Mubadala, the Abu Dhabi state-owned investment fund with a mandate to develop the emirate's economy, posted a 23 per cent increase in profit for the first half of 2014, aided by higher income from its joint ventures.

Mubadala, which has stakes in General Electric and private equity firm Carlyle, made a profit attributable to equity owners of Dh1.34 billion ($364.8 million) in the first six months of 2014 compared with Dh1.09 billion ($297 million) in the previous year, according to its financial statement.

The profit increase was helped by a doubling of income from its joint venture businesses, such as Emirates Global Aluminium and Dolphin Energy, to Dh2.12 billion ($577 million).

However, total comprehensive income, which comprises all forms of income, in the first half of this year slipped 37.4 per cent year-on-year to Dh 1.32 billion ($359 million), due to a smaller increase in value of its financial investment portfolio compared with the same period of 2013. – Reuters