Arabian chipmaker Globalfoundaries is seeing its bottom line picking up. The Abu Dhabi prince of the desert claims that its revenues will grow 31 per cent to $4.5 billion in 2012.

GlobalFoundries was spun off from AMD and is now owned by the Abu Dhabi-based Advanced Technology Investment Company (Atic).  Things are going so well for the firm it is considering an IPO in 2015, when it expects start making a profit. [Perhaps it should buy AMD now? Ed]

Ibrahim Ajami, the chief executive of Atic, also confirmed reports that GlobalFoundries was expected to make US$4.5 billion in revenues this year. The revenue of $4.5 billion equals growth of 31 per cent over last year, a pace that would establish the company as the world's fastest-growing chip firm. It is also now ranked at 15th in the top 20 foundaries in the world.

This is not bad given that the global economic environment is pants and the semiconductor industry has been quite slow.