Abu Dhabi sees GloFo investment push

Globalfoundries is getting a shot in the arm in Abu Dhabi. Advanced Technology Investment Company (ATIC), the United Arab Emirates government agency that puts backing behind GloFo, wants to see some serious growth in the region.

GlobalFoundries has plans for a $6 billion dollar plant near Masdar City. With a commitment of $10 billion investments from ATIC, including $3.6 billion for the expansion of existing plants, it’s looking likely that GloFo will reach targets in the region and climb to second place in terms of revenue in the region. Currently it is behind TSMC and United MicroElectronics. 

It’s expected there will be up to 6,000 jobs created for the people of Abu Dhabi over the next decade, according to sources in the Gulf

Semiconductor Research Corporation has also signed an agreement with ATIC. Both are working together to strengthen relationships between researchers in Abu Dhabi and firmly securing the United Arabs Emirates as a global technology player once the oil runs dry.  SRC, along with member companies, are set to ramp up research activities in Abu Dhabi, partnered with educational institutions near the capital. Research will be mostly sponsored by ATIC and into the development of low power microelectronics. Financial terms were not disclosed but we’d wager a fair few bob has been committed.

Sami Issa, the ATIC exec responsible for ecosystem development in Abu Dhabi, said in a statement: “The development of Abu Dhabi as a hub for leading-edge semiconductor capabilities, research and development is enabling the emirate to diversify its economy away from dependence on oil and gas. ATIC is working on developing an R&D ecosystem for advanced technology, and our partnership with SRC is a definite step in thsi direction.”

Elsewhere in the Middle East, on the other side of Saudi Arabia, is Intel’s heavy investment into research and development facilities, and fabs,  in Israel.