Abu Dhabi-based Mubadala Development Company's revenue for the first half of the year doubled to Dh5.9 billion ($1.6 billion), compared to Dh2.9 billion ($789 million) for the same period last year.

Total comprehensive income for H1 rose 450 per cent to Dh2.7 billion from Dh490 million in the first six months of 2008.

Total assets for the period grew 46 per cent to Dh79.4 billion in 2009, from Dh54.3 billion in H1 2008.

Total equity increased 36 per cent to Dh42.7 billion in H1 2009 from Dh31.3 billion in 2008.

While the oil and gas business unit remains the biggest contributor to revenue in the first half, Mubadala is developing other sectors in line with its mandate. Large contributors to the first six month revenue period included real estate and hospitality, infrastructure and aerospace.

Operational highlights that strongly reflect Mubadala’s dual objectives of financial return and social development include:
• Major steps in the creation of a global aerospace hub in the emirate with Mubadala announcing plans for construction of a new aerospace composites plant called Strata in Abu Dhabi, and taking a majority shareholding in SR Technics, a leading player in the aircraft Maintenance, Repair and Overhaul sector;
• Important milestones in relation to Mubadala’s broad strategic partnership with GE, including the signing of agreements for a commercial finance joint venture and the establishment of a regional training center for the next generation of Abu Dhabi’s business leaders.
• Progress in the development of Sowwah Island, Abu Dhabi’s new Central Business District and home of the new headquarters of the Abu Dhabi Stock Exchange. Land sales will be a continuing source of income for Mubadala over the next few years and the National Bank of Abu Dhabi has purchased a 6,700 square meter commercial plot.

In April, consistent with the company’s commitment to broaden its range of funding sources, Mubadala established a Global Medium Term Note (GMTN) program targeting global fixed income investors. After a successful investor roadshow, Mubadala issued $1.25 billion of 5 year, and $500 million of 10 year, senior unsecured bonds based on a $9.3 billion order book.

The Dh8.8 billion increase seen during the first half of the year in additional shareholder contributions is less than 50 per cent of the 2009 full year budgeted Dh21 billion figure. This is a result of the company’s diversification of funding through the bond issuance and reflects their prudent approach to balance sheet management, according to a company spokesperson.

“In a period of market volatility, Mubadala has delivered a resilient financial performance, demonstrating the underlying strength of our business,” stated Khaldoon Khalifa Al Mubarak, Mubadala CEO and managing director.-TradeArabia News Service