Dresden, Germany - July 19, 2010 - An engineer on the floor of one of several clean rooms at GLOBALFOUNDRIES Fab 1in Dresden, Germany, July 19, 2010. (Photo by Jeff Topping/The National)
Globalfoundries' revenues are forecast to grow 31 per cent to $4.5bn in 2012. Jeff Topping / The National

Abu Dhabi microchip maker eyes $4.5bn in revenues



GlobalFoundries, the microchip maker owned by the Abu Dhabi-based Advanced Technology Investment Company (Atic), will consider an initial public offering in 2015, when it expects to reach profitability.
Ibrahim Ajami, the chief executive of Atic, also confirmed reports that GlobalFoundries was expected to make US$4.5 billion (Dh16.52bn) in revenues this year.
A public listing would depend on GlobalFoundries becoming profitable, which Mr Ajami said he expected to happen in 2015.
"It depends on what is right, whether to IPO or continue to hold on to the asset and grow it or explore other investments in the industry," said Mr Ajami. "Our current focus continues to be on execution and putting the company on the map, move towards profitability and sustainability and then we will assess our options."
Revenue of $4.5bn equals growth of 31 per cent over last year, a pace that would establish the company as the world's fastest-growing chip firm. GlobalFoundries recorded $3.48bn in revenue last year, according to industry estimates.
It is the first time GlobalFoundries has made it into the top 20 among foundries and semiconductor companies, coming in at 15th place.
"That is an accurate reflection of our operating and financial performance in 2012," said Mr Ajami. "GlobalFoundries made it to the top 20, the growth figures are up there with Qualcomm, which is quite an impressive growth for the year and for our performance."
Qualcomm is currently the market leader in the mobile chip industry, with revenue growth projected for 30 per cent this year to reach $12.8bn.
"The global economic environment has been challenging. The semiconductor industry has been quite slow, but we continue to drive very hard with our strategy and we plan to grow just as high as we did this year. We do not aspire to grow slowly," said Mr Ajami.
Much of this growth has come from surging demand for silicon chips used to power smartphones and tablet devices.
This month, Ajit Manocha, the chief executive of GlobalFoundries, outlined a 15 per cent growth in overall capacity for its advanced microchips.
Capacity output for the company's 32 nanometre (nm) and 28nm nodes, which denote industry benchmarks for some of the fastest microprocessors in the industry, grew 40 per cent year-on-year.
"We will keep driving very hard. This is the first year we have proven we have the right strategy. There are lots of changes happening, significant changes. Better dynamics are evolving and structures are changing." said Mr Ajami.
The opening of the $5bn greenfield fabrication plant in New York that went online earlier this year, and which joined the company's two other facilities in Singapore and Germany, has helped to push sales.
Plans to open an Abu Dhabi fabrication plant are still on hold, with no clear time frame for when construction will begin. Plans originally were for the plant to be completed by 2015.
"We continue to investigate on the ground. If GlobalFoundries continues the way it has, we will reassess our plans," said Mr Ajami.
Atic is wholly owned by Mubadala Development, a strategic investment company owned by the Abu Dhabi Government, and was founded to diversify the emirate's economy and create jobs.
Atic founded GlobalFoundries with the US-based semiconductor company AMD in 2009. Earlier this year, Atic bought out AMD's shares in GlobalFoundries, while Mubadala still retains a 19.4 per cent stake in AMD.
AMD continues to be GlobalFoundries's biggest customer, although the industry group IC Insights predicts a 17 per cent decline in revenues this year for the firm.
Intel is the world's biggest chip manufacturer, followed by Samsung. Both, however, are believed to have suffered falling sales. IC Insights forecasts a 2 per cent decline in sales for the global semiconductor industry this year.
thamid@thenational.ae

COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

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CHATGPT ENTERPRISE FEATURES

• Enterprise-grade security and privacy

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• Longer context windows for processing longer inputs

• Advanced data analysis capabilities

• Customisation options

• Shareable chat templates that companies can use to collaborate and build common workflows

• Analytics dashboard for usage insights

• Free credits to use OpenAI APIs to extend OpenAI into a fully-custom solution for enterprises

EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

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Source: Emirates

The specs

Engine: 2.0-litre turbocharged 4-cyl
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On sale: now

Confirmed bouts (more to be added)

Cory Sandhagen v Umar Nurmagomedov
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Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.

TWISTERS

Director:+Lee+Isaac+Chung

Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos

Rating:+2.5/5

JOKE'S ON YOU

Google wasn't new to busting out April Fool's jokes: before the Gmail "prank", it tricked users with mind-reading MentalPlex responses and said well-fed pigeons were running its search engine operations .

In subsequent years, they announced home internet services through your toilet with its "patented GFlush system", made us believe the Moon's surface was made of cheese and unveiled a dating service in which they called founders Sergey Brin and Larry Page "Stanford PhD wannabes ".

But Gmail was all too real, purportedly inspired by one – a single – Google user complaining about the "poor quality of existing email services" and born "millions of M&Ms later".

About Okadoc

Date started: Okadoc, 2018

Founder/CEO: Fodhil Benturquia

Based: Dubai, UAE

Sector: Healthcare

Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth

Funding stage: Series B fundraising round to conclude in February

Investors: Undisclosed

Racecard

5pm: Al Maha Stables – Maiden (PA) Dh80,000 (Turf) 1,600m

5.30pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (T) 1,600m

6pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m

6.30pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m

7pm: The President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m

7.30pm: The President’s Cup – Listed (TB) Dh380,000 (T) 1,400m

Company profile

Company name:+Dharma

Date started:+2018

Founders:+Charaf El Mansouri, Nisma Benani, Leah Howe

Based:+Abu Dhabi

Sector:+TravelTech

Funding stage:+Pre-series A 

Investors:+Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs

The specs

Engine: Single front-axle electric motor
Power: 218hp
Torque: 330Nm
Transmission: Single-speed automatic
Max touring range: 402km (claimed)
Price: From Dh215,000 (estimate)
On sale: September

BUNDESLIGA FIXTURES

Saturday

Borussia Dortmund v Eintracht Frankfurt (5.30pm kick-off UAE)

Bayer Leverkusen v Schalke (5.30pm)

Wolfsburg v Cologne (5.30pm)

Mainz v Arminia Bielefeld (5.30pm)

Augsburg v Hoffenheim (5.30pm)

RB Leipzig v Bayern Munich (8.30pm)

Borussia Monchengladbach v Freiburg (10.30pm)

Sunday

VfB Stuttgart v Werder Bremen  (5.30pm)

Union Berlin v Hertha Berlin (8pm)

SERIE A FIXTURES

Saturday

AC Milan v Sampdoria (2.30pm kick-off UAE)

Atalanta v Udinese (5pm)

Benevento v Parma (5pm)

Cagliari v Hellas Verona (5pm)

Genoa v Fiorentina (5pm)

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Napoli v Crotone (5pm)

Sassuolo v Roma (5pm)

Torino v Juventus (8pm)

Bologna v Inter Milan (10.45pm)

UAE athletes heading to Paris 2024

Equestrian
Abdullah Humaid Al Muhairi, Abdullah Al Marri, Omar Al Marzooqi, Salem Al Suwaidi, and Ali Al Karbi (four to be selected).
Judo
Men: Narmandakh Bayanmunkh (66kg), Nugzari Tatalashvili (81kg), Aram Grigorian (90kg), Dzhafar Kostoev (100kg), Magomedomar Magomedomarov (+100kg); women's Khorloodoi Bishrelt (52kg).

Cycling
Safia Al Sayegh (women's road race).

Swimming
Men: Yousef Rashid Al Matroushi (100m freestyle); women: Maha Abdullah Al Shehi (200m freestyle).

Athletics
Maryam Mohammed Al Farsi (women's 100 metres).

WHAT MACRO FACTORS ARE IMPACTING META TECH MARKETS?

• Looming global slowdown and recession in key economies

• Russia-Ukraine war

• Interest rate hikes and the rising cost of debt servicing

• Oil price volatility

• Persisting inflationary pressures

• Exchange rate fluctuations

• Shortage of labour/skills

• A resurgence of Covid?

SPEC SHEET

Processor: Apple M2, 8-core GPU, 10-core CPU, 16-core Neural Engine

Display: 13.3-inch Retina, 2560 x 1600, 227ppi, 500 nits, True Tone, wide colour

Memory: 8/16/24GB

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I/O: Thunderbolt 3 (2), 3.5mm audio; Touch Bar with Touch ID

Connectivity: Wi-Fi 6, Bluetooth 5.0

Battery: 58.2Wh lithium-polymer, up to 20 hours

Camera: 720p FaceTime HD

Video: Support for HDR with Dolby Vision, HDR10, ProRes

Audio: Stereo speakers with HDR, wide stereo, Spatial Audio support, Dolby support

In the box: MacBook Pro, 67W power adapter, USB-C cable

Price: From Dh5,499

RESULT

Norway 1 Spain 1
Norway: King (90+4')
Spain: Niguez (47')

COMPANY PROFILE

Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

Rocketman

Director: Dexter Fletcher

Starring: Taron Egerton, Richard Madden, Jamie Bell

Rating: 3 out of 5 stars 

Landfill in numbers

• Landfill gas is composed of 50 per cent methane

• Methane is 28 times more harmful than Co2 in terms of global warming

• 11 million total tonnes of waste are being generated annually in Abu Dhabi

• 18,000 tonnes per year of hazardous and medical waste is produced in Abu Dhabi emirate per year

• 20,000 litres of cooking oil produced in Abu Dhabi’s cafeterias and restaurants every day is thrown away

• 50 per cent of Abu Dhabi’s waste is from construction and demolition

Our legal advisor

Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.

Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation. 

Education: Sagesse University, Beirut, Lebanon, in 2005.

Shooting Ghosts: A U.S. Marine, a Combat Photographer, and Their Journey Back from War by Thomas J. Brennan and Finbarr O’Reilly

Turning waste into fuel

Average amount of biofuel produced at DIC factory every month: Approximately 106,000 litres

Amount of biofuel produced from 1 litre of used cooking oil: 920ml (92%)

Time required for one full cycle of production from used cooking oil to biofuel: One day

Energy requirements for one cycle of production from 1,000 litres of used cooking oil:
▪ Electricity - 1.1904 units
▪ Water- 31 litres
▪ Diesel – 26.275 litres

The Written World: How Literature Shaped History
Martin Puchner
Granta

Hotel Silence
Auður Ava Ólafsdóttir
Pushkin Press

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

The biog

Age: 30

Position: Senior lab superintendent at Emirates Global Aluminium

Education: Bachelor of science in chemical engineering, post graduate degree in light metal reduction technology

Favourite part of job: The challenge, because it is challenging

Favourite quote: “Be the change you wish to see in the world,” Gandi