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Mubadala Development posts H1 profit

Abu Dhabi fund Mubadala Development Co has returned to profit, posting Dhs198m ($53.9m) in first-half net profit, compared with a loss of Dhs4.4bn for the same period last year, Reuters has reported. Unlisted Mubadala attributed the positive results to higher commodity prices and increased contributions from its semiconductor business. First-half revenue rose 70% to Dhs13.6bn from Dhs8bn a year earlier, it said.