Sovereign wealth fund Mubadala invests US$1 billion in property tie-up with Taiwanese company - BY IFN

Sovereign wealth fund Mubadala invests US$1 billion in property tie-up with Taiwanese company

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GLOBAL: The sovereign wealth fund of Abu Dhabi, Mubadala, will be developing a US$1 billion luxury residential project on the Al Maryah Island in Abu Dhabi. The venture will also involve Taiwanese construction goliaths, Farglory Group; the first official foreign investors in the Abu Dhabi Financial Free Zone, and marks the Asian company’s first foray into the Middle East. As part of the sovereign wealth fund’s expansion plans, this week also saw the establishment of a US$2 billion co-investment fund between the Russian Direct Investment Fund and Mubadala; with each entity committing US$1 billion to the fund which will target long-term investment opportunities across a range of sectors in Russia. As at the 31st December 2012, Mubadala reported a 12% increase in revenue to AED31.3 billion (US$8.52 billion) from AED27.9 billion (US$7.59 billion) in 2011. Total assets stood at AED202.8 billion (US$55.2 billion) from AED177.1 billion (US$48.21 billion) in 2011.