Mubadala's big bets - whether in clean energy, biosciences, or overseas investments - are paying off with end 2021's assets under management at Dh1 trillion. Image Credit: Supplied

Dubai: The Abu Dhabi wealth fund manager Mubadala’s assets under management is at Dh1.04 trillion as of end 2021 against Dh845 billion in 2020. This is the fund’s best performance in its 20-year history.

“We are managing for value as well as staying focused on our long-term mandate to find commercial opportunities despite the current challenging and complex global economic outlook, with headwinds such as inflation, supply chain disruptions and tighter monetary policy,” said Khaldoon Khalifa Al Mubarak, Managing Director and Group CEO.

In 2021, Mubadala achieved a ‘Total Comprehensive Income’ attributable to its owner of Dh122 billion, against Dh72 billion in 2020. “Mubadala continues to invest in sectors that are changing the world and impacting global business,” said Al Mubarak. “As markets rose and the economy began to recover from the pandemic, we looked for opportunities to take some of our strongest companies public and invest with world-class partners in high-growth sectors and geographies.”

  1. 34% of Mubadala’s portfolio is comprised of direct and indirect investments in private equity, with 31% in public markets and 14% in real estate and infrastructure, among others.
  2. In 2021, Mubadala invested Dh125 billion, including Dh1.3 billion in Culligan, a leader in sustainable water solutions, and Dh2.9 billion in Marshal Wace TOPS World Equity Fund, one of the largest alternative asset managers.

Assets picks - home and abroad

Last year, investments totaling Dh125 billion was channeled within the UAE and overseas, as key economies and sectors bounced back from the worst of the COVID-19 disruptions. In the UK, Mubadala put in Dh2.5 billion on CityFibre, the UK’s largest independent fibre infrastructure platform, and expanded an existing alliance with Bpifrance with 4 billion euros into developing French enterprises with proven potential and high growth technology sectors in France.

One of its divisions, Mubadala Health, launched as an integrated healthcare network to for those seeking specialized care. (The entity is also behind the presence of Imperial College of London and Cleveland Clinic in Abu Dhabi,)

Mubadala Capital, which began operations in 2011, became a wholly-owned subsidiary with $13.7 billion assets under management including managing third-party capital. Carlos Obeid, Group CFO, said: “Our consistent profit growth in 2021 reflects the relevance of Mubadala’s investment strategy to focus for the long-term on sectors, asset classes and geographies that are positively contributing to global progress. As the global economy began to recover, we maximised opportunities to monetize our mature assets and invest further into growing sectors with tailwinds. Mubadala ended the year more diversified and resilient, and better prepared for the more uncertain macroeconomic environment ahead.”

Mubadala’s growth trajectory
The 2021 growth was supported through ‘investment returns, monetizing certain assets and new partnerships’.

Mubadala listed its wholly-owned semiconductor manufacturing company, GlobalFoundries, on Nasdaq, which valued the company at nearly $26 billion in ‘one of the biggest flotations of 2021 in the US’.
Yahsat’s IPO on ADX raised $731 million.

ADNOC and TAQA became shareholders in Masdar, which was founded by Mubadala in 2006, to boost its renewable energy capacity to over 50 gigawatts by 2030.