Abu Dhabi’s Mubadala Investment Company reported a 34% increase in capital deployment in 2024, reaching Dh119 billion, driven by heightened activity in North America, private equity, and artificial intelligence sectors. Assets under management rose 9.1% year-on-year to Dh1.2 trillion, with a five-year annualised return of 10.1%.
The fund’s portfolio composition shifted, with private equity investments increasing to 40%, while public market holdings decreased to 23%. Mubadala’s private credit portfolio expanded to $20 billion, supported by partnerships with institutions like Apollo, Ares, Carlyle, Goldman Sachs, and KKR.
In the technology sector, Mubadala co-founded MGX, an AI investment firm targeting $100 billion in assets under management. MGX participated in a $30 billion AI infrastructure fund alongside BlackRock and Microsoft, focusing on data centers and power infrastructure.
Masdar, Mubadala’s clean energy arm, increased its renewable energy capacity by 150% to 51 gigawatts by the end of 2024, up from 20 GW in 2022, aligning with its goal of reaching 100 GW by 2030.
Mubadala Capital, managing $30 billion, acquired Fortress Investment Group and established a $1 billion partnership with Silver Rock Financial. The firm also closed Private Equity Fund IV with total commitments of $3.1 billion, surpassing its original target by over $1 billion.
In the UAE, Mubadala supported the creation of Space42, formed through the merger of Yahsat and Bayanat, and expanded Emirates Global Aluminium’s recycling capacity through acquisitions in the US and Europe. The company also extended its partnership with Aldar to develop joint ventures in residential, commercial, retail, and logistics assets valued at over Dh30 billion.
Mubadala’s financial strategy included raising Dh30.5 billion through various capital market instruments, such as the world’s first AA-rated sovereign Sukuk and its first dirham-denominated global Sukuk. The fund maintains a conservative gearing ratio of 7.8%, positioning it for future investments.
