Mubadala Development Co., an Abu Dhabi government-owned investor with stakes in Carlyle Group and General Electric Co. (GE), reported a total comprehensive loss of 315 billion dirhams because of declines in mark-to-market investments. Firm’s profit for the year 2010 declined to 1.1 billion dirhams ($300 million) from 4.6 billion dirhams during the corresponding period last year.

The oil dependent economy of Abu Dhabi is making efforts for diversification for deriving its growth from non-oil business. Mubadala’s Chief Operating Officer Waleed Al Mokarrab Al Muhairi said few months back that the country needs to diversify its business adding that emerging markets represent a “gaping hole”.

Khaldoon Khalifa Al Mubarak, Mubadala CEO and Managing Director said, “Through our successful partnerships, such as Emal and AMMROC, and our active role in strengthening Abu Dhabi's healthcare and social infrastructure, Mubadala continues to strongly contribute to the diversification of the Emirate's economy while delivering tangible social benefits."