Advanced Technology Investment Company (ATIC), a specialist investment company created by the government of Abu Dhabi to focus on investments in the advanced technology sector, has been integrated into Mubadala Development Company.

Mubadala, an Abu Dhabi-government owned business development and investment company, had played a key role in launching Atic in 2008 as an element of the emirate’s long-term strategy to diversify economy through investments in high-technology sectors.

In less than three years, Atic has transformed the competitive landscape of the semiconductor manufacturing industry through  the creation of Globalfounderies, which has emerged as one of the top three semiconductor manufacturers in the world, said a top official.

“With common executive leadership and Government of Abu Dhabi as shareholder of both organizations, Atic’s integration into Mubadala will further drive the creation of innovative industries for the benefit of Abu Dhabi and the UAE,” remarked Waleed al Muhairi, COO of Mubadala.

“The development of an advanced technology ecosystem in Abu Dhabi, anchored by the semiconductor sector, is a critical aspect of the Abu Dhabi Economic Vision 2030 framework that guides the Emirate’s development,” he added.

Today’s announcement will have no impact on the management, day-to-day operations or business plans of Atic or its Globalfounderies subsidiary, the company said in a statement.

Investment plans for Globalfounderies' facilities remain unchanged. Ibrahim Ajami will continue to lead Atic as its CEO, it stated.

As chief operating officer of Mubadala, Al Muhairi will continue his deep involvement with Atic, where he is chairman of the board of directors, the statement added.-TradeArabia News Service