Abu Dhabi fund Mubadala’s asset under management rise to $302bn

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Abu Dhabi sovereign wealth fund Mubadala’s assets under management rose 9.5 per cent in 2023 to $302.2bn (Dhs1.11tn), it reported on Friday.

Mubadala Investment Company (Mubadala) is the second-biggest state fund in Abu Dhabi, the capital of the UAE, behind the Abu Dhabi Investment Authority.

“Mubadala built on its role as a global investor through opportunistic capital deployment in North America, Asia and Europe in sectors key to regional growth,” the state investor said in a statement.

“Investments to accelerate the transformation of the UAE economy through AI-enabled innovation in sectors such as healthcare and space technology remained central to Mubadala’s strategy.”

The wealth fund reported proceeds of Dhs99bn last year, about 6.6 per cent lower year-on-year (YoY), which it said included “divestments of certain legacy assets and capital recycling into priority investment areas”.

The company reported proceeds of Dhs106bn in 2022.

Mubadala deployed Dhs89bn in sectors including technology, digital infrastructure, life sciences, renewable energy and private credit.

Its portfolio mix remained broadly similar YoY, Mubadala said, with 38 per cent direct and indirect in private equity, 25 per cent in public markets and 16 per cent in real estate and infrastructure.

Read: Mubadala plans to invest in space tech, AI this year