Abu Dhabi tech firm to spend $3b on expansion
3/9/2010

(MENAFN) Advanced Technology Investment Company (ATIC) said that it plans to invest $2-$3 billion this year in capacity expansion, eyeing a bigger share of the global contract chip industry, Reuters reported. The Abu Dhabi government-owned firm said that it seeks to increase its stake in Global Foundries, which is a US-headquartered semiconductor manufacturing firm and joint venture with Advanced Micro Devices (AMD). ATIC's current stake is 68 percent and the firm plans to raise this share to 70 percent in two to three months, said ATIC Chief Executive, Ibrahim Ajami. It is worth mentioning that Global Foundries was established in March last year as the world's first full service semi-conductor foundry when AMD spun off its manufacturing arm into a new company with ATIC.