| Mubadala Development, the Abu Dhabi investment fund with a mandate to boost the emirate's local economy, swung to a profit in the first half driven by a drop in investment write-downs and higher revenues at its key businesses.
Mubadala, which has stakes in General Electric and private equity firm Carlyle, made a profit of 851.54 million dirhams ($232m) for the first half compared with a loss of 1.18 billion dirhams a year ago, it said. Unlike other regional sovereign wealth funds like Abu Dhabi Investment Authority or Qatar Investment Authority, Mubadala's main goal is to engage in investments which enhance the local economy...............................................Full Article: Source
|