Abu Dhabi's Mubadala hits Dh119b in funds deployed in 2024 - and that includes in AI too
Wealth fund clears Dh1.2 trillion mark in assets under management
Dubai: The Abu Dhabi investment firm Mubadala deployed a staggering Dh119 billion in new capital across 2024, which is a 33% increase on the Dh89 billion a year earlier. This puts the overall assets under management to Dh1.2 trillion, a gain of 9.1%.
Mubadala has in recent years been spreading its wings afros geographies and sectors, including, of course, placing a lot of recent focus on AI possibilities.
Over the last 5 years, the fund manager has hit 10.1% annualized returns.
"A growing number of best-in-class investors also continued to partner with Mubadala - reflecting confidence in our approach and long-term strategy,” said Khaldoon Khalifa Al Mubarak, Managing Director and Group CEO of Mubadala.
“We will work to deepen these partnerships, invest in advancing innovation and create new entities in Abu Dhabi and around the world.”
In 2024, 40% of Mubadala’s new capital deployment went into private markets, while real estate and infra attracted 17%. Public markets took in 23%, and alternative assets made up 15%. And the private credit marketplace was a magnet for the balance 5%.
'National champion MGX'
A lot of that new capital deployment continues to be in the UAE. These include:
The formation of MGX, alongside G42, marked a milestone for the ‘UAE’s emergence as a global leader in AI and advanced technologies’.
The creation of Space42, the MENA region’s largest publicly listed space technology company. It was done through merging publicly-listed Yahsat and Bayanat.
Emirates Global Aluminium (EGA) expanded its global aluminum recycling capacity to 140,000 tonnes, with another 225,000 tonnes under construction. This was done through the acquisition of 80% of US-based Spectro Alloys Corporation; the acquisition of Leichtmetall in Europe and the ongoing development of the UAE’s largest recycling plant.
Mubadala and Aldar extended their ‘long-standing strategic partnership’ by developing and managing joint ventures in prime residential, commercial, retail and logistics assets with a combined value of more than Dh30 billion ($8.2 billion).
A lot of new funding overseas too
"Our portfolio has been constructed to navigate market cycles and scale future-focused sectors—from AI and clean energy to life sciences, semiconductors, and advanced manufacturing—all aligned with our national priorities,” said Al Mubarak.
A lot of the new funding plays went into overseas investments too.
Investment in India - and in OpenAI
A 'significant' investment was made in Manipal Health Enterprises, one of India’s largest multi-specialty hospital networks.
Mubadala Capital, managing $30 billion grew its international footprint by acquiring Fortress Investment Group and establishing a $1 billion partnership with Silver Rock Financial.
MGX co-led the $30 billion AI Infrastructure Partnership alongside Microsoft, BlackRock, GIP, NVIDIA and xAI and invested in companies such as OpenAI.
“This year marked two decades of disciplined financial performance as an investor central to the UAE’s long-term competitiveness,” said Al Mubarak.
“Our portfolio has been constructed to navigate market cycles and scale future-focused sectors—from AI and clean energy to life sciences, semiconductors, and advanced manufacturing—all aligned with our national priorities.”
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