Abu Dhabi's investment vehicle Mubadala said the first semiconductor foundry in the Gulf state will be opened in four years. According to Mubadala Chief Operating Officer Waleed Al Mhuairi the goal is to become the number two in two years and compete with Intel. The oil and gas rich emirate entered the semiconductor market with investments in AMD and co-ownership of GlobalFoundries, and recently increased its stake in the semiconductor market through the acquisition of Chartered Semiconductor.
"In four years, you'll see the first foundry in Abu Dhabi," Mubadala Chief Operating Officer Waleed Al Muhairi said at an energy conference in the United Arab Emirates' capital.
"We will be No. 2 in two years," Muhairi said. "It is an industry changing move to create, at home, this business. We want to compete with Intel (INTC.O)."