Mubadala Development Company has changed the name of its Gulf Aircraft Maintenance (GAMCO) subsidiary to Abu Dhabi Aircraft Technologies. The Abu Dhabi government-owned Mubadala (Stand W300) aims to grow its annual revenue from a current $300 million to $800 million by 2012.

Mubadala  plans to invest more than $500 million in its subsidiary over the next five years, making it the cornerstone of its aerospace strategy. CEO Waleed Al Mokharrab said the rapid UAE and Middle East fleet expansion has driven the growth. “We will leverage Abu Dhabi’s premier geographic location at the heart of this growth to cater to regional, European and Asian customers,” he said.

The company plans to break ground soon on the first of two new heavy maintenance hangars, each able to accommodate three Boeing 777s side by side. The development will increase the number of heavy maintenance bays to 13. It also plans a fully automated paint hangar big enough for the Airbus A380, along with a light maintenance facility in the new midfield terminal complex at Abu Dhabi International Airport.

The first stage of the airport facility will involve construction of a hangar capable of housing two A380s side by side. The company also plans to build more line stations at the midfield terminal. It has already established outstations for line maintenance at the UAE’s Sharjah, Ras Al Khaimah and Al Ain airports and the UAE Air Force’s Al Bateen and Al Minhad bases.