The Mubadala Development Company is Abu Dhabi’s investment arm, whose mandate is to diversify the Emirate from a single-sector economy, driven predominantly by oil and gas, into a multi-sector global economy that comprises a range of industries.

The company recorded a profit loss of AED11.8 billion (USD3.2 billion) in 2008, compared to a profit of AED1.3 billion (USD354 million), in 2007, an annual decrease of 983%. The main reason is a significant loss on investments of AED6.5 billion (USD1.77 billion), compared to 2007, when the company had investment gains of AED301.5 million (USD82.1 million).

Mubadala operates in several sectors: energy and industry, real estate and hospitality, infrastructure and services, aerospace and technology, healthcare, corporate and acquisitions and new energy technology. The energy and industry segment was the main contributor in the company’s consolidated operating gain, in 2008, accounting for 75% of the total gain versus 26.6%, in 2007. The corporate and acquisitions segment accounted for 92.6% of the company’s loss in operating income in 2008, against a gain of 43.8% in 2007.

The company’s total assets grew by 38% from AED39.2 billion (USD10.67 billion), in 2007 to AED54.2 billion (USD14.7 billion), in 2008.

Mubadala holds investments in well-known companies, including a 7.5% stake in the Carlyle Group and a 5% stake in Ferrari. It has partnered with international organizations like the Cleveland Clinic and co-founded the LeasePlan EmiratesLeasePlan Emirates, with the Netherlands-based LeasePlan Corporation in which Mubadala also acquired shares. It was also one of the founding members of Emirates Integrated Telecommunications Company (du)Emirates Integrated Telecommunications Company (du), the UAE’s second telecom operator.

Among Mubadala’s 2008 acquisitions are: a 100% acquisition of Pearl Energy for AED3.1 billion, a 50% acquisition of the US-based KOR Hotel Group, the development of higher learning campuses at the Paris-Sorbonne University, Zayed University and New York University in Abu Dhabi, the establishment of a joint venture with General Electric, followed by the acquisition of 0.62% stake in General Electric in May 2009.