Mubadala gets Dh8.8bn in H1

Mubadala Development Company, an investment arm of the Abu Dhabi Government, received cumulative capital contributions of Dh8.8 billion from the government during the first six months of this year.

Global ratings agency Fitch Ratings yesterday said the government also approved capital contributions of up to Dh21bn for 2009.

However, the total contribution to the sovereign wealth fund since its establishment in 2002 until the end of December 2008 reached Dh39.2bn.

Fitch analysts told Emirates Business that Mubadala's "high profile and strategic role mean that funding from Abu Dhabi Government will continue."

The sovereign wealth fund had total assets of about Dh54.2bn as of December 31, 2008. Mubadala currently holds stakes in Emirates Aluminium Company (Emal), Masdar (Abu Dhabi Future Energy Company), Aldar Properties, Du, AMD, Carlyle Group and General Electric.

Moody's Investors Service said on June 17 that Mubadala is likely to grow substantially in the next few years.

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