عربي

Annual Report 2010

Chief Operating Officer's Message

2010 was an important year for Mubadala, and one that saw the company deliver sound financial and operational results.

Several of our assets reached significant milestones in their longer-term development, with the collective value of assets under management growing by 14 percent from 2009, passing AED 100 billion for the first time. Revenues also continued to grow, marking a 22 percent year-on-year increase from AED 13.1 billion to AED 16 billion.

While these figures emphasize the company’s considerable growth, they do not reflect the important transition that we have seen during the last twelve months.

In recent years, our primary focus has been on laying foundations that would ensure solid, sustainable growth for each of our assets over the long term. However, during the last year, a number of these assets, including EMAL and STRATA, commenced operations and began to generate revenue.

In this respect, 2010 can be seen as a year of delivery for several Mubadala businesses, with the likes of Mubadala Aerospace and Mubadala Infrastructure making substantial contributions to our revenues.

In addition, we further strengthened our relationships with a number of key strategic partners during the year, most notably Carlyle and Lockheed Martin – a mutual vote of confidence in our joint ability to explore and leverage new opportunities, and evidence that our partnerships have continued to mature.

We also attracted our first Asian partners, the Farglory Group of Taiwan, to Mubadala’s flagship Sowwah Square development, and established the Advanced Military Maintenance Repair and Overhaul Center (AMMROC) advanced military maintenance, repair, and overhaul facility joint venture with a number of key local and international partners.

Finally, against the backdrop of a challenging financial climate, we made the effective management of our fiscal performance a priority. In achieving this goal, we have ensured we are well positioned to capitalize on opportunities that arise from the global economic recovery.

While our focus for the coming year remains centered on delivery, I believe we are well placed to continue our expansion into new territories and emerging sectors as we continue to work towards realizing our mandate.

Waleed Ahmed Al Mokarrab Al Muhairi
Chief Operating Officer