Advanced Technology Investment Company - 100% owned by the Abu Dhabi government - is making a huge push into becoming a leader in the Contract Chip Manufacturing (aka Foundry.) It started with co-founding Global Foundries (USA). It then went and bought (taking it private!) Charted Semiconductor Manufacturing (Singapore), and finally buying out the rest of Global Foundries from its the other shareholder (Advanced Micro Devices, of which Abu Dhabi owns between 10~15%)
So far so good, but the twist is that they are going to build a Semiconductor manufacturing facility out by Abu Dhabi Airport! the first of its kind in the Arabian Gulf!! target production is on 2014~2015
Abu Dhabi looked at what they have right now, financial resources and energy resources and while the Semiconductor business has very well established players out in Taiwan and China, Abu Dhabi believes it can still compete and achieve where many "Oil Producers" have failed, that is in True Diversification - which will be achieved when more semiconductor facilities open up in the Emirates.
I think Abu Dhabi is on the right track, and even though this may seem like a very expensive path they are taking; it makes a whole lot of sense if one is to look at the long term benefits for the people of the Emirates when they have a non-oil global industry established in their country.
Good Luck Abu Dhabi,
