The Abu Dhabi government's investment fund, the Mubadala Development Company is to build a $6 billion semiconductor fab on home soil, acording to a Reuters report.
The company has coffers stuffed with oil cash but, cognisant of the fact that the oil will one day run out, is looking to diversify its holdings.
Its technology arm, the Advanced Technology Investment Company, (ATIC) owns a 86 per cent stake in GlobalFoundries, the company founded after Hector Ruiz carved AMD in two. AMD still owns the rest.
Through ATIC, Mubadala will plough some $6 billion of its reserves into a chip fab to be built in Abu Dhabi, according to a company official, who told Reuters the plan was to bring the fab online in 2015 and have GlobalFoundries run it.
The unnamed official said the move was part of Mubadala's diversification strategy "The goal is for Global Foundries to be financially sustainable," he was quoted as saying.