Mubadala, one of oil-rich Abu Dhabi’s most active investment vehicles, on Thursday released its first annual report which showed that it made losses of AED11.8bn (€2.5bn) in 2008.

The report – the first of its kind by a Gulf state investment entity wholly owned by the government – provides a rare insight into the losses incurred by sovereign investment entities after the decline in asset prices and the collapse in global stock markets.