UAE’s Mubadala plans overseas investments, may also divest stakes

The company said in January the merged entity would have assets of about $125 billion. (Reuters)

Abu Dhabi state-owned fund Mubadala Investment Company is lining up new overseas investments in 2017 and may divest some stakes in companies in its existing portfolio, its chief executive told Reuters on Thursday.

Mubadala, which is merging with Abu Dhabi-owned International Petroleum Investment Company (IPIC), will not see any change it its strategy after the merger, which will be completed in May, Khaldoon al-Mubarak told Reuters in interview.

The company said in January the merged entity would have assets of about $125 billion.

“For 2017, we have lined up several very interesting and important investments,” he said, adding the fund will continue to invest in traditional sectors as well as new sectors such as energy and technology.

“We are not shifting focus, investment is a more broader, more descriptive word.”

Al Mubarak hinted that Mubadala, which recently cut its stake in Advance Micro Devices, may pare down its stakes in other companies this year.

“For 2017, if we find the right opportunity to divest at the right time, we will do so. But that doesn’t change our growth trajectory and strategy,” he said.

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Last Update: Wednesday, 20 May 2020 KSA 09:51 - GMT 06:51
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