ABU DHABI, --Mubadala Development Company (Mubadala), the Abu Dhabi government owned investment and development company, registered the revenues worth AED14.3 billion in in 2016, according to company's interim financial statement released on Thursday.

In a statement, Mubadala said group-wide revenues were AED 14.3 billion in the first half of 2016, compared to AED 13.6 billion in the same period in 2015, primarily driven by stronger contributions from the healthcare sector and semiconductor business. Profits were down compared to the first half of 2015, in part due to lower commodity prices and decreased gains from financial investments.

Mubadala Group CEO and Managing Director, Khaldoon Khalifa Al Mubarak, said, "The global economic challenges we have faced since the beginning of 2015 persist. That said, we continue to develop priority sectors and industry champions, in line with Abu Dhabi's long-term vision."

On June 29th 2016, His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces, Chairman of the Abu Dhabi Executive Council and Chairman of Mubadala, announced the intended merger of Mubadala with the International Petroleum Investment Company.

"Combining the two companies will create one of the largest state-owned investment funds globally, which will be dedicated to Abu Dhabi's economic diversification and have the scale to accelerate new and existing global industrial champions," said Al Mubarak, who is vice-chairman of the joint merger committee.

H.H. Sheikh Mansour bin Zayed, Deputy Prime Minister, Minister of Presidential Affairs and Chairman of IPIC heads the joint committee.

Operational highlights from across the Mubadala Group for the period that ended 30 June 2016 included: DEWA appointed a Masdar-led consortium as the selected bidder for the 800 MW third phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai, the largest single-site solar project in the world.

Al Maryah Island, Abu Dhabi's business and lifestyle destination, master developed by Mubadala saw key milestones including: the opening of Four Seasons Hotel Abu Dhabi, bringing 200 additional five-star hotel rooms to the island.

Major infrastructure development included the completion of two additional bridges to the island.

Emirates Global Aluminium licensed its proprietary smelting technology to Aluminium Bahrain (Alba), the first of its kind export of a UAE developed advanced technology. EGA also announced the construction of a major bauxite mine in the Republic of Guinea which is scheduled to begin production in 2018, as part of plans to grow the business along the aluminium value chain.

Mubadala has successfully issued $500 million 7-year bond under its GMTN program, with a coupon of 2.75% and a demand exceeding $5 billion, leading to the issue being ten-times oversubscribed.

It completed the restructuring of its interests in the EBX Group, gaining a portfolio of assets that hold long-term value in sectors aligned with core Mubadala businesses, including metals and mining, infrastructure, and real estate.

Mubadala and GE successfully completed the sale of 98% of the Mubadala GE Capital portfolio after GE's decision to exit from its global Capital business.

Mubadala and Boeing agreed to expand their Research and Development activities in the UAE, with Boeing joining Mubadala's existing R&D ecosystem in Abu Dhabi, including the Aerospace Research and Innovation Center (ARIC) at Khalifa University and the Masdar Institute of Science and Technology. Initial projects will link existing local R&D platforms and include research in robotics and aircraft assembly.

Healthpoint Hospital recorded more than 146,000 appointments, while Imperial College London Diabetes Centre recorded 122,000 appointments in the first half of the year. Healthpoint also opened a fully-integrated medical center for the treatment of obesity and metabolic disorders.

Cleveland Clinic Abu Dhabi completed 96,000 appointments and more than 4,513 surgeries and procedures in the first half of 2016, reducing the need for patients to travel abroad for critical care.

Yahsat, the UAE-based satellite operator, was awarded a licence to operate its upcoming Ka-band satellite, Al Yah 3, by the National Telecommunications Agency (ANATEL) in Brazil. Al Yah 3 will cover over 95% of Brazil's population offering a range of telecommunications services.

GLOBALFOUNDRIES announced a new $500 million Research & Development program with New York State's SUNY Polytechnic Institute to accelerate next generation chip technology development and it further expands its presence in China with plans for a new 300mm Fab using production-proven technology from its Singapore site.

Source: Emirates News Agency