At an energy conference in Abu Dhabi, the state-owned investment company Mubadala Development Co. said there are plans to build a wafer fab in the country. "In four years, you'll see the first foundry in Abu Dhabi," Mubadala chief operating officer Waleed Al Muhairi was reported to have said by Reuters.

Mubadala Development Company is a wholly-owned investment vehicle of the government of the Emirate of Abu Dhabi, and owns 19.9 percent of processor maker Advanced Micro Devices Inc. and 5 percent of the Italian elite sports car maker Ferrari. A separate Abu Dhabi investment company, Advanced Technology Investment Co. LLC (ATIC) controls the newly-formed foundry Globalfoundries Inc. that is the likely vehicle through which Abu Dhabi will start building chips at home.

"We will be number two in two years," Muhari said. "It is an industry-changing move to create, at home, this business," he said, adding "we want to compete with Intel."

According to the same report, Muhairi said Abu Dhabi has already committed $10 billion to the semiconductor business through its investment in Globalfoundries, which is co-owned by AMD and ATIC.

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