| 05 Sep 2010 |
|
Role of GREs in UAE will remain crucial for 'foreseeable future'
- Text size
Though governments in the UAE and Arab world are cutting exposure in state-sponsored capitalism by spinning out units, the role of government-related entities (GREs) will still remain very vital for the region's growth during the coming decades, said a senior official of Abu Dhabi-based sovereign wealth fund Mubadala Development CompanyMubadala Development Company
.Though "state-related entities will be important in our part of the world for the foreseeable future, there is a clear direction toward increased private-sector innovation," said Waleed Al Mokarrab Al Muhairi, chief operating officer of MubadalaMubadala.
In an interview with McKinsey & Co., he said MubadalaMubadala's mission is compatible with the Abu Dhabi Economic Vision 2030 by investing in highly innovative industries that play to Abu Dhabi's general strengths and competitive advantages, such as those that are capital intensive or rely on world-class logistics. "Such industries help meet our aspiration to increase innovation and the role of intellectual property in the Abu Dhabi economy."
MubadalaMubadala
had $24 billion assets under management in 2009 with subsidiaries spanning multiple industries including aerospace, energy, healthcare, hospitality, infrastructure, real estate and technology. Its revenues from sales of goods reached $3.564 billion at the end of last year while total equity reached $13.33 billion.He said the fund looks at a number of filters and figures out what makes sense for it. Those filters range from goodness of fit -- meaning playing to its strengths -- to things like how significant a sector could be over time and the types of jobs an investment might create.
"We take a very deliberate approach to picking sectors, picking clusters, and understanding what's needed to get from a large investment to a thriving, productive contributor to and, ultimately, driver of the GDP and the economy," he said.
By Waheed Abbas
© Emirates 24|7 2010
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
Loading ...
Post a Comment
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.