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ATIC freezes UAE facility plans
- United Arab Emirates: Thursday, November 01 - 2012 at 01:48
Ibrahim Ajami, the chief executive of Abu Dhabi's Advanced Technology Investment Co (ATIC) has said the firm expects to earn its first profit by 2015, as it scales up operations overseas, but plans to set up a chip manufacturing facility at home remain on hold, Reuters has reported. ATIC, owned by Abu Dhabi's official investment fund Mubadala owns unlisted Global Foundries, which has chip manufacturing facilities in Singapore, Germany and New York. Early this year, Global Foundries said it would invest more than $3bn to fund expansion of its facilities. "Profit in the industry is driven by scale and in the next two to three years, by 2015 we would make profits," said Ajami.
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