Mubadala Investment Company, Abu Dhabi’s strategic investment arm, expects short-term challenges stemming from rising interest rates and inflation, however, these headwinds will not change the company’s investment strategy or its view on sectors it invests in, its chief executive said.
“When I look at 2022, for us as Mubadala ... there’s no shift in terms of our strategy, in terms of themes in which we are investing in [and] in terms of how we look at the next five to 10-year cycle,” Khaldoon Al Mubarak said at the Global Manufacturing and Industrialisation Summit (GMIS 2021), which started in Dubai on Monday.
Inflation is on the rise in many parts of the world and tightening of monetary policy will have “implications”, however, their impact will vary from market-to-market, he told delegates.
“From a short-term perspective, yes, there are challenges ahead,” he said. “I expect there would be some adjustments here and there, but not to the point where I would change my perspective, or our perspective as Mubadala, from an investment and thematic view.”
The global economy, which tipped into its worst recession last year since the 1930s, is rebounding this year. More than $25 trillion in monetary and fiscal support pumped in by central banks and governments around the world has helped the strong economic bounce back that has also stoked inflation.
US inflation advanced to 6.2 per cent in October, the highest level in more than three decades. It is significantly higher compared with the 0 per cent that the Federal Reserve is using as the benchmark interest rate. Central banks are now under growing pressure to change their monetary stance and raise interest rates to curb inflation.
However, Mubadala is a long-term investor that takes a “patient” approach to investing and it will continue to focus on technology investments, opportunities in life sciences and expand its portfolio of renewable and energy transition assets, Mr Al Mubarak said.
The company’s investment in GlobalFoundries reflects Mubadala’s long-term strategy, which involves taking clear “thematic views” with “conviction” and the ability to “weather cycles”, he said.
The sovereign fund, which invests on behalf of Abu Dhabi government and has $243 billion in assets, invested in the chip maker in 2009. In October, GlobalFoundries, the world's third-largest semiconductor manufacturer, raised $2.6bn in its US initial public offering.
“We had our convictions, we stuck with them [and] went through very difficult cyclical period that would have challenged may be other investors,” Mr Al Mubarak said.
“Credit to our invest team … here we are in 2021 [and] that industry is what we always suspected it will be, critical to supply chain of the world, an industry that will impact pretty much every major industry going forward."
Mubadala is “very positive” about its investments in GlobalFoundries and “we have great confidence in where it is headed”, he said.
The company has also taken the long-term view in other sectors including energy transition and has been investing in renewable energy since 2006, according to Mr Al Mubarak.
“We took a view on renewables, not when it is a popular subject, as it is today, but 16 years ago,” he said.
Masdar, the clean energy subsidiary of Mubadala, over the past decade and a half, has become a global investor in renewables, with $20bn in investments in 33 countries. It is involved in almost 11 gigawatts of renewable power generation and is “well-positioned” to grow with scale, he said.
I expect there would be some adjustments here and there, but not to the point where I would change my perspective, or our perspective as Mubadala, from an investment and thematic view
Khaldoon Al Mubarak,
group chief executive and managing director, Mubadala
Mubadala, which is an anchor investor in SoftBank’s Vision Fund along with Saudi Arabia’s Public Investment Fund, is bullish on new technology investments including artificial intelligence, data analytics and data infrastructure.
“We are very well-positioned and we have been investing in that space for a couple of years now,” Mr Al Mubarak said.
“[However], we were not as early as I would have liked [to be an investor in the sector]. I would have loved to have started and taken that thematic view five or six years ago … [what] we probably took three years ago.”
Life sciences is another key area of investment for the company. Earlier this year, Mubadala pledged to invest £800 million ($1.01bn) in Britain’s life sciences industry over the next five years, as part of a £1bn Sovereign Investment Partnership between the UAE and the UK. The remaining £200m will come from the UK’s Life Sciences Investment Programme.
Mubadala is at the heart of the government’s plans to diversify Abu Dhabi's revenue base and generate income from sources other than oil. The company’s portfolio of investments spans five continents with interests in aerospace, information and communications technology, semiconductors, metals and mining, renewable energy, oil and gas, and petrochemicals.
At home, it holds stakes in Emirates Global Aluminium, aerospace manufacturing company Strata, satellite communications company Yahsat and Mubadala Petroleum.
UAE currency: the story behind the money in your pockets
Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
Company Profile
Founders: Tamara Hachem and Yazid Erman
Based: Dubai
Launched: September 2019
Sector: health technology
Stage: seed
Investors: Oman Technology Fund, angel investor and grants from Sharjah's Sheraa and Ma'an Abu Dhabi
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Jebel Ali card
1.45pm: Maiden Dh75,000 1,400m
2.15pm: Handicap Dh90,000 1,400m
2.45pm: Maiden Dh75,000 1,000m
3.15pm: Handicap Dh105,000 1,200m
3.45pm: Maiden Dh75,000 1,600m
4.15pm: Handicap Dh105,000 1,600m
4.45pm: Handicap Dh80,000 1,800m
The National selections
1.45pm: Cosmic Glow
2.15pm: Karaginsky
2.45pm: Welcome Surprise
3.15pm: Taamol
3.45pm: Rayig
4.15pm: Chiefdom
4.45pm: California Jumbo
Anti-semitic attacks
The annual report by the Community Security Trust, which advises the Jewish community on security , warned on Thursday that anti-Semitic incidents in Britain had reached a record high.
It found there had been 2,255 anti-Semitic incidents reported in 2021, a rise of 34 per cent from the previous year.
The report detailed the convictions of a number of people for anti-Semitic crimes, including one man who was jailed for setting up a neo-Nazi group which had encouraged “the eradication of Jewish people” and another who had posted anti-Semitic homemade videos on social media.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
UAE currency: the story behind the money in your pockets
ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final
Five personal finance podcasts from The National
To help you get started, tune into these Pocketful of Dirham episodes
·
Balance is essential to happiness, health and wealth
·
What is a portfolio stress test?
·
What are NFTs and why are auction houses interested?
·
How gamers are getting rich by earning cryptocurrencies
·
Should you buy or rent a home in the UAE?
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Qosty Byogaani
Starring: Hani Razmzi, Maya Nasir and Hassan Hosny
Four stars
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
AWARDS
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UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
Scoreline
Australia 2-1 Thailand
Australia: Juric 69', Leckie 86'
Thailand: Pokklaw 82'
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