Mubadala Annual Report


Message from our Chairman

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 is a central priority of the Government of Abu Dhabi.
HH General Sheikh Mohamed bin Zayed Al Nahyan

HH 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

Through its policies and initiatives, the Government has taken a number of steps to accelerate this process in recent decades. Few have been as transformative as the creation of Mubadala Development Company in 2002.

This marks Mubadala’s tenth year of operations. After establishing itself with a single project in the regional energy sector, much has changed – Mubadala is now an active investor in more than 12 industries around the world with over 33,000 employees.

However, what has not changed is Mubadala’s broad-based mandate to generate sustainable financial returns for its Shareholder and in doing so contribute to the social and economic development of the Emirate of Abu Dhabi and the UAE.

This was the purpose for which Mubadala was founded and it will remain the guiding ambition as the organization evolves in the future.

I would like to thank the board, executive management and employees of Mubadala for their efforts and wish them every success in the year ahead.

Messages from our senior leadership


Looking back at Mubadala’s first ten years, I am proud and humbled by our company's growth. We began with Dolphin Energy, a multinational gas pipeline initiative characterized by its complexity, its strategic role for Abu Dhabi, and the world-class partnerships that made it possible.

In many ways, this project represents the blueprint for the global business we have developed, maintaining steady focus on our Shareholder’s vision of a strong, diversified Abu Dhabi economy underpinned by a thriving society.

Our commercial focus remains at the forefront of what we do. Through the delivery of essential social infrastructure such as universities and medical facilities, and the development of new industrial hubs, we aim to place Abu Dhabi at the forefront of sectors with high potential and tangible returns that offer career opportunities for current and future generations.

Khaldoon Khalifa Al Mubarak

Chief Executive Officer and Managing Director

The single most powerful idea about Mubadala is that you can invest for financial and social returns – this is our investment and asset management approach and has remained steadfast since our formation.

2012 saw significant advances across all our priority sectors. We advanced our global platforms and commercial partnerships, with several of our Abu Dhabi based businesses taking their place as leaders in high-tech industries, while also delivering key social infrastructure for the Emirate.

We remain focused on building our globally integrated business and helping realize Abu Dhabi’s ambition of becoming a diversified and innovation-driven economy.

Waleed Al Mokarrab Al Muhairi

Chief Operating Officer

Our full year 2012 results reflect our steadfast commitment to conscientious financial planning and ongoing stewardship of businesses and investments.

We have seen across-the-board improvements on last year’s performance, and will continue to mitigate risk and volatility as we pursue steady, sustainable progress against our financial targets over the coming year.

We are proud that in 2012 a number of our assets generated revenues for the first time and began to fulfill their roles in Abu Dhabi’s diversification plans.

Carlos Obeid

Chief Financial Officer

We are building a world-class, global business and are resolutely focused on establishing the organizational and risk management framework that supports the diverse nature of our operations and growth plans. Developing our internal institutions is a priority for Mubadala, and we adopt global best practice in areas such as corporate governance, compliance, risk management and employee development.

Samer Halawa

Chief Legal Counsel
  • 2012 Financial Highlights


    on full year 2011 results

    Total Revenue (AED)

    Full Year 2012
    31.3 bn
    Full Year 2011
    27.9 bn
    Full Year 2010
    15.8 bn
    Full Year 2009
    13.1 bn

    on full year 2011 results

    Total Assets (AED)

    Full Year 2012
    202.8 bn
    Full Year 2011
    177.1 bn
    Full Year 2010
    102.1 bn
    Full Year 2009
    88.9 bn

    on full year 2011 results

    Total Equity (AED)

    Full Year 2012
    136 bn
    Full Year 2011
    106.4 bn
    Full Year 2010
    62.1 bn
    Full Year 2009
    49.4 bn
    • Credit Ratings - Short Term

      Prime-1 / A-1+ / F1+
      Moody's / Standard & Poor's / Fitch
    • Credit Ratings - Long Term

      Aa3 / AA / AA
      Moody's / Standard & Poor's / Fitch
    • Over AED 202.8 bn

      Assets under management
  • 2012 Operational Highlights

    Industry, Metals & Mining

    10 MILLION

    Emirates Aluminium (EMAL) safety record
    work-hours with no lost time to injury


    By July 2012, EMAL had achieved the fastest production ramp-up by a single site aluminium smelter to date
    of hot metal produced by EMAL


    2 world-class

    85,000 registered patients at Imperial College London Diabetes Centres in Al Ain & Abu Dhabi
    diabetes treatment centers



    Since 2007, thousands have received diabetes prevention, treatment & education at UAE’s ICLDC facilities
    diabetes patients



    Sophisticated diagnostic capability offered at National Reference Laboratory
    diagnostic tests



    First shipment of UAE-made composite aerostructures delivered to Airbus
    ailerons delivered by Strata


    Mubadala's maintenance, repair & overhaul (MRO) businesses now under contract with numerous airlines globally
    airplanes under management

    Real Estate & Infrastructure

    4 office towers completed

    2012 saw delivery of key infrastructure in Abu Dhabi’s new Central Business District on Al Maryah Island
    at Sowwah Square

  • OIL & GAS

    presence in

    12 countries

    Mubadala Petroleum manages assets & operations at all stages of the upstream value chain
    production averaging


    Mubadala Petroleum’s working interest production across an international portfolio
    barrels oil equivalent/day



    2nd LARGEST

    As of March 2012, Mubadala’s Advanced Technology Investment Company (ATIC) acquired full ownership of GLOBALFOUNDRIES
    semiconductor foundry by revenue



    London Array offshore wind farm began producing power in 2012 – now the world’s largest offshore wind project
    phase 1 capacity

    Information & Communications Technology

    2nd satellite launched

    With addition of Y1B, satellite coverage now reaches over 80 countries
    by Yahsat
View interactive portfolio

Mubadala's Global Footprint

  • Global Platforms

    Mubadala is building on Abu Dhabi’s competitive advantages to build businesses, alongside established international partners, in multiple sectors.
  • Aerospace


    Mubadala is driving the development of the aerospace sector in Abu Dhabi by creating a leading network of globally integrated businesses with capability across key areas such as Maintenance, Repair and Overhaul (MRO), aerostructure manufacturing, aerospace-related financing and leasing solutions, and flight training.

    Homaid Al Shemmari, Executive Director, Mubadala Aerospace

    “From Strata’s first delivery of advanced composite aerostructures for Airbus to the graduation of the UAE’s first military helicopter pilot from Horizon, Mubadala is putting Abu Dhabi on the global aerospace industry map.”

    Homaid Al Shemmari

    Executive Director, Mubadala Aerospace
    Hanaa Al-Moosawi, Senior Analyst, Mubadala Aerospace
    “For me, Mubadala is not just a catalyst for the development of Abu Dhabi’s economy, but also for the development of its people. Many who were part of the team when I first joined are now managers at Mubadala and other organizations. The opportunities for career growth and professional development are unlimited.”

    Hanaa Al-Moosawi

    Senior Analyst, Mubadala Aerospace
  • Industry, Metals & Mining
    Industry, Metals & Mining

    Industry, Metals & Mining

    Mubadala is creating global industrial champions in the metals and mining sector, actively nurturing related primary and downstream businesses and support services, while securing upstream resources.

    Ahmed Yahia, Executive Director, Mubadala Industry

    “We are particularly proud of EMAL’s operational, financial and safety performance to date and its positive local contribution to job creation and GDP. As we lead the development of a metals-related cluster in Abu Dhabi, we are helping to advance industrial performance and expertise in the Emirate.”

    Ahmed Yahia

    Executive Director, Mubadala Industry
    Awatef Al Hosani
    “I was one of the first female Nationals to wear the personal protective equipment and work at the smelter. I feel proud that I am breaking new ground for Emirati women in this field.”

    Awatef Al Hosani

    Quality Department, EMAL
  • Information & Communications Technology
    Information & Communications Technology

    Information & Communications Technology

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

    Jassem Mohamed Al Zaabi – Executive Director, ICT

    “With our unique understanding of regional requirements, Mubadala’s IT, technology, telecoms and satellite assets are gaining market share and continuing to deliver wider socio-economic benefits for Abu Dhabi.”

    Jassem Mohamed Al Zaabi

    Executive Director, Mubadala Information & Communications Technology
    Mona Al Muhairi - Human Capital & Administration, Yahsat
    “I watched the Y1B satellite launch in Kazakhstan from the offices of Yahsat at three o’clock in the morning. As the rocket soared into the sky, I felt elated to be part of a project that helps connect millions of people.”

    Mona Al Muhairi

    Human Capital & Administration, Yahsat
  • Oil & Gas
    Oil & Gas

    Oil & Gas

    Building on the Emirate’s competitive advantages, Mubadala Petroleum pursues exploration and production activities in the Eastern Hemisphere, generating strong financial returns and contributing to meeting the Emirate’s current and future energy demands.

    Maurizio La Noce, CEO & Executive Director, Mubadala Petroleum

    “We see strong exploration opportunities ahead as we deploy operational and technical expertise honed across our multinational portfolio.”

    Maurizio La Noce

    CEO & Executive Director, Mubadala Petroleum
    Saad Al Hajeri, Production Manager, Mubadala Petroleum
    “Mubadala Petroleum’s expertise is amazing; we have people with cross-disciplinary skills sharing their knowledge every day. That’s the beauty of this company – you have the opportunity to learn about different disciplines directly from some of the best industry experts.”

    Saad Al Hajeri

    Production Manager, Mubadala Petroleum
  • Renewables


    Masdar, Abu Dhabi’s multi-faceted renewable energy company, is advancing the development, commercialization and deployment of technologies that unlock the potential of sustainable energy solutions.

    Dr. Sultan Ahmed Al Jaber, CEO, Masdar

    “Masdar continues to advance the leadership role that Abu Dhabi is playing in the global renewables sector. Solar and wind power projects at home and overseas are reaching maturity – tangible results of our commitment to R&D and international partnerships.”

    Dr. Sultan Ahmed Al Jaber

    CEO, Masdar
    Yousif Al Ali, General Manager, Shams Power Company
    “Working in Spain at the Torresol solar plant filled me with a desire to establish more renewable projects in the UAE. In the Gulf, our energy heritage is oil and gas, but I think renewables are our future.”

    Yousif Al Ali

    General Manager, Shams Power Company
  • Semiconductors


    Advanced Technology Investment Company (ATIC) has established Abu Dhabi as a key player in the global semiconductor industry through the creation of GLOBALFOUNDRIES and by fostering advanced technology research and development initiatives in the Emirate.

    Ibrahim Ajami, Chief Executive Officer, ATIC

    “Our investment in semiconductors reflects Abu Dhabi’s commitment to stake a leadership position in the technology industry and establish a core pillar upon which to base the Emirate’s economic diversification.”

    Ibrahim Ajami

    Chief Executive Officer, ATIC
    Hanan Harhara, Head of Human Capital, ATIC
    “By creating a truly global platform in ATIC, Mubadala has been able to provide excellent opportunities for future Emirati leaders to train and work at the world’s fastest growing semiconductor company, GLOBALFOUNDRIES. Whether in Singapore or Germany, our Al Nokhba program participants are delighted by the global work experience they are gaining.”

    Hanan Harhara

    Head of Human Capital, ATIC
  • Social Infrastructure

    In support of the Abu Dhabi government’s development strategy, Mubadala invests in the establishment, construction and provision of essential social infrastructure.
  • Healthcare


    Mubadala is focused on addressing the region’s most pressing healthcare needs through the creation of world-class facilities and a thriving healthcare sector.

    Suhail Mahmood Al Ansari, Executive Director, Mubadala Healthcare

    “Until recently, many patients in this region had to travel overseas for life-changing medical procedures. With top-tier partners such as Johns Hopkins Medicine International, Imperial College London, and Cleveland Clinic, we are changing the face of private healthcare in the UAE by creating a network of specialist facilities offering the best in clinical care and expertise."

    Suhail Mahmood Al Ansari

    Executive Director, Mubadala Healthcare
    Dr. Ihsan Al Marzouqi, Senior Vice President, Mubadala Healthcare; Chief E
    “We are bringing an innovative model of healthcare to Abu Dhabi; one that is robust, patient-centric and evidence-based, and that enables us to deliver consistently high quality care to those in need. I’m excited to contribute to this effort, and very proud to be part of a team working to achieve this for the UAE.”

    Dr. Ihsan Al Marzouqi

    Senior VP, Mubadala Healthcare; CEO, Healthpoint
  • Real Estate & Infrastructure
    Real Estate & Infrastructure

    Real Estate & Infrastructure

    Mubadala is helping to develop the physical and social infrastructure required to underpin a well-organized and rapidly evolving society.

    Ali AlMheiri, Executive Director, Mubadala Real Estate & Infrastructure

    “Our goal is to raise the standard of real estate and deliver key social infrastructure for the people of Abu Dhabi. Sowwah Square, our mixed-use urban development at the heart of Abu Dhabi’s new Central Business District, is a major part of this mission.”

    Ali AlMheiri

    Executive Director, Mubadala Real Estate & Infrastructure
    Abdulla Al Shamsi, Vice-President, Mubadala Real Estate & Infrastructure
    “It has been truly inspiring to be part of the team that has helped bring Al Maryah Island to life. Contributing to the creation of a long term tangible asset at the heart of Abu Dhabi for generations to come has been both professionally and personally rewarding.”

    Abdulla Al Shamsi

    Vice-President, Mubadala Real Estate & Infrastructure
  • Services


    Mubadala builds and manages businesses in service-based industries to support the development of a robust, globally competitive services sector in Abu Dhabi.

    Laurent Depolla – Executive Director, Mubadala Services Ventures

    “Through our investment in businesses providing financial, logistics and transportation, and defense technical services, we are enabling Abu Dhabi’s economic development by offering speed to market, economies of scale and greater efficiencies.”

    Laurent Depolla

    Executive Director, Mubadala Services Ventures
    Abdelrahman Alrousi, Deputy Manager, Al Taif Technical Services
    “Al Taif is a great place to develop diverse technical skills. We are bringing a new set of capabilities to the country, and it is rewarding to know that we are helping to support the technical readiness of the UAE Armed Forces.”

    Abdelrahman Alrousi

    Deputy Manager, Al Taif Technical Services
  • Capital


    Mubadala is an active investor in sectors and geographies that hold exciting potential and tangible returns, working in partnership with a number of world-class organizations.

    Hani Barhoush, Executive Director, Mubadala Capital

    “In 2012 we continued to pursue a value-oriented investment approach with a primary focus on the creation of long-term value and a bias towards capital preservation.”

    Hani Barhoush

    Executive Director, Mubadala Capital
    Fatima Al Noaimi, Junior Associate, Mubadala Capital
    “Mubadala’s Capital team works to drive financial returns and develop investments that benefit the Group’s strategic initiatives. The Mubadala GE relationship exemplifies our multi-faceted approach, involving co-investing, aerospace technology and leadership development programs, among other pursuits.”

    Fatima Al Noaimi

    Junior Associate, Mubadala Capital
2012 Mubadala Annual Report

2012 Mubadala Annual Report

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