Abu Dhabi’s state-backed investment vehicle Mubadala is looking to rein in future investments after suffering a $1.14bn loss last year.
The firm said it plans to row back from the $16.3bn it spent last year after continued volatility in global markets saw its losses increase more than ten times between 2010 and 2011.
Figures released by the investment vehicle showed its government backing more than doubled to $7.62bn compared to the last financial statement 12 months ago
Managing director and CEO Khaldoon Al Mubarak said, “In 2011, Mubadala maintained overall operational profitability and reached an impressive number of milestones.
“As we look ahead to new markets and growing our global businesses, Mubadala is well positioned to deliver long term value and sustainable returns to its shareholder, stakeholders and partners.
“While our financial investments’ performance were impacted by the volatility in the global marketplace during 2011, we continue to maintain a long-term financial investment perspective.”
Despite the spending slowdown Mubadala still splashed out on a $2bn stake in Brazil’s EBX Group last month, its biggest ever investment in Latin America.
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