Abu Dhabi's Mubadala second quarter profit reach US$633.5 million

UAE. Mubadala Development, an investment fund owned by the Abu Dhabi government, said second-quarter profit to equity holders reached AED 2.32billion (US$633.5 million) compared with AED946.6 million the previous year. First half profit reached AED737.7 million, according to figures released today on the company's website Assets under management grew 46% to AED79.4 billion dirhams in the first half of the year compared with AED54.3 billion in the previous year. Mubadala made a loss of AED11.8 billion (US$3.21 billion) in 2008 due to the global financial crisis, it said in its 2008 annual report posted on its website in April this year. The company manages a multi-billion dollar portfolio of local, regional, and international investments, projects and initiatives. Its investment classes include sectors such as energy, aerospace, real estate, healthcare, technology, infrastructure, and services. Mubadala’s sole shareholder is the Government of Abu Dhabi. In 2007m Mubadala bought an 8.1% stake in computer chip maker AMD for US$622 million. The fund invested US$1.35 billion for 7.5% in private equity giant Carlyle Group Mubadala owns a 51% stake in Dolphin Energy, a joint venture with France's Total and US firm Occidental. It holds a 5% stake in Ferrari and a 25% stake in German firm LeasePlan. Mubadala also owns a 50% stake in Emirates Aluminium , which says it will be the world's largest single-site aluminium smelter complex.