ABU DHABI: Abu Dhabi’s investment fund Mubadala has posted a 52-percent drop in profits for the first half of 2015, hit hard by the slide in global oil prices.
The group tasked with diversifying the Gulf state’s energy-dependent economy has a global investment portfolio that includes US-based technology giant GE, EMI Music Publishing, and Italy’s Piaggio Aerospace.
Mubadala said profits in the first six months of the year stood at AED625.5 million ($170.4 million) compared with 1.3 billion dirhams in the same period in 2014.
Revenues came in at 15.9 billion dirhams, less than one percent lower from the year before.
“Higher semiconductor, information and communications technology, health care, real estate and industry-related revenues were offset by lower aerospace and energy-related revenues,” it said in a statement.
Mubadala said an increase in income from financial investments was offset in part by lower operating revenues.
“Despite challenging market conditions such as volatile commodity prices impacting certain businesses in our portfolio, the diversity of our asset base and prudent management enabled us to record positive results,” said chief financial officer Carlos Obeid.
“As the economic situation remains unclear, we continue to carefully manage our operations and balance sheet,” he said.
Mubadala’s vast portfolio also includes stakes in private equity firm Carlyle, telecoms company Etisalat Nigeria and gas firm Emirates LNG.
Abu Dhabi sits on the bulk of the oil wealth of the United Arab Emirates.
World oil prices have roughly halved in value since a year ago, plagued by a global supply glut caused largely by cheaper production of US oil following extraction from shale rock.
Mubadala posts sharp loss
Mubadala posts sharp loss
Saudi Arabia ranks 2nd globally in digital government, World Bank 2025 index shows
WASHINGTON: Saudi Arabia has achieved a historic milestone by securing second place worldwide in the 2025 GovTech Maturity Index released by the World Bank.
The announcement was made on Thursday during a press conference in Washington, DC, which evaluated 197 countries.
The Kingdom excelled across all sub-indicators, earning a 99.64 percent overall score and placing it in the “Very Advanced” category.
It achieved a score of 99.92 percent in the Core Government Systems Index, 99.90 percent in the Public Service Delivery Index, 99.30 percent in the Digital Citizen Engagement Index, and 99.50 percent in the Government Digital Transformation Enablers Index, reflecting some of the highest global scores.
This includes outstanding performance in digital infrastructure, core government systems, digital service delivery, and citizen engagement, among the highest globally.
Ahmed bin Mohammed Al-Suwaiyan, governor of the Digital Government Authority, attributed this achievement to the unwavering support of the Saudi leadership, strong intergovernmental collaboration, and effective public-private partnerships.
He highlighted national efforts over recent years to re-engineer government services and build an advanced digital infrastructure, which enabled Saudi Arabia to reach this global standing.
Al-Suwaiyan emphasized that the Digital Government Authority continues to drive innovation and enhance the quality of digital services, in line with Saudi Vision 2030, supporting the national economy and consolidating the Kingdom’s transformation goals.
The 2025 GTMI data reflects Saudi Arabia’s excellence across key areas, including near-perfect scores in core government systems, public service delivery, digital citizen engagement, and government digital transformation enablers. This balanced performance places the Kingdom firmly in the “Grade A” classification for very advanced countries, demonstrating the maturity of its digital government ecosystem.
Saudi Arabia’s progress in the index has been remarkable: from 49th place in the 2020 edition, to third in 2022, and now second in 2025, confirming its status as a global leader in digital transformation and innovation.
The achievement also reflects the Kingdom’s focus on putting people at the center of digital transformation, enhancing user experience, improving government efficiency, and integrating artificial intelligence and emerging technologies across public services.
