.

    1 billion barrels

    Dolphin reached cumulative production of 1 billion barrels of oil equivalent.

    387,000 barrels

    Mubadala Petroleum’s working interest production averaged 387,000 barrels of oil equivalent per day across an international portfolio.

    Gas field launch

    The Ruby gas field, Mubadala Petroleum’s first operated, full-field gas development project, began production in Indonesia.

    50 millionth barrel

    The Jasmine/Ban Yen field in the Gulf of Thailand produced its 50 millionth barrel of oil.

    Thailand milestone

    Mubadala Petroleum and Kris Energy approved development of the Nong Yao field in the Gulf of Thailand.

    ELNG pre-development

    Emirates LNG leased 260,000 sqm of land in Fujairah to accommodate its import terminal and regasification facility.

  • Capital Investments

    Mubadala Capital is Mubadala’s dedicated, in-house asset and investment management unit. It invests throughout the capital structure in a diversified portfolio of public and private securities as well as through fund activities and partnerships. Mubadala Capital prioritizes wealth creation and capital preservation, and through its capital investments, helps to grow the company’s footprint in new markets and sectors.

    2013 summary

    Mubadala Capital oversaw a wide range of investment and asset management activities in 2013 across diverse markets, including the establishment of a significant co-investment fund in Russia.

    View interactive portfolio

    Emerging market co-investment

    Mubadala and Russian Direct Investment Fund established a co-investment fund to explore opportunities in Russia.

    Financial sector investments

    Mubadala Capital manages investments in several UAE-listed companies in the financial sector: holdings include Abu Dhabi Commercial Bank, First Gulf Bank, and Waha Capital.

    Over 23.5 million units

    Mubadala’s investment in affiliates of Carlyle Group, a US-based global private equity company.

    80.2 million shares

    Mubadala’s investment in General Electric, a US-based international technology, media and financial services company with which Mubadala has a multi-faceted partnership.

    Emerging market co-investment

    Mubadala and Russian Direct Investment Fund established a co-investment fund to explore opportunities in Russia.

    Financial sector investments

    Mubadala Capital manages investments in several UAE-listed companies in the financial sector: holdings include Abu Dhabi Commercial Bank, First Gulf Bank, and Waha Capital.

    Over 23.5 million units

    Mubadala’s investment in affiliates of Carlyle Group, a US-based global private equity company.

    80.2 million shares

    Mubadala’s investment in General Electric, a US-based international technology, media and financial services company with which Mubadala has a multi-faceted partnership.

  • Healthcare

    Mubadala is playing a key role in the development of a pioneering, world-class, commercially-sustainable healthcare sector in the UAE. As an active investment partner, Mubadala works to address the region’s most pressing healthcare needs alongside top-tier international partners and is committed to driving local capability and setting new standards in healthcare excellence.

    2013 summary

    Mubadala’s integrated network of UAE-based specialized healthcare facilities has provided better access and world-class care for thousands of patients this year. Healthpoint Hospital's opening was a landmark achievement in 2013, and continued construction and clinical set-up activities at Cleveland Clinic Abu Dhabi put it on track to accept patients in 2015.

    View interactive portfolio

    Specialized care close to home

    Mubadala launched out-patient services at Healthpoint, Abu Dhabi’s new primary care and multi-specialty hospital at Zayed Sports City.

    World-class standards

    ICLDC was again awarded two Joint Commission International (JCI) accreditations for high standards of care.

    Top-tier capabilities

    Tawam Molecular Imaging Centre is the UAE’s only stand-alone imaging center to be awarded a JCI accreditation for ambulatory care.

    185,000+ patient visits

    2013 saw 185,000+ patient visits for medical care, diabetes prevention, treatment and/or education at the two UAE-based Imperial College London Diabetes Centre facilities.

    Multi-specialty healthcare under one roof

    Mubadala’s Abu Dhabi Knee & Sports Medicine Centre and Wooridul Spine Centre opened flagship locations at Healthpoint, the company’s newest healthcare facility.

    30+ medical specialties

    Cleveland Clinic Abu Dhabi is on track for accepting its first patients in 2015. Once open, it will offer high quality care in its 364-bed facility on Al Maryah Island.

    Specialized care close to home

    Mubadala launched out-patient services at Healthpoint, Abu Dhabi’s new primary care and multi-specialty hospital at Zayed Sports City.

    World-class standards

    ICLDC was again awarded two Joint Commission International (JCI) accreditations for high standards of care.

    Top-tier capabilities

    Tawam Molecular Imaging Centre is the UAE’s only stand-alone imaging center to be awarded a JCI accreditation for ambulatory care.

    185,000+ patient visits

    2013 saw 185,000+ patient visits for medical care, diabetes prevention, treatment and/or education at the two UAE-based Imperial College London Diabetes Centre facilities.

    30+ medical specialties

    Cleveland Clinic Abu Dhabi is on track for accepting its first patients in 2015. Once open, it will offer high quality care in its 364-bed facility on Al Maryah Island.

    Multi-specialty healthcare under one roof

    Mubadala’s Abu Dhabi Knee & Sports Medicine Centre and Wooridul Spine Centre opened flagship locations at Healthpoint, the company’s newest healthcare facility.

  • Renewables

    As Mubadala’s commercially-driven renewable energy company, Masdar is investing and operating in the new energy industry both in Abu Dhabi and worldwide. By adopting an integrated business model that merges academia, R&D, investment and sustainable living, Masdar is helping to extend Abu Dhabi’s energy leadership beyond hydrocarbons, diversify the UAE’s energy mix, and meet the needs of the evolving renewables industry.

    2013 summary

    Masdar inaugurated two major projects in 2013: London Array offshore wind farm in the UK, and Shams 1 concentrated solar power plant in Abu Dhabi’s Western region – both among the world’s largest in their respective categories, representing a total of 730 MW of clean energy.

    View interactive portfolio

    UAE energy solution

    Shams 1, Masdar’s majority-owned solar power project in Abu Dhabi, was inaugurated. It provides clean energy for 20,000 UAE homes.

    1st Sustainability Week

    Masdar hosted the 1st annual Abu Dhabi Sustainability Week, attracting over 28,000 visitors from 155 countries.

    Siemens headquarters milestone

    Siemens’ new Middle East HQ at Masdar City received LEED Platinum certification – the 1st building in Abu Dhabi to do so.

    World’s largest offshore wind project

    The London Array 630 MW offshore wind farm, a Masdar joint venture in the UK, was inaugurated.

    Sustainability leadership

    Masdar Institute of Science and Technology awarded Master’s degrees to 90+ Emirati and international students.

    Energy for Mauritania

    Masdar opened a 15 MW solar power plant in Mauritania, providing clean electricity to 10,000 homes per year.

    UAE energy solution

    Shams 1, Masdar’s majority-owned solar power project in Abu Dhabi, was inaugurated. It provides clean energy for 20,000 UAE homes.

    1st Sustainability Week

    Masdar hosted the 1st annual Abu Dhabi Sustainability Week, attracting over 28,000 visitors from 155 countries.

    Siemens headquarters milestone

    Siemens’ new Middle East HQ at Masdar City was LEED Platinum certified – the 1st building in Abu Dhabi to do so.

    World’s largest offshore wind project

    The London Array 630 MW offshore wind farm, a Masdar joint venture in the UK, was inaugurated.

    Sustainability leadership

    Masdar Institute of Science and Technology awarded Master’s degrees to 90+ Emirati and international students.

    Energy for Mauritania

    Masdar opened a 15 MW solar power plant in Mauritania, providing clean electricity to 10,000 homes per year.

  • Real Estate & Infrastructure

    Mubadala is helping to develop critical infrastructure for Abu Dhabi in line with the government’s economic diversification and social development priorities. With a focus on world-class, mixed-use developments brought to fruition through collaboration with local private sector and international partners, Mubadala focuses on projects that are designed, built and operated to international standards of quality, functionality and sustainability.

    2013 summary

    As master developers of Al Maryah Island, Abu Dhabi’s world-class new Central Business District (CBD) and home of Abu Dhabi Global Market financial free zone, Mubadala marked several milestones in 2013 – including the inauguration of the CBD’s first 5-star hotel and luxury retail complex.

    View interactive portfolio

    CBD comes to life

    Mubadala celebrated the grand opening of Rosewood Abu Dhabi and The Galleria shopping destination on Al Maryah Island.

    Top-tier amenities

    The award-winning Galleria shopping complex, developed by Mubadala and Gulf Related, opened mid-year on Al Maryah Island.

    First 5-star hotel on Al Maryah Island

    The Rosewood Abu Dhabi opened its doors, welcoming guests to the heart of the city’s new CBD.

    New project unveiled

    Gulf Related announced plans for an estimated US $1 billion mixed-use development on Al Maryah that will feature retail, hotel and residential components.

    Premium Viceroy location

    Viceroy Dubai Palm Jumeirah, an AED 1.2 billion project featuring a luxury hotel and residences, was announced.

    CBD comes to life

    Mubadala celebrated the grand opening of Rosewood Abu Dhabi and The Galleria shopping destination on Al Maryah Island.

    Top-tier amenities

    The award-winning Galleria shopping complex, developed by Mubadala and Gulf Related, opened mid-year on Al Maryah Island.

    First 5-star hotel on Al Maryah Island

    The Rosewood Abu Dhabi opened its doors, welcoming guests to the heart of the city’s new CBD.

    New project unveiled

    Gulf Related announced plans for an estimated US $1 billion mixed-use development on Al Maryah that will feature retail, hotel and residential components.

    Premium Viceroy location

    Viceroy Dubai Palm Jumeirah, an AED 1.2 billion project featuring a luxury hotel and residences, was announced.

  • Creating Globally-Integrated Industrial Platforms for Abu Dhabi

    Mubadala is accelerating the wider development of the aerospace industry in Abu Dhabi, generating opportunities across the supply chain for local companies and showcasing the emirate as an attractive aerospace hub for the major industry players.

    Homaid Al Shemmari

    Chief Executive Officer,
    Aerospace & Engineering Services
    Member, Investment Committee

    What progress is Mubadala making in establishing Abu Dhabi as an aerospace hub?

    Nibras Al Ain Aerospace Park, the diversified aerospace manufacturing hub that Mubadala is developing with Abu Dhabi Airports Company, is rapidly becoming a significant location for the global aerospace industry. At the heart of the park is Strata, Mubadala’s wholly owned composite aerostructures manufacturing company, which now supplies components including flap track fairings and aileron panels for Airbus’s A330 and A380. In 2013, Strata delivered its first Boeing 777 ribs.

    In 2013 we signed new agreements with Airbus, Boeing, GE, Rolls Royce and the UAE Armed Forces, demonstrating great progress on Mubadala’s goal of becoming a diversified global tier 1 aerospace supplier for original equipment manufacturers (OEMs), as well as being the strategic partner of choice to the UAE Armed Forces in defense services.

    These agreements, worth more than AED 43 billion, will enable Mubadala to accelerate the wider development of the aerospace and air-related defense industry in Abu Dhabi, generating opportunities across the industry supply chain for local companies and showcasing the emirate as an attractive aerospace hub, with geographical, operational and financial benefits for the major industry players.

    Beyond the aerospace cluster, what are some of the key contributors to the success of the business?

    The 21 businesses in our platform incorporate international industry leaders and emerging domestic players with over 7,000 local employees and a further 4,000 abroad. One area where we’ve been particularly successful has been high-tech telecommunications, a vital industry for economic and social growth in today’s world. We are very proud that our Yahsat business was the first in the Middle East and Africa to offer multipurpose satellite services to the region after launching our first satellite, Y1A, in 2011, followed by Y1B in 2012. Both are now providing significant defense-related and commercial benefits to the UAE. Last year, we launched YahClick, our satellite broadband offering that is now active in 28 countries.

    Our partnerships in engineering cross a number of different industries, including one of our most critical – the defense services industry. Advanced Military Maintenance, Repair and Overhaul Centre (AMMROC), for example, combines the experience and expertise of Mubadala Aerospace, Sikorsky and Lockheed Martin to deliver best practices in military aviation maintenance, repair and overhaul (MRO) alongside the highest levels of aircraft readiness, deployability, and safety. In 2013, AMMROC secured multi-year agreements with the UAE Armed Forces, including its first contract with the UAE Navy.

    Al Taif Technical Services is an example of homegrown collaboration that is providing opportunities for UAE Nationals. The company provides comprehensive life-cycle support for defense systems in the UAE and Gulf region offering MRO for armored combat vehicles.

    The creation of global industrial champions anchored in the UAE is an important step towards realizing our vision for a diversified and sustainable economy.

    Ahmed Yahia Al Idrissi

    Chief Executive Officer,
    Technology & Industry
    Member, Investment Committee

    Why establish globally leading companies anchored in the UAE?

    Most advanced nations have anchored their economic development around a set of sectors where they have a natural competitive advantage. They have heavily invested in developing global champions to sustain their competitive advantage, gradually building industrial clusters around these champions. This has required a coordinated effort to drive R&D and innovation, physical infrastructure build-out, workforce and capability development, and a favorable regulatory environment.

    Within Technology and Industry, we have chosen to focus on aluminium, semiconductors, mining and utilities, with substantial progress achieved on the first two sectors. The creation of a new global industrial champion anchored in the UAE in each of these sectors is an important step towards realizing our vision for a diversified and sustainable economy.

    How much progress has been made over the past five years?

    For example, the creation of Emirates Global Aluminium (EGA), bringing together the businesses of Dubai Aluminium and Emirates Aluminium, has created one of the leading players in a critical sector to the global economy. Aluminium is central to everything we do in our everyday life (for example, construction, automotive and packaging), and due to the unique properties of the material (recyclable, light, durable), its demand is expected to grow at 5-6% annually for the next decade. EGA has differentiated itself through proprietary technology, a unique cost position, a global network of more than 440 end users in 55 countries, and more importantly the creation of 7,000 direct jobs as well as an additional 25,000 downstream and ancillary services jobs.

    Another example, our semiconductors business, GLOBALFOUNDRIES, has joined the ranks of the world’s largest manufacturers of semiconductor chips. In just five years, it has grown from one to 160 customers, including 14 of the world’s top 20 chip companies. We’ve expanded from one location to facilities spanning New York, Singapore and Dresden with more than 13,000 employees. As we move forward, we are preparing the ground in Abu Dhabi to make it a key part of the global footprint. In 2013, we completed and made operational the first semiconductor cleanroom in the region, located in Masdar City. The facility, which is up to 10,000 times cleaner than a medical operating theater, provides the environment and photolithography tools needed for advanced microelectronics research and small-scale production. It will also provide real-world training for UAE Nationals who will work in the semiconductor industry in Abu Dhabi and globally in the future.

    Making Abu Dhabi a part of these critical industries is our priority. Besides GDP contribution and the creation of highly skilled employment opportunities across a range of industries for our people, this will help us establish a local environment in which R&D and innovation can thrive. This is a major factor in our ability to innovate locally and move ideas from research to production and onwards into the global marketplace, with the emergence of successful entrepreneurs.

  • Creating Globally-Integrated Industrial Platforms for Abu Dhabi

    GLOBALFOUNDRIES GLOBALFOUNDRIES GLOBALFOUNDRIES GLOBALFOUNDRIES Boeing General Electric Rolls Royce Alenia Aermacchi Airbus Piaggio Aero Guinea Alumina Corporation Suyadi

    Rolls Royce

    Mubadala has a multi-faceted strategic agreement with Rolls Royce that will help establish Abu Dhabi as a key member of the UK firm’s global network for maintenance and manufacturing activities.

    Airbus

    Mubadala strengthened its longstanding relationship with Airbus through an agreement that will see expanded aerostructure production in the UAE, and the purchase of composite raw materials by Airbus.

    Alenia Aermacchi

    Global aeronautics organization Alenia Aermacchi, and its parent company, Finmeccanica, have close ties to Mubadala through manufacturing agreements and training initiatives.

    Piaggio Aero

    Italy-based aircraft manufacturing and maintenance firm Piaggio Aero is among Mubadala’s strategic aerospace assets.

    Boeing

    Mubadala will deliver billion-dollar work packages to Boeing’s 787 and 777X commercial programs through 2013 agreements, and will collaborate with the US-firm to further develop advanced manufacturing capabilities in Abu Dhabi.

    General Electric (GE)

    Mubadala’s longstanding partnership with GE spans multiple partnership with GE spans multiple saw Mubadala’s entry into engine component manufacturing through multi-million dollar work packages with GE Aviation, and both companies committed to further expanding their GEnx maintenance, repair and overhaul (MRO) relationship.

    GLOBALFOUNDRIES

    Wholly-owned GLOBALFOUNDRIES is the world’s second largest semiconductor foundry by revenue, operating at the leading edge of advanced nanotechnology manufacturing.

    Guinea Alumina Corporation (GAC)

    GAC is driving the development of the bauxite and alumina industries in the Republic of Guinea to meet the growing need for high quality raw materials for the UAE’s aluminium industry.

    Suyadi

    Representing Mubadala’s first direct investment in China, Suyadi is a calcined petroleum coke joint venture company formed to develop and operate a production facility for key raw materials used in aluminium production.

    *Through 2013 agreements signed at the Dubai Airshow, Mubadala secured aerostructures and engine parts manufacturing work packages and pre-preg material commitments from global OEMs, together worth US $6 billion over ten years.

  • Metals, Mining & Utilities

    Mubadala is building global metals and mining businesses as part of our strategy to pursue investment and development opportunities that contribute to Abu Dhabi’s economic and industrial diversification. Through the creation of a globally-integrated set of businesses, with an initial focus on the aluminium value chain, Mubadala is positioning the UAE in fast-growing global resource markets, while supporting the continued growth of the downstream manufacturing sector domestically.

    Mubadala is also active in the utilities sector, with participation in independent power generation companies in Oman and Algeria, and as a key shareholder of Tabreed, a leading provider of district cooling.

    2013 summary

    The establishment of Emirates Global Aluminium (EGA), an industrial champion for the UAE, ushers in the next phase of growth for Mubadala’s metals and mining portfolio – growth that will be underpinned by world-class assets both at home in the UAE and internationally.

    View interactive portfolio

    Global aluminium champion

    Mubadala and the Investment Corporation of Dubai co-created Emirates Global Aluminium (EGA) – an equally-owned company that will unite DUBAL and EMAL and be among the largest aluminium companies globally.

    Longest aluminium potline

    EMAL completed the record-breaking 1.7 km potline of its Phase II expansion and celebrated production of 1st hot metal.

    33,000 jobs by 2020

    With thousands of jobs added by EGA, the UAE aluminium sector is projected to employ 33,000+ people by 2020.

    2.4 million tons per year

    Combined production capacity of EGA following completion of EMAL Phase II.

    Safety excellence

    More than 42 million Lost-Time-Injury free work-hours achieved at EMAL Phase II.

    1.3 billion tons

    Bauxite resources under development by Guinea Alumina Corporation, a key part of EGA’s aluminium value chain.

    Global aluminium champion

    Mubadala and the Investment Corporation of Dubai co-created Emirates Global Aluminium (EGA) – an equally-owned company that will unite DUBAL and EMAL and be among the largest aluminium companies globally.

    Longest aluminium potline

    EMAL completed the record-breaking 1.7 km potline of its Phase II expansion and celebrated production of 1st hot metal.

    33,000 jobs by 2020

    With thousands of jobs added by EGA, the UAE aluminium sector is projected to employ 33,000+ people by 2020.

    2.4 million tons/year

    Combined production capacity of EGA following completion of EMAL Phase II.

    Safety excellence

    More than 42 million Lost-Time-Injury free work-hours achieved at EMAL Phase II.

    1.3 billion tons

    Bauxite resources under development by Guinea Alumina Corporation, a key part of EGA’s aluminium value chain.

  • Semiconductors

    Mubadala is putting Abu Dhabi at the forefront of the global semiconductor industry through the growth of GLOBALFOUNDRIES, the world’s second largest foundry by revenue. It is also establishing advanced technology research and development initiatives in the emirate, creating the innovation ecosystem and pipeline of talent required to maintain competitive advantage in a fast-evolving sector.

    2013 summary

    2013 saw growth in our global semiconductor business across GLOBALFOUNDRIES’ three leading-edge manufacturing campuses in Europe, Asia and North America, as well as the establishment of the region’s first cleanroom for nanotechnology research in Abu Dhabi.

    View interactive portfolio

    First cleanroom in the region

    The cleanroom at Masdar Institute was launched, providing Abu Dhabi with a world-class hub for advanced microelectronics research.

    UAE research center

    ATIC and the Semiconductor Research Corporation launched the ACE4S research center for energy-efficient electronics, jointly hosted by Khalifa University and Masdar Institute.

    Global footprint

    Wholly-owned by ATIC since 2012, GLOBALFOUNDRIES has 160 worldwide customers, 13,000 employees and 8 world-class fabrication facilities.

    R&D partnership

    A partnership with the Singapore Economic Development Board created the Abu Dhabi – Singapore Twin Lab for micro-electro-mechanical systems research, with Masdar Institute and the Institute of Microelectronics Singapore collaborating on novel device design and execution.

    Inspiring future technologists

    Talent development programs, including Al Nokhba and TechQuest, had reached 1,000+ Emiratis by mid-2013.

    First cleanroom in the region

    The cleanroom at Masdar Institute was launched, providing Abu Dhabi with a world-class hub for advanced microelectronics research.

    UAE research center

    ATIC and the Semiconductor Research Corporation launched the ACE4S research center for energy-efficient electronics, jointly hosted by Khalifa University and Masdar Institute.

    Global footprint

    Wholly-owned by ATIC since 2012, GLOBALFOUNDRIES has 160 worldwide customers, 13,000 employees and 8 world-class fabrication facilities.

    R&D partnership

    A partnership with the Singapore Economic Development Board created the Abu Dhabi – Singapore Twin Lab for micro-electro-mechanical systems research, with Masdar Institute and the Institute of Microelectronics Singapore collaborating on novel device design and execution.

    Inspiring future technologists

    Talent development programs, including Al Nokhba and TechQuest, had reached 1,000+ Emiratis by mid-2013.

  • Aerospace

    Mubadala has created a cutting-edge aerospace service, technology and manufacturing base in Abu Dhabi and is advancing the emirate’s global position as a major supplier in the airframes, engines and components sectors. Through close relationships with world-leading original equipment manufacturers (OEMs), industry suppliers and airlines, Mubadala is leveraging the expertise necessary to enhance the internationally-integrated aerospace sector envisioned as part of Abu Dhabi’s diversified economy.

    2013 summary

    In 2013, Mubadala’s aerospace portfolio saw significant gains in both global reach and local impact – driven by multi-billion dollar agreements with international partners that signal a critical mass of demand for the leading-edge aeronautics technology and manufacturing services now available in the UAE.

    View interactive portfolio

    US $6 billion

    Multi-year aerostructures and engine components manufacturing packages secured through agreements signed at the 2013 Dubai Airshow with Boeing, Airbus, GE and Rolls Royce.

    Commitment to composites

    A new strategic agreement with Airbus will see expansion of composite and metallic aerostructures production in the UAE.

    US $2.5 billion

    Value of composite raw materials that Airbus will purchase from Mubadala through a new 2013 agreement.

    GE partnership reinforced

    New agreements for US $500 million in work packages with GE Aviation marked Mubadala’s entry into engine component manufacturing.

    Strong ties to Rolls Royce

    New agreements made Mubadala a member of Rolls Royce’s Global MRO network, and Rolls Royce committed a further US $500 million in manufacturing work packages.

    A regional first

    Rolls Royce and Mubadala signed an agreement to establish the region’s first licensed Trent XWB engine MRO center.

    US $6 billion

    Multi-year aerostructures and engine components manufacturing packages secured through agreements signed at the 2013 Dubai Airshow with Boeing, Airbus, GE and Rolls Royce.

    Commitment to composites

    A new strategic agreement with Airbus will see expansion of composite and metallic aerostructures production in the UAE.

    US $2.5 billion

    Value of composite raw materials that Airbus will purchase from Mubadala through a new 2013 agreement.

    GE partnership reinforced

    New agreements for US $500 million in work packages with GE Aviation marked Mubadala’s entry into engine component manufacturing.

    Strong ties to Rolls Royce

    New agreements made Mubadala a member of Rolls Royce’s Global MRO network, and Rolls Royce committed a further US $500 million in manufacturing work packages.

    A regional first

    Rolls Royce and Mubadala signed an agreement to establish the region’s first licensed Trent XWB engine MRO center.

  • Information & Communications Technology

    Mubadala is investing in a global portfolio of top-tier ICT assets, bringing new services, capabilities and job opportunities to the regional market.

    2013 summary

    From telecommunications investments and data centers through geo-mapping and satellite services, Mubadala advanced its market position in the information and communications technology (ICT) sector in 2013 – most notably through Yahsat’s steady growth as a global satellite services provider now operating across three continents.

    View interactive portfolio

    New UAE internet provider

    Yahsat launched its satellite broadband offering in the UAE, YahClick, becoming the country’s 3rd internet provider alongside Etisalat and du.

    Advanced satellite communications

    Yahsat and Abu Dhabi Ship Building announced the award of a contract to provide state-of-the-art satellite communications systems to UAE Navy ships.

    6 MW IT power in 2014

    Khazna Data Center’s two facilities, set to open in 2014, will offer 6 MW of initial combined IT power.

    IT leadership

    Injazat, Mubadala’s JV with Hewlett Packard, is owner-operator of the Middle East’s first Tier IV design data center.

    Innovation award

    Yahsat received SatCom’s "Most Innovative Product/Service for Africa" award for the 2nd consecutive year as it continues to provide internet connectivity to unserved areas.

    17 million subscribers

    Etisalat Nigeria surpassed 17 million subscribers in 2013, accounting for a 14% market share of a competitive Nigerian market.

    New UAE internet provider

    Yahsat launched its satellite broadband offering in the UAE, YahClick, becoming the country’s 3rd internet provider alongside Etisalat and du.

    Advanced satellite communications

    Yahsat and Abu Dhabi Ship Building announced the award of a contract to provide state-of-the-art satellite communications systems to UAE Navy ships.

    6 MW IT power in 2014

    Khazna Data Center’s two facilities, set to open in 2014, will offer 6 MW of initial combined IT power.

    IT leadership

    Injazat, Mubadala’s JV with Hewlett Packard, is owner-operator of the Middle East’s first Tier IV design data center.

    Innovation award

    Yahsat received SatCom’s "Most Innovative Product/Service for Africa" award for the 2nd consecutive year as it continues to provide Internet connectivity to unserved areas.

    17 million subscribers

    Etisalat Nigeria surpassed 17 million subscribers in 2013, accounting for a 14% market share of a competitive Nigerian market.

  • Defense Services

    Mubadala aims to be the UAE Armed Forces’ strategic partner of choice in the provision of integrated through-life support solutions for all land, air and naval platforms. Leveraging deep local expertise and partnerships with leading international defense services providers, Mubadala companies are providing maintenance, repair and training services that support national security objectives.

    2013 summary

    Mubadala’s defense services companies secured a number of significant contracts in 2013, demonstrating their trusted position in the network of service providers that enable the UAE Armed Forces and allied regional militaries to maintain high levels of operational readiness.

    View interactive portfolio

    Five-year agreement

    AMMROC secured a 5-year agreement with the UAE Armed Forces to provide logistics, maintenance and repair services to the UAE’s military aircraft.

    Growing demand

    Abu Dhabi Ship Building signed an AED 870 million agreement with the UAE Armed Forces to build 2 naval vessels.

    1,120 technicians trained

    Over a thousand Emirati technicians in the UAE Armed Forces have been trained by Al Taif to date.

    Special delivery

    Abu Dhabi Ship Building delivered the third Baynunah class corvette to the UAE Navy – a highly-specialized naval vessel.

    700 vehicles per year

    Technicians at Al Taif, Mubadala’s maintenance, repair and overhaul (MRO) provider for defense-related land systems, service approximately 700 vehicles per year.

    Five-year agreement

    AMMROC secured a 5-year agreement with the UAE Armed Forces to provide logistics, maintenance and repair services to the UAE’s military aircraft.

    Growing demand

    Abu Dhabi Ship Building signed an AED 870 million agreement with the UAE Armed Forces to build 2 naval vessels.

    1,120 technicians trained

    Over a thousand Emirati technicians in the UAE Armed Forces have been trained by Al Taif to date.

    Special delivery

    Abu Dhabi Ship Building delivered the third Baynunah class corvette to the UAE Navy – a highly-specialized naval vessel.

    700 vehicles per year

    Technicians at Al Taif, Mubadala’s maintenance, repair and overhaul (MRO) provider for defense-related land systems, service approximately 700 vehicles/year.