DUBAI, United Arab Emirates (AP) — Abu Dhabi's state-run Mubadala Development Co. wealth fund has announced it lost $1.19 billion in the first half of 2016.
In results released on Thursday, it blamed lower commodity prices, decreased gains in financial investments and other woes for the loss. That compares to a net gain of $169 million the same time last year.
Mubadala CEO Khaldoon Khalifa al-Mubarak said in a statement that "the global economic challenges we have faced since the beginning of 2015 persist."
Mubadala is in the process of being merged with the International Petroleum Investment Co., another wealth fund in Abu Dhabi, the oil-rich capital of the United Arab Emirates.
Mubadala's holdings include semiconductor maker Globalfoundries and renewable energy company Masdar, as well as stakes in General Electric Co. and The Carlyle Group.