United Arab Emirates – Mubasher: Abu Dhabi investment fund Mubadala Development Co. announced a 29% drop in its profits for 2014, down to AED 1.03 billion ($280 million) compared to AED 1.45 billion ($395 million) in 2013.

The firm attributed its profit decline to lower income from financial investments and increased losses on its oil and gas assets.

Revenues grew to AED 32.7 billion compared to AED 31 billion in 2013, due to rising revenues from operations in transport, IT, telecom, hydrocarbon, real estate, energy and medical care, the company said.

Operational income increased to AED 4.3 billion compared to AED 2 billion in 2013, backed by improving income from investment in Mubadala’s subsidiaries.

Mubadala enjoys several high credit ratings, namely: AA/AA/Aa2 by Moody’s, Fitch and Standard & Poor’s, respectively.