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Mubadala posts strong profits for Abu Dhabi

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DUBAI, United Arab Emirates (AP) — Abu Dhabi's Mubadala state investment company says profits last year tripled to roughly $395 million on the back of a strong performance from international investments.

The company said Thursday in its 2013 financial earnings report that profits jumped more than three-fold from 470 million dirham ($128 million) in 2012 to 1.45 billion dirham.

Revenues also rose from 30.8 billion dirham ($8.38 billion) in 2012 to 31.1 billion dirham ($8.47 billion) last year.

Mubadala's mandate is to diversify Abu Dhabi's oil-rich economy. It has stakes in General Electric, Carlyle Group and semiconductor manufacturer Global Foundries. It also has aerospace partnerships with defense giant Lockheed Martin.

Total assets stood at 223.8 billion dirham ($61 billion) at the end of 2013, partly due to the addition of Emirates Global Aluminium to the portfolio.

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