Image credit: Mubadala
Mubadala Investment Company’s assets under management jumped 9.1 per cent last year to Dh1.2tn($326.74bn), it said on Thursday, as it stepped up investments into sectors such as technology, manufacturing, and private credit.
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Mubadala is the second largest state investment fund in Abu Dhabi, behind the Abu Dhabi Investment Authority (ADIA). Together with smaller peer ADQ, the three funds manage around $1.7tn in assets.
Deployed capital growth
Mubadala’s deployed capital grew by 33.7 per cent in 2024 from the previous year to Dh119bn, it said in a statement. Its portfolio delivered a five-year rate of return of 10.1 per cent.
“Our portfolio has been constructed to navigate market cycles and scale future-focused sectors,” Managing Director and Group CEO Khaldoon Khalifa Al Mubarak was quoted as saying in the statement.
Diversification of economy
Abu Dhabi has accelerated efforts to diversify its economy into sectors such as tourism, manufacturing, and advanced technology, utilising vehicles like its investment funds to deploy its vast oil wealth.
Mubarak said that Mubadala’s portfolio included assets in sectors such as AI, clean energy, semiconductors and advanced manufacturing which all align with the UAE’s national priorities.
It has also emerged as a key UAE partner for US tech companies. Its MGX vehicle, focused on AI investments and set up last year, has invested in OpenAI and Elon Musk’s xAI.
Proceeds, including monetisations, grew 10 per cent from a year earlier to 109 billion dirhams in 2024, Mubadala said in its statement.
Its portfolio mix remained broadly consistent year-on-year, with 40 per cent investment in private equity, 23 per cent in public markets, and 17 per cent in infrastructure and real estate.
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