Mubadala Development Company (Mubadala), the Abu Dhabi-based investment and development company, announced its full year audited financial and operational results for 2015.

Revenues were AED 34.1 billion compared to AED 32.7 billion in 2014, primarily due to higher semiconductor, information & communications technology, healthcare and real estate & infrastructure related revenues.

Profit was AED 1.2 billion compared to AED 1 billion in 2014, while total comprehensive income was a AED 1.3 billion loss compared to a AED 0.2 billion loss in 2014.

“Mubadala managed through the significant macroeconomic volatility of 2015 to mark moderate increases in revenue and profit. In addition, we achieved a number of major milestones for Abu Dhabi, including the opening of Cleveland Clinic Abu Dhabi, the continued development of Al Maryah Island, and strengthening our base in key global industries such as aerospace and information technology,” Group CEO and Managing Director, Khaldoon Khalifa Al Mubarak (photo), said.

“We remain resolutely focused on prudent cash management and cost control, as well as active oversight of our assets, in order for us to navigate the anticipated challenging market conditions of 2016 and beyond,” h e added.

Business highlights from across the Mubadala Group in 2015:

• Mubadala created a joint venture with global commodities leader, Trafigura, to invest in base metals in the mining sector. This partnership saw Mubadala acquire a 50% stake in Trafigura’s flagship mining operation, Minas de Aguas Teñidas (MATSA), in southern Spain.
• GLOBALFOUNDRIES successfully closed its proposed acquisition of IBM’s microelectronics business. The transaction included IBM’s two wafer fabrication facilities, world-class technologists and IP in the form of over 16,000 patents. GLOBALFOUNDRIES also became IBM's exclusive supplier of 14 nanometer (nm) and 10nm server chips.
• Mubadala, China Development Bank Capital and China’s State Administration of Foreign Exchange launched a $10 billion global investment fund, which will target investments in China and UAE across multiple sectors and asset classes.
• Cleveland Clinic Abu Dhabi commenced operations in March and as of the end of 2015, completed over 58,000 appointments and 2,300 surgeries. The hospital now has 30 specialties and over 3,000 employees working on its Al Maryah Island campus.
• Strata, the Al Ain-based composite aerostructures manufacturer, was awarded a contract to manufacture Airbus A350-1000 Flap Support Fairings until 2023, and Boeing delivered the first 787 Dreamliner to Etihad Airways with advanced composite components made by Strata. During the year Strata proudly recorded that 86% of its Emirati workforce were women.
• Nibras Al Ain Aerospace Park, the joint development with Abu Dhabi Airport Company, grew its tenant base, with over 85% of Phase I now complete and over 60% of plots occupied.
• Al Maryah Island, master planned and developed by Mubadala, saw key developments beyond Cleveland Clinic Abu Dhabi.
• Mubadala and IBM established Cognit, a joint venture to provide IBM's cognitive computing system, Watson, to organizations in the Middle East and to strengthen the UAE's position as a regional ICT hub.
• Mubadala Petroleum commenced production on time and on budget at Nong Yao, its third operated oil field in Thailand. Aggregate working interest production of 33,300 barrels of oil per day from the three operated fields has propelled Mubadala Petroleum to become the second largest black oil producer in Thailand.
• Tafila Wind Farm in Jordan, the first commercial utility-scale wind power project in the Middle East, became operational. The 117 megawatt wind farm, which currently powers 83,000 homes and is partially owned by Masdar, has helped increase Jordan’s total power capacity by 3%.
• The International Renewable Energy Agency’s global headquarters in Masdar City was inaugurated, which alongside GE, Siemens and Lockheed Martin is contributing to Masdar City’s growing ecosystem focused on sustainability, research, business and education.