ATIC CEO Ibrahim Ajami told the press that Globalfoundries will not start construction on a new megafab in Abu Dhabi in 2012 due to the uncertain economic outlook. The decision will be reevaluated at a later time.
Back in May 2011 it was reported that Globalfoundries (Milpitas, Calif.) was planning to spend between $6 billion and $8 billion building a wafer fab in Abu Dhabi with groundbreaking to take place in 2012 and chip production scheduled to start in 2015. Meanwhile the foundry is constructing a wafer fab in Malta, Saratoga County, New York. That plan has been put on hold with a re-assessment to come some time in 2012, the report said.
Globalfoundries was formed by the spin-off of manufacturing facilities belonging to processor company Advanced Micro Devices Inc. and the acquisition of Chartered Semiconductor Manufacturing Pte. Ltd. This provided Globalfoundries with close to leading-edge production facilities in Dresden, Germany and Singapore. The money for the purchases came from Advanced Technology Investment Company (ATIC), a sovereign wealth fund owned by the government of the Emirate of Abu Dhabi and Globalfoundries is 91 percent owned by ATIC.