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Abu Dhabi sovereign investor Mubadala announced that, despite the challenging macroeconomic environment in 2022, which will have a significant impact on financial markets and investor sentiment, it will continue to build on its active management of its portfolio, prudent capital deployment and a well-thought-out currency It outperformed global benchmarks, backed by globalization plans.
Announcing its financial results for 2023, Mubadala said its investment of 107 billion dirhams ($29.1 billion) was in line with its strategy of investing in industries shaping the future, including life sciences, renewable energy and digital infrastructure.
Mubadala backs two of the top 10 healthcare deals of 2022, investing with EQT in Envirotainer, a provider of cold chain solutions for the pharmaceutical industry; Data and software company for clinical trials and drug development.
After the deal, the company made an acquisition and subsequently changed its name to Norstella, it said.
For renewable energy, Mubadala said it, along with BlackRock Real Estate, invested $525 million in Tata Power Renewable Energy, one of India’s largest renewable energy companies, as part of Mubadala’s fast-growing clean Part of an energy portfolio.
Together with co-investors including Global Infrastructure Partners (GIP), Mubadala has also acquired 100% of Skyborn Renewables, the world’s largest privately-owned offshore wind developer.
The investment includes GIP’s 50% interest in Bluepoint Wind, an innovative 1.6GW project off the coast of New Jersey and New York, it said.
During the year, Mubadala made substantial investments in digital infrastructure, including US$350 million deployed in PDG, Pan-Asia’s leading data center platform, and further invested £300 million (US$378 million) in CityFibre, the UK’s largest independent full-fiber platform, to Based on an initial £500 million investment in the company.
Mubadala said it had further invested in real estate and infrastructure, as well as other alternative investments, including private equity and credit.
These include the start of investing in European real estate credit through a new joint venture with alternative investment firm Ares; Mubadala’s wholly-owned asset management subsidiary Mubadala Capital’s $2.1 billion private equity partnership deal with France’s Ardian; and partnership with KKR to co-invest in Asia Pacific quality private credit opportunities.
To support capital circulation into high-potential investment areas, Mubadala secured AED106 billion in proceeds, including the sale of a 24.9 percent stake in Austrian market leader in basic chemicals and fertilizers, Borealis.
The group sold Dyed Water Mines (Matsa) with Trafigura for $1.87 billion. Mubadala also sold its remaining stake in Glencore.
Mubadala said its group-wide assets under management exceeded Dh1 trillion at the end of the year.
Khaldoon Khalifa Al Mubarak, Managing Director and Group Chief Executive Officer, said: “Despite global headwinds impacting financial markets and investor sentiment, we outperformed our benchmarks, adhering to our long-term strategy of investing in key markets and sectors.”
“We are investing AED107 billion in industries that are shaping the future and making a positive impact, including life sciences, renewable energy and digital infrastructure. Mubadala is also investing in industries that provide stable financial returns, such as real estate and hard infrastructure ,” Al Mubarak noted.
“We increased our exposure to other alternative investments, including private equity and private credit, to help withstand disruptions in traditional asset classes,” he said.
“We continue our aggressive monetization program with proceeds of AED 106 billion being used to recycle capital into high potential industries and regions, including Asia, where we see significant investment potential in technology, digital infrastructure and energy transition ,” said Al Mubarak.
“While the macroeconomic environment remains uncertain, we will focus on long-term investments based on our beliefs,” he added.
Carlos Obaid, Group Chief Financial Officer, said: “As a sovereign investor, we have a long-term investment horizon and institutional patience. Our five-year rolling return of 8.5% and negative 3.1% in 2022 means Mubadala significantly outperformed global benchmarks for the year.”
Mubadala has outperformed major stock market benchmarks in 2022, including the Nasdaq Composite (-33.1%), S&P 500 (-19.4%) and Dow Jones Industrial Average (-8.8%).
“We continue to focus on our capital deployment in line with our strategy, underpinned by prudent financial management, emphasizing the strength of our business and investment approach,” he added..-TradeArabia News Service
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