Mubadala Investment Company PJSC is an Emirati state-owned holding company that can be characterized as a sovereign wealth fund. It was established in January 2017 as a Public Joint Stock Company, merging the Mubadala Development Company and the International Petroleum Investment Company, and is a wholly owned investment vehicle of the government of Abu Dhabi, in the United Arab Emirates. Reportedly, Mubadala was formed after Khadem al-Qubaisi, ex-managing director of IPIC, was arrested over his and the company’s involvement in the 1MDB scandal. Mubadala’s mandate is to facilitate the diversification of Abu Dhabi’s economy. Its focus is on managing long-term, capital-intensive investments intended to deliver strong financial returns and tangible social benefits for the emirate. The company owns Advanced Technology Investment Company, a high tech investment company and owner of GlobalFoundries, the world’s second largest semiconductor foundry company by revenue. In March 2020, Mubadala Investment Company joined a consortium of investors to invest a total of $2.25 billion in Alphabet-owned self-driving technology company Waymo. In June 2020, Mubadala Investment Company announced investment of $1.2 billion in Reliance Jio Platforms for 1.85 percent stake, valuing Mukesh Ambani telecom venture Jio at $65 billion. For December 31, 2019, Mubadala in total reached 853 billion in AUM.
Advanced Technology Investment Company
Advanced Technology Investment Company is an investment company in the high-technology sector, owned by Mubadala Development Company, a wholly owned investment vehicle of the government of Abu Dhabi, in the United Arab Emirates. ATIC wholly owns GlobalFoundries, the world’s second largest semiconductor foundry company by revenue. It also works to build what they describe as a technology ecosystem in Abu Dhabi, funding over AED 100 million in local R&D activities and supporting educational initiatives that have thus far reached over 1,000 UAE Nationals.
History and growth
ATIC was established in 2008. Through a joint venture, ATIC and Advanced Micro Devices created the world's third largest independent foundry GlobalFoundries in early 2009. In late 2009, ATIC acquired Chartered Semiconductor Manufacturing of Singapore, the world's second largest dedicated independent semiconductor foundry. In January 2010, the two operations were integrated, and have since functioned as one company under the GlobalFoundries brand. In August 2010, the firm joined with other investors to fund Texas-based Calxeda, a start-up company for producing ARM architecture-based computers for the server market. It "worked with the Massachusetts Institute of Technology to develop a masters program in microelectronics at the Masdar Institute of Science and Technology in Abu Dhabi." Also in 2010, the firm joined a research partnership with the Semiconductor Research Corporation to conduct research in the Abu Dhabi region. In 2011, it announced investments of $5.5 billion to expand chip manufacturing in Singapore, Dresden, and Saratoga County in the U.S. state of New York. It also announced a $6–$8 billion computer chip factory in Abu Dhabi for completion in 2012. In June 2016, they announced that they would unite and become one with their sister company International Petroleum Investment Company. In November 2018, Mubadala led a new $60 million investment round in logistics software startup Turvo. In May 2020, Mubadala was said to be in advanced talks with Reliance Industries Ltd RIL about investing around $1 billion in the Indian conglomerate’s Jio Platforms. If it goes ahead this will its largest investment in an Indian business.
Research and development
ATIC has invested more than Dh100 million in research grants and funds since 2009 for building a globally-competitive technology R&D ecosystem within Abu Dhabi. It partners with the Semiconductor Research Corporation, a leading university-research consortium, to drive local research towards minimum energy electronic systems. It is supporting research initiatives spanning Khalifa University, UAE University, American University of Sharjah, Masdar Institute and New York University Abu Dhabi. ATIC and the German state of Saxony have invested $4.8 million in twinned laboratories that research 3-D stacking of integrated circuits.
