Abu Dhabi is determined to succeed in aerospace, but not at all costs. Mubadala, the emirate’s $45 billion sovereign wealth fund, set up an aerospace division in 2006. The plan is for it to break even by 2013, but some latitude is possible on this goal, if the group secures the right partnership opportunities to support its plan to spend around $1 billion building another new facility here in the United Arab Emirates.
Khaldoon Al Mubarak
Mubadala Development Company has changed the name of its Gulf Aircraft Maintenance (GAMCO) subsidiary to Abu Dhabi Aircraft Technologies. The Abu Dhabi government-owned Mubadala (Stand W300) aims to grow its annual revenue from a current $300 million to $800 million by 2012.
Abu Dhabi government investment vehicle Mubadala Development Co. (Stand W300) has enlisted the aid of some of aerospace’s biggest names in pursuit of the United Arab Emirates’ aim to become a producer and investor in the industry as well as a major customer. The company says its entry into aerospace will be “organized in carefully planned stages and is likely to involve significant investment in the first few years.”
Mubadala Development Co. PJSC, a strategic investment and development company owned by the government of the Emirate of Abu Dhabi, has signed a memorandum of understanding with Boeing to explore aerospace opportunities.