UPDATE 1-Mubadala 2009 revenue leaps,investments rise

* CFO sees 2010 growth sustainable as in 2009

* Revenue almost doubles at state investment firm

(Adds detail, background)

ABU DHABI, March 22 (BestGrowthStock) – Abu Dhabi government
investment body Mubadala Development Company saw revenue nearly
double in 2009 on income from key projects and changes in fair
value of investments.

Mubadala, one of the few state-controlled investment
vehicles to publish results, said on Monday it could repeat its
2009 performance in 2010 after its assets grew to 88.5 billion
UAE dirhams ($24.10 billion) end-2009.

Total revenue at the firm, which invests in projects in part
to diversify Abu Dhabi’s energy-intensive economy, almost
doubled to 13.1 billion dirhams in 2009 compared to 6.66 billion
dirhams in 2008 while total comprehensive income hit 8.6 billion

Mubadala, which is unlisted, made a net loss of 11.76
billion dirhams in 2008, the first year when it reported
financial statements. It has since changed its accounting

“Revenues went up because of consolidation of SR Technics
and a number of our projects started operating,” Carlos Obeid,
chief financial officer told Reuters on telephone.

Mubadala raised its holding in SR Technics from 40 percent
to 70 percent in February.

SR Technics [SRTHD.UL] contributed 4.0 billion dirhams while
concession revenues from UAE University, Zayed University and
Paris-Sorbone University totalled 2.6 billion dirhams. Some 800
million dirhams came from sale of land at Sowwah island in Abu

The fair valuation of investments, mainly driven by
shareholdings in Advanced Micro Devices (AMD.N: ), Du (DU.DU: ) and
Aldar (ALDR.AD: ) contributed 6.4 billion dirhams in revenues,
said Obeid.

“We think this growth should be sustainable and continue the
same way,” said Obeid referring to 2010.

The recovery in stock markets and start of several new
projects such as the aluminium smelter in Abu Dhabi will ensure
revenues will increase this year, he added.

Mubadala is confident of securing a $2.5 billion refinancing
before end of second quarter 2010, said Obeid.

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(Reporting by Stanley Carvalho; editing by Thomas Atkins)

UPDATE 1-Mubadala 2009 revenue leaps,investments rise