MOBILE DEVICES
Free Headline Alerts     
Worldwide Web WorldTribune.com
pageok
pageok

  breaking... 


Friday, April 2, 2010    

United Arab Emirates defense industry booming

ABU DHABI — The company deemed the driver of the defense industry in the United Arab Emirates has reported a profit in 2009.   

The UAE's state-owned Mubadala Development Co. has reported a $2.3 billion profit for 2009. The company, responsible for the UAE's burgeoning defense industry, cited an increase in revenue and value of its investment.

"We have a robust portfolio of businesses, a solid pipeline of projects, ready access to diverse sources of funding coupled with strong support from our shareholder," Mubadala chief executive officer Khaldoun Khalifa Al Mubarak said on March 22.


Also In This Edition
pageok
pageok
pageok


"This puts us in a unique position to realize value and further opportunities in 2010," Al Mubarak said.

Mubadala, with a stake in the U.S. company Carlyle Group, has signed cooperation agreements with virtually every Western major, including Boeing, EADS, Lockheed Martin and Northrop Grumman.

Executives reported that revenues in 2009 — $3.8 billion — were nearly double that of the previous year. In 2008, Mubadala reported a loss of more than $3 billion.

Mubadala has also invested in Switzerland's SR Technics, which maintains and overhauls aircraft. The UAE company also controls much of the regional energy market through Dolphin Energy, responsible for bringing natural gas to the UAE.

"We have a robust portfolio of businesses, a solid pipeline of projects, ready access to diverse sources of funding coupled with strong support from our shareholder," Al Mubarak said. "This puts us in a unique position to realise value and further opportunities in 2010."



About Us     l    Contact Us     l    Geostrategy-Direct.com     l    East-Asia-Intel.com
Copyright © 2010    East West Services, Inc.    All rights reserved.