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Mubadala Investments plans to focus on investing in Asia this year as China recovers faster than expected from the pandemic and India’s economy continues to grow.
Khaldoon Khalifa Al Mubarak, chief executive of the $284 billion Abu Dhabi wealth fund, said in an interview with Bloomberg Television that he expects a “strong recovery” in China this year and is seeing “very exciting growth” in Indonesia, Southeast Asia, Japan and South Korea. opportunity” in Davos on Wednesday.
“Our portfolio is relatively underinvested across Asia, especially in economies like India and South Korea,” he said. “You’re definitely seeing us focus more on those areas because we see more opportunity in areas we like.”
He said that Mubadala has a strong professional investment team in China and has a good understanding of the Chinese market.
Speaking in Davos hours after Beijing released better-than-expected economic data for the fourth quarter, China’s top economic official said the country’s economy could bounce back to its pre-pandemic growth trend this year after the peak of coronavirus infections passed. . Meanwhile, India recently overtook the UK to become the world’s fifth-largest economy.
Elsewhere, Mubadala plans to continue investing in semiconductors, technology, energy transition, digital infrastructure, software and credit in the short to medium term, Al Mubarak said. The fund is also looking globally for potential investments in technology and venture capital, he said.
Mubadala is among the sovereign wealth funds from the oil-rich Gulf region that have remained active acquirers despite a drop in global deal volume and banks cutting bank lending for acquisitions.
Spurred by cash from last year’s commodities boom and equally ambitious neighbors like Qatar and Saudi Arabia, the United Arab Emirates — which holds about 6% of the world’s proven oil reserves — is investing billions of dollars to Diversify your economy away from crude oil.
“Our sentiment is more of cautious optimism,” Mubarak said. “There are undoubtedly some headwinds and challenges ahead, but it’s not as bad as people think. Whether it’s a recession or a lesser recession, I think 2023 will be fine.”
(Updated comment for second paragraph.)
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