Mubadala Investment Co is eyeing European tech investments.
The UAE’s Mubadala Investment Company has posted an operating income was AED 10.7 billion ($2.9bn) for 2017, a rise of 11.5% compared to 2016.
Mubadala, which posted its results for the first time since its formation through the merger of Mubadala Development Company and International Petroleum Investment Company in 2017, saw revenue reach AED 165.6 billion for 2017, compared to AED 145.4 billion in 2016. The increase was driven in part by contributions from upstream and integrated, petrochemicals and the semiconductor business sectors, the company said. Total assets grew to AED 469.4 billion.
Carlos Obeid, CEO, said: “In 2017 we made significant progress by reducing overall leverage while maintaining appropriate liquidity to deploy capital in new investments. In addition, we took the opportunity to monetise some of our mature assets which provided a significant return on our original investments, in line with our mandate to deliver financial returns to our shareholder.”
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