Abu Dhabi’s Mubadala says assets grew by 80% to $229bn in 2018

Abu Dhabi state investor Mubadala Investment Co said on Monday its assets under management rose 80 per cent in 2018, as it continues to invest across sectors globally.

The results are the first since Abu Dhabi Investment Council (ADIC), an investment arm of the Abu Dhabi government, joined Mubadala last year.

Mubadala’s assets under management totalled Dhs841bn ($229bn) last year compared to Dhs469bn in 2017, it said in a statement.

Total comprehensive income was Dhs12.5bn in 2018, up 21.3 per cent from Dhs10.3bn in 2017, it said.

“The addition of the Abu Dhabi Investment Council was a transformational step, strengthening our position as an international investor across different sectors,” said Khaldoon Khalifa al-Mubarak, group chief executive and managing director of Mubadala.

As part of its diversification strategy, Mubadala invested Dhs70.1bn last year across existing investment sectors including technology, aerospace, commodities and financial services as well as new sectors such as medtech and agribusiness.

Mubadala monetised mature assets worth Dhs55.4bn last year that included equity stakes in Advanced Micro Devices, EMI Music and Abu Dhabi Terminals.

Unlisted Mubadala, which has stakes in General Electric and private equity firm Carlyle Group, among others, has committed $15bn to the $100bn SoftBank Vision Fund. It is assessing its commitment to Vision Fund II.

But the addition of ADIC is strengthening Mubadala’s position as an international investor.

“Technological disruption is creating the potential for value across all sectors, which is an opportunity for us to deepen our position as a major global investor,” said Mubarak, adding they were also activating investments and relationships to establish Abu Dhabi as a regional technology hub.

Mubadala reduced its corporate debt through a combination of repayments, new issuances and favourable exchange movements, the statement said, without elaborating.