Abu Dhabi’s Mubadala Investment Co. reported robust performance in 2024, with annualized returns of 10.1% over the past five years and assets under management (AUM) growing over 9% year-on-year to AED 1.2 trillion ($326.7 billion). The sovereign wealth fund credited its focus on artificial intelligence, semiconductors, and other future-facing sectors for the gains.
Capital deployed surged 33.7% year-over-year to AED 119 billion, making Mubadala the most active sovereign investor globally. Despite being among the world’s top five sovereign investors, the company does not disclose revenue or net income figures.
Focus on Future-Facing Sectors
CEO Khaldoon Al Mubarak said the company’s investment strategy is aligned with long-term trends and national priorities.
“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,” he said.
Mubadala’s asset allocation remained broadly consistent, with 40% in private equity, 23% in public markets, and 17% in infrastructure and real estate.
Strong Balance Sheet, Expanding Private Debt
The firm’s private debt portfolio grew to $20 billion, underpinned by partnerships with major global institutions including Apollo, Ares, Carlyle, Goldman Sachs, and KKR.
Group CFO Carlos Obeid emphasized the company’s financial strength and strategic expansion.
“We continue to grow and diversify across sectors and geographies, supported by a strong balance sheet, a low cost of debt, and a conservative gearing ratio of 7.8%, which positions us well for future investments,” Obeid said.
Capital Market Activity in 2024
In 2024, Mubadala raised AED 30.5 billion through various capital market instruments, including sukuk and bonds. Notably, the company also issued its first Euro-denominated 6- and 7-year corporate facilities in the EMEA region, diversifying its funding base and enhancing its global footprint.
