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Mubadala posts $1.1b loss due to volatile markets

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Mubadala, the Abu Dhabi sovereign wealth fund that counts The Carlyle Group among its investments, announced a loss of AED4.2 billion ($1.14 billion) in 2011, up significantly on the AED338 million deficit posted a year earlier, due to volatile global markets. Its financial services and real estate investments were particularly badly hit.

"While our financial investments' performance was impacted by the volatility in the global market place during 2011, we continue to maintain a long-term financial investment perspective," Khaldoon al Mubarak, chief executive and managing director, said in the statement.

CFO Carlos Obeid said in a conference call that the fund's investment outlay would be lower this year, although still a significant amount. In 2011, Mubadala set a capital and investment expenditure target of $16.3 billion.

Total assets increased 73% year-on-year to AED177 billion, largely driven by the consolidation of Advanced Technology Investment Company (ATIC) and expansion of the fund's business lines. Revenues came to AED27.9 billion, up 77% year-on-year, in part attributed to sustained, high energy prices.

The Abu Dhabi government's contribution to Mubadala more than doubled to AED28 billion in 2011 from AED13 billion the previous year.

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