Mubadala posts record income of $33b in 2021

Total investments reached Dh125b during 2021 in key sectors in the UAE and internationally

Abu Dhabi state investor Mubadala posted a record income of Dh122 billion ($33 billion) in 2021, citing strong investment returns, the monetisation of some assets and new partnerships.

“2021 was Mubadala’s strongest financial year in its 20-year history,” Group CEO Khaldoon Khalifa Al Mubarak said in a statement. The 2021 result for socalled total comprehensive income was up 69.4 per cent on the Dh72 billion achieved in 2020.

Mubadala’s assets under management rose to Dh1,045 billion, from 894 billion in 2020, it said.

It invested Dh125 billion during 2021 in key sectors in the UAE and internationally, including Dh2.5 billion in Cityfibre, Britain’s largest independent fibre infrastructure platform.

It also expanded an existing partnership with Bpifrance with €4 billion to invest in developing French enterprises.

Mubadala is the second-biggest state fund in Abu Dhabi after Abu Dhabi Investment Authority (ADIA), which manages an estimated $700 billion in assets.

Mubadala’s CEO said in late March it was pausing investments in Russia, which represent less than 1 per cent of its portfolio, because of the Ukraine crisis. read more. In 2021, Mubadala listed semiconductor maker Globalfoundries (GFS.O), valuing the company at nearly $26 billion in one of the biggest US flotations last year. Mubadala still owns an 88 per cent stake in the company, based on Refinitiv’s Eikon data. “As markets rose and the economy began to recover from the pandemic, we looked for opportunities to take some of our strongest companies public and invest with world-class partners in highgrowth sectors and geographies,” CEO Mubarak said. Mubadala said its current five-year rolling rate of return was 12.2 per cent. — reuters