Abu Dhabi-based Mubadala Development Company will boost its spending to around 60 billion dirhams this year, according to a report by Bloomberg News.
Bloomberg reported that the state-owned investor, which holds stakes in companies such as the Carlyle Group and General Electric, will make substantial investments during the period 2011 to 2015 in Advanced Technology Investment Co., Mubadala GE Capital, Masdar, real estate and oil & gas, as well as a number of public-private partnership projects.
Abu Dhabi is actively investing in industries such as real estate, healthcare and aerospace in an attempt to diversify the country’s economy beyond oil.
Capital contributions of up to 37.8 billion dirhams have been approved by Abu Dhabi’s government for 2011, the report said.
Last month, Mubadala said that it was in talks with government-owned Dubai Aluminium Co. about expanding their existing partnership.
Established in 2002 by the government with a mandate to facilitate the diversification of Abu Dhabi’s economy, Mubadala manages a multi-billion dollar portfolio of local, regional and international investments and partners with leading global organisations to operate businesses across a wide range of industry sectors, including aerospace, energy, healthcare, information communications and technology, infrastructure, real estate and hospitality, and services ventures.
