Abu Dhabi’s Mubadala looks to ‘difficult’ 2030 through lens of opportunity, says CEO – News

Fund will focus on longer-term service opportunities

Khaldoon Khalifa Al Mubarak, Managing Director and Group Chief Executive Officer, Mubadala Investment Company.

2023 will be a difficult year for the global economy but the fund will focus on opportunities for longer-term services, the chief executive of Abu Dhabi state investor Mubadala said on Saturday.

“If I look at the outlook for the year, yes, 2023 is going to be tough … there are more headwinds than tailwinds in most parts of the world,” Mubarak told the World Policy Conference in Abu Dhabi.

He added: “There’s going to be a big correction in valuations, recessionary pressures in many parts of the world…but I’m looking at it from an opportunity perspective” over the next 5 to 10 years.

Abu Dhabi’s second-largest sovereign wealth fund, Mubadala, managed $284 billion in assets at the end of last year, according to an investor presentation.

Mubarak said that as a global investor, Mubadala will continue to follow an “agnostic” investment approach, focusing on growth models and long-term sustainable returns, and will continue to focus on areas such as renewable energy and technology.

While Europe presented a “challenging picture”, he said India – with its large population, growing middle class and economic trajectory – was “a picture where you see growth”.

Sectorally, technology and energy transition remain broad themes for Mubadala.

Mubarak said the UAE seeks a balanced mix of energy production, including renewable and conventional sources.

Abu Dhabi announced on Thursday the new structure of its flagship clean energy company Masdar, with Adnoc, Taqa and Mubadala all becoming shareholders, with Mubadala retaining its 33 percent stake.

Mubadala aims to increase renewable energy capacity to at least 100 GW by 2030, mainly wind and solar.