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ATIC to make profit by 2015

ATIC expects profit by 2015, but Globalfoundries plan for Abu Dhabi FAB still on hold

ATIC to make profit by 2015
Globalfoundries new FAB came online at the start of this year.

Abu Dhabi's Advanced Technology Investment Co (ATIC) has said that it expects to make its first profit in 2015, according to Reuters.

ATIC, which is owned by the Abu Dhabi investment fund Mubadala, said that it is scaling up operations overseas, but that plans for a chip manufacturing facility (FAB) in the UAE, are on hold.

The company is the owner of Globalfoundries, formed after AMD sold its manufacturing activities to ATIC, with ATIC taking full control in March of this year. Globalfoundries has announced new research labs in Germany this year, and began production of silicon wafers at its newest plant in New York state in January,

Plans for a UAE facility, which were announced in March 2011, are on hold due to tough market conditions, with no date set for construction to begin. Ibrahim Ajami, chief executive of ATCI said that the company was still assessing timing and demand for the proposed plant in Abu Dhabi.

Globalfoundries did not disclose specific figures, but chief executive Ajit Manocha said that revenue for the first nine months of this year was up 34% from a year earlier, while third-quarter revenue was up 29%.

"We will definitely remain on the same trajectory of growth and we are well-positioned for the next three years," Ajit Manocha said.

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