Mubadala Investment Company’s assets under management jumped 9.1% last year to 1.2 trillion dirhams ($326.74 billion), it said on Thursday, as it stepped up investments into sectors such as technology, manufacturing, and private credit.
Mubadala is the second-largest state investment fund in Abu Dhabi, the oil-rich capital of the United Arab Emirates, behind the Abu Dhabi Investment Authority (ADIA). Together with smaller peer ADQ, the three funds manage around $1.7 trillion in assets.
Mubadala‘s deployed capital grew by 33.7% in 2024 from the previous year to 119 billion dirhams, it said in a statement. Its portfolio delivered a five-year rate of return of 10.1%.
“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.
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 U.S. 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% 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% investment in private equity, 23% in public markets, and 17% in infrastructure and real estate.
Reuters
