Abu Dhabi’s Mubadala says assets grew by 80 pct to $229 bln in 2018

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Abu Dhabi state investor Mubadala Investment Co said on Monday its assets under management rose 80 percent in 2018, as it continues to invest across sectors globally.

The results are the first since Abu Dhabi Investment Council (ADIC), an investment arm of the Abu Dhabi government, joined Mubadala last year.

Mubadala’s assets under management totalled 841 billion dirhams ($229 billion) last year compared to 469 billion dirhams in 2017, it said in a statement.

Total comprehensive income was 12.5 billion dirhams in 2018, up 21.3 percent from 10.3 billion dirhams in 2017, it said.

“The addition of the Abu Dhabi Investment Council was a transformational step, strengthening our position as an international investor across different sectors,” said Khaldoon Khalifa al-Mubarak, group chief executive and managing director of Mubadala.

As part of its diversification strategy, Mubadala invested 70.1 billion dirhams last year across existing investment sectors including technology, aerospace, commodities and financial services as well as new sectors such as medtech and agribusiness.

Mubadala monetized mature assets worth 55.4 billion dirhams last year that included equity stakes in Advanced Micro Devices, EMI Music and Abu Dhabi Terminals.

Unlisted Mubadala, which has stakes in General Electric and private equity firm Carlyle Group, among others, has committed $15 billion to the $100 billion SoftBank Vision Fund. It is assessing its commitment to Vision Fund II.

But the addition of ADIC is strengthening Mubadala’s position as an international investor.

“Technological disruption is creating the potential for value across all sectors, which is an opportunity for us to deepen our position as a major global investor,” said Mubarak, adding they were also activating investments and relationships to establish Abu Dhabi as a regional technology hub.

Mubadala reduced its corporate debt through a combination of repayments, new issuances and favorable exchange movements, the statement said, without elaborating.