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Abu Dhabi’s sovereign wealth fund, Mubadala Investment Company, has released its 2023 financial results, with assets under management (AUM) reaching a significant milestone of $302 billion.

In a year marked by global inflation and supply chain disruptions, Mubadala’s AUM increased by 9.45% compared to 2022. This growth is a testament to the company’s strategic investment approach, focusing on innovation-centric industries such as artificial intelligence, technology, digital infrastructure, life sciences, and clean energy.

Strategic Investments and Partnerships

Mubadala deployed AED89 billion ($24 billion) into various sectors, including private credit, technology, and life sciences. The company also capitalized on market opportunities, generating total proceeds of AED99 billion ($27 billion) for the year.

The Abu Dhabi-based sovereign wealth fund continued to strengthen its presence and partnerships in key markets, including North America, Asia, and Europe. Investments in industries shaping the future, such as healthcare and space technology, remained central to Mubadala’s strategy.

Foundational Partnerships and Investments

Mubadala founded two new businesses alongside Abu Dhabi’s technology group G42: Space42, a home-grown space and satellite technology champion, and M42, a tech-enabled, integrated healthcare company. The company also made strategic investments in the growing healthcare sector and partnered with G42 in Abu Dhabi’s MGX, a comprehensive investment vehicle to accelerate the development and adoption of AI and advanced technologies.

Global Investments and Acquisitions

Mubadala invested in Aligned, a leading data centre provider in the Americas, and acquired a stake in GlobalConnect, a fibre-based data communication and data centre services provider serving Northern Europe. The company also closed on a 50% stake in the Big Beau combined solar and battery storage project in California.

Masdar, a global clean energy powerhouse established by Mubadala in 2006, announced the official opening of a $4 billion semiconductor fabrication plant in Singapore. Mubadala Energy made one of the largest natural gas discoveries in Indonesia, with the potential of up to 170 billion cubic meters.

Private Credit Business and Partnerships

Mubadala expanded its private credit business, forming a joint venture with Ares to deploy approximately $1 billion in customized liquidity solutions for the credit secondaries asset class. The company also established a new strategic partnership with Apollo to invest alongside partners up to AED9 billion ($2.4 billion) over the next five years in credit opportunities.

Financial Performance

Mubadala’s Group Chief Financial Officer, Carlos Obeid, stated that despite global market turbulence, the company’s five-year rate of return stood at 10.3%. Mubadala successfully executed almost AED30 billion ($8.2 billion) of funding commitments across a diverse range of products, strategically refinancing maturing debt and supporting investment activities.