GloFo goes MOU in Abu Dhabi

Abu Dhabi's Executive Affairs Authority and the German Free State of Saxony signed a Memorandum of Understanding (MOU) this week.

The two were brought together by the ex-AMD fab, now run by GlobalFoundries in Dresden, Saxony, which an Abu Dhabi-based cash-rich company made a not-insignificant investment in, after Hector Ruiz trashed the one-time chip maker and carved up what was left.

The back-clapping pair of semi-states said they acknowledged their "mutual economic interests and were committed to establishing "new opportunities to exchange expertise and share knowledge."

The MoU recognises the strategic importance of the close cooperation between Abu Dhabi and Saxony in the areas of science and technology, with special emphasis placed on the field of microelectronics. That's chips to you and me.

The deal was signed by Khaldoon Khalifa Al Mubarak, chairman of the Executive Affairs Authority and Dr Johannes Beermann, chief of the State Chancellery and Minister of State for Federal Affairs, Saxony.

Ibrahim Ajami, CEO of Advanced Technology Investment Company (ATIC), the major shareholder in GlobalFoundries, represented the company at the shindig. The Al Mubarak family happens to own ATIC.

ATIC invested over $1 billion in GloFo's Fab 1, in Dresden.

"This agreement marks a further development in the growing relationship between Saxony and Abu Dhabi," said Al Mubarak. "Encouraging the exchange of knowledge in the fields of science and technology can only add to the development of expertise required for the future development of the advanced technology sector in Abu Dhabi."

Dr Beermann called the MOU "another significant step in our mutual cooperation, which is developing with extraordinary and unprecedented dynamics."