Mubadala Development Company (‘Mubadala’), the Abu Dhabi-based business development and investment company, today released its audited 2009 year-end financial results.
Mubadala Development Company (‘Mubadala’), the Abu Dhabi-based business development and investment company, today released its audited 2009 year-end financial results. The financial highlights of these results are:
While Dolphin Energy continued to be a significant contributor to revenue at AED 2.8 billion, Mubadala is growing other sectors in line with its mandate to diversify and transform Abu Dhabi’s economy. The main contributors to growth in total revenue were SR Technics at AED 4.0 billion; concession revenue from UAE University, Zayed University and Paris-Sorbonne University Abu Dhabi at AED 2.6 billion; and the sale of land on Sowwah Island at approximately AED 800 million.
Also contributing to Mubadala’s total performance were the changes in the fair valuation of investments, mainly driven by the company’s shareholdings in “AMD”, “du” and “Aldar.”
Maintaining strong dialogue and engagement with both banks and fixed income investors, together with Mubadala’s objective of diversifying its funding sources, has enabled the company to successfully finance itself and its projects in various and often innovative ways. Mubadala issued its first corporate bonds through a Global Medium Term Note program and closed a number of corporate facilities in excess of AED 10.7 billion in aggregate. Highlights for Mubadala-related projects include the closing of the AED 15.1 billion Dolphin Energy refinancing and the AED 3.9 billion Zayed University financing.
Khaldoon Khalifa Al Mubarak, Mubadala CEO and Managing Director, said:
”Despite a challenging global economic environment, Mubadala has performed well both financially and operationally, making significant progress on a number of landmark projects. In 2009, we focused on improving financial and operational discipline, transparency and governance to both support and enable our continued growth. We have a robust portfolio of businesses, a solid pipeline of projects, ready access to diverse sources of funding coupled with strong support from our shareholder; this puts us in a unique position to realize value and further opportunities in 2010.”