The successful IPO of chip maker GlobalFoundries reflects Mubadala Investment Company’s strategy to shift investments towards industries of the future, such as technology, life sciences, mobility and renewables, its chief executive said.
The Malta, New York-headquartered semiconductor manufacturer is set to grow significantly in the coming years, in line with emerging industries and as demand for chips soars, Khaldoon Al Mubarak, chief executive and managing director of Mubadala, said in an exclusive interview with The National in New York on the day of the debut of GlobalFoundries' shares.
The world's third-largest semiconductor manufacturer raised $2.6 billion last week in the US initial public offering and is in a strong strategic position to capitalise on its network across the world in line with emerging industries and growing demand for chips, Mr Al Mubarak said.
The share listing is part of Abu Dhabi’s strategy to move towards sectors that “power the trends shaping tomorrow”.
Mubadala is the majority shareholder of GlobalFoundries.
“We are investing a lot of time and capital in these sectors. We see these areas with many tailwinds … Mubadala is well-positioned to take advantage of these industries and shift away from those with headwinds,” Mr Al Mubarak said.
“We are proud of what GlobalFoundries has accomplished. Now it is very well-positioned and has a diversified platform with assets spreading across [the] US, Germany and Singapore that gives it a unique advantage,” he added. “Results speak for themselves, the valuation that we [GlobalFoundries] have achieved is very good. The company’s capabilities and operational performance have been very strong.”
The IPO of GlobalFoundries gave the company a market value of nearly $26bn. The company's listing is the third largest in the US this year after South Korea's e-commerce company Coupang, which raised $4.5bn and Chinese ride-hailing company DiDi that reaped $4.4bn.
“The IPO is a significant milestone … an important step for GlobalFoundries, for Mubadala as its shareholder and for Abu Dhabi as a shareholder of Mubadala,” Mr Al Mubarak said.
“This is achieved after 12 to 14 years' journey of investing in innovation, believing in a technology and living through the ups and downs but sticking with a conviction in the sector with a strong view where the world is going … The last 12 years are a clear indication of how Mubadala can put a strategy in place and successfully support it with continuous investment.”
Mubadala established GlobalFoundries in March 2009 after buying the chip manufacturing division of Advanced Micro Devices, which was then combined with Singapore’s Chartered Semiconductor. Since then, GlobalFoundries has seen an investment of more than $23bn that helped the company build a global manufacturing footprint with multiple facilities spread across three continents.
GlobalFoundries’ IPO has come at a time when businesses worldwide are dealing with a shortage of semiconductors – a vital component in products from smartphones to cars.
The semiconductor industry is expected to grow to more than $1 trillion by 2030, from about $500bn this year, according to VLSI Research.
Growth is driven by smartphones, notebooks, widespread 5G roll-out, servers, the car industry, smart homes, gaming, wearables and Wi-Fi access points, with increased memory pricing.
“GlobalFoundries’ semiconductors are vital for many of the technologies we rely on every day … the chips in mobile phones, the smart devices in homes and the safety features in cars,” Mr Al Mubarak said.
“I can say that we are in the right place in this business … GlobalFoundries is a company with positive momentum, a business that is well run and the growing demand for semiconductors will further drive and spur the growth.”
GlobalFoundries, which aims to increase its production capacity by nearly 50 per cent in next three years to address the Covid-induced global chip shortage, sold nearly 55 million ordinary shares – representing about 10 per cent of its share capital – in the IPO.
“The IPO positions the company very well for future growth, further expansion and for us as a majority shareholder, this is a great step,” Mr Al Mubarak said.
“We are a committed investor in GlobalFoundries … we have done the heavy lifting over the years to get the company where it is today. Having said that, now I am looking at another 10 years of operations … we are very excited about the future,” he added.
Mr Al Mubarak said the fund expects to be a long-term shareholder in GlobalFoundries for the foreseeable future.
“Our objective is to grow our market share, improve our technology and continue to serve our customers in the most effective ways. We are committed to position it as a global organisation with an efficient and cost-effective supply chain to serve all our global customers.”
The 2009 acquisition by GlobalFoundries of Chartered Semiconductor – the third-largest foundry by revenue at the time – helped the company establish its manufacturing hub in Asia.
In October 2014, it acquired International Business Machines’ microelectronics division with manufacturing facilities in New York and Vermont, in a deal that added to its global footprint.
Currently, the company employs more than 15,000 people globally and serves more than 200 customers worldwide, including the US government.
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Kanye%20West
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The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Other ways to buy used products in the UAE
UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.
Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.
Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.
For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.
Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.
At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.
MATCH INFO
Real Madrid 2 (Benzema 13', Kroos 28')
Barcelona 1 (Mingueza 60')
Red card: Casemiro (Real Madrid)
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
How to invest in gold
Investors can tap into the gold price by purchasing physical jewellery, coins and even gold bars, but these need to be stored safely and possibly insured.
A cheaper and more straightforward way to benefit from gold price growth is to buy an exchange-traded fund (ETF).
Most advisers suggest sticking to “physical” ETFs. These hold actual gold bullion, bars and coins in a vault on investors’ behalf. Others do not hold gold but use derivatives to track the price instead, adding an extra layer of risk. The two biggest physical gold ETFs are SPDR Gold Trust and iShares Gold Trust.
Another way to invest in gold’s success is to buy gold mining stocks, but Mr Gravier says this brings added risks and can be more volatile. “They have a serious downside potential should the price consolidate.”
Mr Kyprianou says gold and gold miners are two different asset classes. “One is a commodity and the other is a company stock, which means they behave differently.”
Mining companies are a business, susceptible to other market forces, such as worker availability, health and safety, strikes, debt levels, and so on. “These have nothing to do with gold at all. It means that some companies will survive, others won’t.”
By contrast, when gold is mined, it just sits in a vault. “It doesn’t even rust, which means it retains its value,” Mr Kyprianou says.
You may already have exposure to gold miners in your portfolio, say, through an international ETF or actively managed mutual fund.
You could spread this risk with an actively managed fund that invests in a spread of gold miners, with the best known being BlackRock Gold & General. It is up an incredible 55 per cent over the past year, and 240 per cent over five years. As always, past performance is no guide to the future.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
England World Cup squad
Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood
MATCH INFO
Pakistan 106-8 (20 ovs)
Iftikhar 45, Richardson 3-18
Australia 109-0 (11.5 ovs)
Warner 48 no, Finch 52 no
Australia win series 2-0
Abu Dhabi GP schedule
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
