The total assets under management of Abu Dhabi sovereign wealth fund Mubadala rose 9.5% in 2023 to reach Dh1.11 trillion ($302.2 billion).
The wealth fund also reported proceeds of Dh99 billion in 2023, a 6.6% decrease compared to the Dh106 billion achieved in 2022, as a result of “disruptions to supply chains” as well as “divestments of certain legacy assets and capital recycling into priority investment areas”.
Mubadala’s portfolio achieved a five-year rate of return of 10.3% in 2023, the fund said.
The fund deployed Dh89 billion in sectors including digital infrastructure, AI technologies, life sciences, renewable energy and private credit; and expanded its reach across geographies through acquisitions and partnerships with international entities across Asia, Europe and North America.
“Mubadala had a strong year across the portfolio, making investments in areas essential to growth and innovation around the world,” said Khaldoon Khalifa Al Mubarak, Managing Director and Group CEO at Mubalada.
The fund’s portfolio mix remained broadly similar in 2023 compared to the year prior, with 38% direct and indirect in private equity, 25% in public markets and 16% in real estate and infrastructure.
“The company capitalised on market opportunities to execute on its monetisation strategy, generating total proceeds of Dh99 billion for the year,” Mubadala said in a statement. “Investments to accelerate the transformation of the UAE economy through AI-enabled innovation in sectors such as healthcare and space technology remained central to Mubadala’s strategy.”
Mubadala is at the heart of Abu Dhabi’s efforts to diversify its revenue base away from oil. In the past year, it founded two new businesses along with Abu Dhabi tech group G42: space satellite tech company Space42 and health tech firm, M42. The fund has also supported the creation of Abu Dhabi’s AI investment fund MGX.
In 2024, Mubadala and Bpifrance, the French public investment bank made a joint investment in global technology investment firm Partech’s latest Africa-focused venture capital (VC) fund, Partech Africa II. The fund also signed a $1 billion partnership with Goldman Sachs to co-invest in private credit opportunities in the Asia-Pacific region; and entered into a strategic partnership with US-based fund-of-funds venture capital firm Blue Opal Capital.
Earlier this week, the funds’ subsidiary Mubadala Capital, announced the acquisition of Fortress, through the purchase of Softbank’s stake in the group.
