Mubadala recorded a bumper year in 2019, committing investments of Dh68 billion across asset classes. It now has exposures in more than 50 countries. Image Credit: Gulf News Archive

Abu Dhabi: Abu Dhabi’s Mubadala Investment Company recorded a sharp gain in full-year income to Dh53 billion from Dh12.5 billion in 2018. Assets under management by the fund was at Dh853 billion as of end 2019, a gain on the Dh840 billion from the year before.

“2019 was a remarkable year for Mubadala,” said Khaldoon Khalifa Al Mubarak, Group CEO and managing director, quoted in the annual review.

“Not only did we deliver strong financial results, but we also continued to grow our presence across multiple asset classes in key sectors and markets to help further diversify Abu Dhabi’s economy.”

On the investment side, Mubadala deployed Dh68 billion across various asset classes last year, ranging from credit to technology, life sciences, health care, renewables, transportation and agribusiness.

Monetisation of mature assets and distributions from investments totalled Dh63 billion. Its portfolio is now made up of investments in 50 countries plus, including the recent $1.2 billion one it made in India’s Jio Platforms, owned by Mukesh Ambani of Reliance Industries.

Treading with care

“In 2019, we continued to manage our balance-sheet carefully, with a prudent debt-to-equity ratio of 11.8 per cent,” said Carlos Obeid, chief financial officer. “We will continue to look for opportunities in public funds and private assets as we manage through this complex economic cycle, while remaining a long-term, patient investor.”

Of its assets, 43 per cent of Mubadala’s portfolio is via direct and indirect investments in private equity, with 21 per cent in public markets, and 11 per cent in real estate and infrastructure.

“Responsible deployment of capital, strong partnerships and agile investing remain at the core of Mubadala’s strategy," Al Mubarak added. "And now, we are working across our portfolio in partnership with communities which have been hit hard by COVID-19.”

It expanded the healthcare assets, acquiring Amana Healthcare. The group also signed an agreement to invest Dh1.8 billion in Cologix, as well as Dh477.4 million in Equinox Gold.