Mubadala Investment Co. recorded 9.1% growth in assets in 2024 to 1.21 trillion UAE dirhams ($329.4 billion), with highlights including private credit platform growth to $20 billion and the sovereign wealth fund’s co-founding of a new artificial intelligence investor, its group CEO said.
The Abu Dhabi-based fund also achieved an annualized 10.1% return over five years to Dec. 31, it said in its annual report published on May 8.
Capital deployment increased to 119 billion dirhams in 2024, compared with 89 billion dirhams in 2023; while proceeds totaled 109 billion dirhams, vs. 99 billion dirhams.
The wealth fund’s asset allocation saw slight changes over the year: private equity accounted for 40% of the portfolio, vs. 38% in 2023, while public equities decreased to 23% from 25%. Real estate and infrastructure totaled 17% up from 16% a year previous, while other alternative investments accounted for 15% of the portfolio, down from 16%. The remainder of the portfolio was invested in credit.
“This year marked two decades of disciplined financial performance as an investor central to the UAE’s long-term competitiveness,” said Khaldoon Khalifa Al Mubarak, managing director and group CEO, in the review. “Our 2024 results and portfolio growth reflect Mubadala’s focused and resilient strategy, with risk-adjusted returns in sectors where we have conviction. 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.”
Al Mubarak highlighted the creation of MGX, an AI and advanced technology investor co-founded by the wealth fund and AI-development company G42. The review said MGX’s establishment “was transformational for the UAE’s emergence as a global leader in artificial intelligence and advanced technologies.”
The wealth fund also supported growth of the life sciences industry in the United Arab Emirates, with acquisitions along the value chain in relation to manufacturing and distribution.
Mubadala also partnered with other investors over the year, including for an Asia-Pacific-focused private credit market collaboration with Goldman Sachs.
The wealth fund’s private credit portfolio also increased to $20 billion. Details on the value in 2023 were not immediately available. Growth was “supported by deep, trusted partnerships with institutions including Apollo, Ares, Goldman Sachs and KKR,” the review said.
The wealth fund’s investments are spread across North America (42%), the UAE (23%), Europe (16%), APAC (13%), Latin America (2%) and the remainder in other geographies.
The wealth fund has two separate investment units: its indirect investments unit Abu Dhabi Investment Council, which invests through funds and co-investments; and Mubadala Capital, a $30 billion alternative asset management unit which also invests on behalf of global investors. Mubadala Capital acquired a stake in Fortress Investment Group last year. The unit also closed its Private Equity Fund IV last year at $3.1 billion.
