One of the Technology, Manufacturing and Mining platform’s key milestones was the successful sale of 85 million AMD shares. The associated transactions generated US $1.1 billion of cash, realizing a significant return on investment. Monetizing our positions when market conditions are attractive is in line with the Group’s mandate. Equally important is our investment philosophy to take a long-term view when strong fundamentals underpin our investments performance. We have therefore maintained our position as AMD’s largest shareholder, retaining a 12.9 percent stake in the company.

The continued momentum at Emirates Global Aluminium (EGA) was exemplary. The company’s production reached 2.6 million tons of cast metal in 2017, making it the third largest producerof primary aluminium outside China, and EGA continues to deliver industry-leading margins.

Another standout highlight was at GLOBALFOUNDRIES, where we made tremendous progress in ramping up our most advanced facility at Malta, New York, delivering 14 nanometer (nm) technology that is shaping the sector’s future. We are now one of only four companies around the world with the capability to produce this technology at scale. GLOBALFOUNDRIES has also built a superb partnership in China, with construction of an advanced 300 millimeter (mm) semiconductor fab in Chengdu, the first phase of which is on track for completion at the end of 2018.

As the largest industrial company in the UAE outside the oil and gas sector, EGA is our biggest local success story. The business contributes AED 20 billion (approx. US $5.5 billion) to the country’s economy, representing more than 1.5 percent of national GDP. EGA’s aluminium is the largest made-in-the-UAE export after oil and gas. It meets 100 percent of the local market’s needs for primary aluminium and supports a further 20,000 jobs in the downstream aluminium sector.

With 7,000 direct employees in the UAE, the company is also driving Emiratization and skills development, with UAE nationals accounting for 44 percent of the top 250 executives and the most senior positions held by Emiratis.

EGA is a great example of the type of industries we want to build in the UAE, not only to diversify our economy, but also as a role model for the standard of technological excellence that is needed to drive sustainable economic development. The company is an engine of innovation for the UAE and is the country’s first industrial firm to license its Intellectual Property (IP) internationally, which clearly demonstrates the potential of homegrown talent.

Our core strategy in the Technology, Manufacturing and Mining platform has always been to develop global industrial champions in various sectors, and today with EGA GLOBALFOUNDRIES and AMD, we are proud to say we have enabled international leaders to reach new heights in their respective fields.

Looking ahead, we will continue to grow these assets and create further value not only for our shareholder, but also for the communities in which we operate. This includes looking at ways to drive further synergies across our assets and benefit from shared expertise and experience.

Our mining portfolio is making strong progress, with investments anchored in three world-class resources, spanning the range of bulk, base and precious metals. MATSA, our copper, zinc, lead and silver mine in Spain that is jointly owned with Trafigura, successfully completed its expansion and ramp-up. It has become the largest operation of its kind in Europe, commanding a first-quartile cost position. There are prospects for further growth from exploration upside and the potential to harness gold through enhanced processing techniques.

Minesa, our gold development project in Colombia, saw the completion of its pre-feasibility study which underscores a robust business case with attractive investment returns. This has been complemented by governmental approval for the mine plan and the first-phase submission of the company’s environmental license application. Once in production, Minesa is expected to deliver 450,000 ounces (oz) of gold annually in its first phase, making it a global top ten gold mines.

Guinea Alumina Corporation (GAC) has made significant advances, with construction of its 12 million ton per annum bauxite export mine development well underway and first bauxite exports expected during the second half of 2019. GAC’s competitive advantage is underpinned by the high quality of its ore grade, with more than 1.4 billion tons of resources, supported by rail and port infrastructure.