Abu Dhabi’s Mubadala reports 2021 as strongest financial year ever

Abu Dhabi sovereign investor Mubadala Investment Company, has reported 2021 as the strongest financial year in its 20-year history.

The company recorded Dhs122bn in total comprehensive income (TCI) attributable to the owner for the year 2021, compared to Dhs72bn in 2020.

At year end, its assets under management across the group stood at Dhs1.045tn compared to Dhs894bn in 2020.

In 2021, we successfully concluded our strongest financial year with several major transactions, new partnerships, and local and global investments across a wide range of future-focused sectors, ending the year more diversified for long-term success. pic.twitter.com/qnU8q3xtNF

— Mubadala (@Mubadala) May 11, 2022

Growth was supported through investment returns, monetising certain assets and new partnerships, a statement said.

Mubadala listed its wholly owned semiconductor manufacturing company, GlobalFoundries, on NASDAQ, valuing the company at nearly $26bn.

Read: GlobalFoundries, Mubadala raise $2.6bn in top-of-range IPO

Yahsat’s IPO on the Abu Dhabi Securities Exchange also raised $731m.

Read: Mubadala satellite operator Yahsat jumps on debut, boosting Abu Dhabi IPO push

Meanwhile, ADNOC and Taqa became shareholders in Masdar, which was founded by Mubadala in 2006, to boost its renewable energy capacity to over 50 gigawatts by 2030.

Managing director and group chief executive officer Khaldoon Khalifa Al Mubarak said: “Mubadala continues to invest in sectors that are changing the world and impacting global business. 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 high-growth sectors and geographies.”

“2021 was Mubadala’s strongest financial year in its 20-year history. We are managing for value as well as staying focused on our long-term mandate to find commercial opportunities despite the current challenging and complex global economic outlook, with headwinds such as inflation, supply chain disruptions and tighter monetary policy.”

Mubadala invested Dhs125bn during 2021 in key sectors locally and internationally. In the United Kingdom, Mubadala invested Dhs2.5bn in CityFibre and expanded an existing partnership with Bpifrance with €4bn to invest in developing French enterprises with growth potential and high growth technology sectors in France.

Mubadala Health launched as an integrated healthcare network to serve patients in the region seeking specialised care.

Read: Mubadala Health to enter Dubai with new medical facility in Jumeirah

Additionally, Mubadala Capital, which began operations in 2011, became a wholly owned subsidiary with $15bn assets under management including managing third-party capital.

Group Chief Financial Officer, Carlos Obeid, added: “Our consistent profit growth in 2021 reflects the relevance of Mubadala’s investment strategy to focus for the long-term on sectors, asset classes and geographies that are positively contributing to global progress. As the global economy began to recover, we maximised opportunities to monetize our mature assets and invest further into growing sectors with tailwinds. Mubadala ended the year more diversified and resilient, and better prepared for the more uncertain macroeconomic environment ahead.”