Advanced Technology Investment Company integrated into Mubadala Development Company

"With common executive leadership and the 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," said 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."

Mubadala played a key role in launching ATIC in 2008 as an element of Abu Dhabi's long-term strategy to diversify its 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 GLOBALFOUNDRIES, which has emerged as one of the top three semiconductor manufacturers in the world.

Today's announcement will have no impact on the management, day-to-day operations or business plans of ATIC or its GLOBALFOUNDRIES subsidiary. Investment plans for GLOBALFOUNDRIES' facilities remain unchanged. Ibrahim Ajami will continue to lead ATIC as its CEO. As Chief Operating Officer of Mubadala, Waleed Al Muhairi will continue his deep involvement with ATIC, where he is Chairman of the Board of Directors.