Mubadala Development Company

Mubadala Development Company
شركة مبادلة للتنمية

Type	Joint stock company (Government owned)
Founded	October, 2002
Headquarters	Abu Dhabi,  United Arab Emirates
Key people	HH Sheikh Mohammed bin Zayed Al Nahyan, Chairman Khaldoon Khalifa Al Mubarak, CEO & Managing Director
Industry	Diversified Investments
Website	http://www.mubadala.ae

The Mubadala Development Company (Arabic: شركة مبادلة للتنمية‎) is a state-owned company of the Abu Dhabi government in the United Arab Emirates. Mubadala is practically the investment vehicle of the Abu Dhabi government. According to its website, its main activities are:^[1]

• Acquisition of new companies and strategical holdings in existing companies
• Diversified Investments
• Strategic partnership

Currently Mubadala has invested in the energy, telecommunication, aerospace, automotives, healthcare, real estate and ship building sectors.

Subsidiaries

Mubadala operations are divided into three sections:

The Operations Group

• Acquisitions Unit
• Aerospace & Technology Unit
  • Abu Dhabi Aircraft Technologies (100%) - Formerly Gulf Aircraft Maintenance Company(GAMCO) [1]
  • Piaggio Aero (35%)
  • Ferrari (5%)
  • du (telco) (20%)
  • Injazat Data Systems - which is a joint venture between EDS and Mubadala. Its purpose is to provide IT and business process outsourcing (BPO) services in the United Arab Emirates, Qatar and Oman to the government, oil and gas, utilities, financial services, transportation, telecom and healthcare sectors. (60%)
  • SR Technics MRO supplier based in Switzerland. (70%)
  • Horizon International Flight Academy
  • YahSat (Satellite providing clients in MENA, Europe and South East Asia with telecommunication services) - 100%
• Energy & Industry Unit
  • Liwa Energy - Oil exploration in Libya and Oman
  • Emirates Aluminium
  • Abu Dhabi Future Energy Company (Masdar) - Development and research of new technologies that will support the use of future alternative energy and also preserving environmental sustainability (100%)
  • Pearl Energy - Oil exploration in Southeast Asia

• Healthcare Unit
  • Cleveland Clinic (Abu Dhabi branch) opening in 2010 (100%)
  • Abu Dhabi Knee and Sports Medicine Center (100%)
  • Imperial College London Diabetic Centre (100%)
• Infrastructures Unit
  • Abu Dhabi Terminals (100%) - Operation of Port Zayed in Abu Dhabi. Abu Dhabi Terminals is managed by DP World through an agreement
  • UAE University Management & Development - a concession with UAE university in which Mubadala and other investors will own UAE university by providing the funds to construct their new campus in Al Ain, fitting it and expanding it. The new campus will be 280,000 square meters.
• Properties Development
  • Abu Dhabi Financial Center
  • Zayed Sport City

The Finances & Corporate Affairs Group

Handling the internal affairs of Mubadala by providing it with financial, legal and professional services.

The Investment Management Group

The investment management group no longer exists as a central standalone function at Mubadala, and its responsabilities have been dispersed to the individual units within the operations grou </ref>[http://www.mubadala.ae</ref>

Managing the various investment portfolios of Mubadala:^[2]

• Advanced Micro Devices (AMD) - 8%, bought for $622 million. ^[3]
• ALDAR properties - Property and real estate development in Abu Dhabi. (7%)
• Abu Dhabi Ship Building - Construction and repair of military and commercials vessels.
• Carlyle Group - 7.5%, a private equity firm that invests in aerospace and high-tech businesses.
• Dolphin Energy - 51%
• Emirates Ship Investment Company or Eships - Previously known as the Combined Cargo UAE. It operates 9 cargo vessels which are used for dry bulk shipping, transportation of aggregates and transporting iron ore. (32.89%)
• Ferrari - In July 2005, Mubadala purchased a 5% stake in the world famous sport car manufacturer from Mediobanca. The deal costs €114 million.^[4]
• LeasePlan Corporation - Purchased a 25% stake in the Dutch car rental company for €2 billion from ABN Amro.
• National Central Cooling Company or Tabreed - This company provides district cooling to the entire UAE, with 13 cooling plants in Abu Dhabi, Dubai, Al Ain, Fujairah and Ras Al Khaimah. Total capacity is 87,000 of chilled cooling water. (5%)
• Oasis Leasing - A leasing company which provides aircraft leasing primarily and also ship leasing. Currently it owns 19 aircraft.
• Spyker Cars - Purchased a 17% stake in this Dutch sport car manufacturer.
• Tanqia - A company which provides waste water treatment and gathering in the Emirate of Fujairah.

SR Technics controversy in Ireland

In February 2009 Mubadalas SR Technics group decided to close their Irish Operation (based in Dublin) with the loss of 1,135 jobs. Controversy arose from the decision by SR Technics not to cover any shortfall in the pension scheme of the staff affected. Mubadala also offered the Irish staff one of the worst redundancy packages in Irish history (0.84 weeks pay per year of service)^[5]. This was despite assurances to staff that during the transfer of undertaking from FLS industries that all their conditions of employment would remain similar to that of Aer Lingus employees. The Irish Minister for Foreign affairs instructed Irelands closest ambassador to the UAE to impress upon Mubadala the necessity to honour their commitments.^[6]

References

External links

• Mubadala Development Company
• "Mubadala Development Company" - Company Profile - For a complete list of Mubadala subsidiaries and investments.