Mubadala Investment Company aims to expand the operations of its UAE companies and help them to become “globally renowned competitors to the biggest companies out there in their sector”, a senior executive has said.
The UAE portfolio of the sovereign fund, which has an asset base of Dh1.04 trillion, includes aerospace manufacturer Strata, Sanad Group, Al Yah Satellite Company (Yahsat), Mubadala Health and clean energy company Masdar, among others.
“The time has come for us to expand beyond UAE and it is a natural growth strategy for all of UAE companies, especially the big ones,” Badr Al Olama, executive director of UAE clusters at Mubadala, told The National on the sidelines of the Global Aerospace Summit at Emirates Palace in Abu Dhabi on Wednesday.
“Even the industrial companies that you have in different emirates, I think the realisation is now you need to be global in your activities.”
Abu Dhabi-based Masdar is already active in a number of countries across the globe with its renewables portfolio, while Mubadala Health last year acquired a majority stake in United Eastern Medical Services (UEMedical) to expand its portfolio of healthcare assets beyond the UAE to Saudi Arabia.
The 60 per cent stake acquired from Saudi Arabia’s Jadwa Investment and UAE-based United Eastern Group will add multiple hospitals and clinics that are owned and operated by UEMedical in the UAE and Saudi Arabia to Mubadala Health’s portfolio.
Mr Al Olama said that Mubadala Health was "doing phenomenally well". He added that the group is now "building up their segmentation of the patient care and they are completing the segmentation from all the way from maternity and paediatrics to adult healthcare".
“We believe in Yahsat’s model, " he added. "They have five satellites and provide coverage to 80 per cent of the population. They are in voice, they are in data, they are able to provide connectivity to remote areas but also inside cities.
"It is home grown both from a business perspective, but also the capability side and they are trying to figure out the next big thing.”
Founded in 2007, Yahsat operates in more than 150 countries across five continents. Its five satellites reach more than two thirds of the world’s population. The company is planning to launch Thuraya 4 Next Generation satellite (T4-NGS) next year.
Another Mubadala unit, Masdar, continues to expand its operations to boost its renewables portfolio globally. It aims to reach a total renewable capacity of 100 gigawatts in the future from 15 gigawatts at the end of 2021.
Last year, Masdar entered new markets including Azerbaijan, Armenia, Georgia, Greece, Iraq and Poland, extending its renewable energy investments to more than 40 countries with a combined value of more than $20 billion.
"They (Masdar) started with nothing and they are aiming for 100 gigawatts. At that time, nobody thought it was possible. Look at it today — it is a company [that] countries are asking for their involvement for this whole renewable drive."
Mubadala is also looking to diversify operations of aerospace companies Strata and Sanad to include biopharma and energy transition segments, Mr Al Olama said.
Based in Al Ain, Strata manufactures aircraft components and has billion-dollar contracts with Boeing, Airbus, Leonardo in Italy and Switzerland’s Pilatus Aircraft.
Sanad was formed in 2019 after Mubadala merged three of its units — Sanad Aerotech, Sanad Powertech and Sanad Capital.
It provides financing, leasing and maintenance services to the global aerospace, energy and industrial sectors.
“We are planning to invest in new sectors, driven by macro trends, and macro trends are related to life sciences and energy transition,” he said.
In 2020, Strata outlined its plans to diversify into health technology as the Covid-19 pandemic boosted demand for medical equipment. Strata began producing N95 masks in partnership with Honeywell in May 2020, before seeking to begin exports.
Mr Al Olama said: “We are asking them (Sanad and Strata) to look into new sectors. For example, Sanad we want them to do maintenance of all the solar plants that exist today.
"They do it today with Shams 1 (solar plant) and work closely with Masdar in providing maintenance services there. It is a trend that is growing and we believe there is a bigger play for them there.”
He reiterated that "Sanad is very profitable and Strata is on the way", as the two companies continued to expand their operations.
On future IPO plans for some of the companies following the listing of Yahsat last year, he said it is “too early”.
“Yahsat was put into a position where it was ready for listing. Strata is still in a growth mode.
"At the moment, the focus and attention for us is completely on getting Strata to the point where the vision was to become a globally renowned national champion in advanced manufacturing.”
Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
Mica
Director: Ismael Ferroukhi
Stars: Zakaria Inan, Sabrina Ouazani
3 stars
Killing of Qassem Suleimani
CABINET%20OF%20CURIOSITIES%20EPISODE%201%3A%20LOT%2036
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EGuillermo%20del%20Toro%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Tim%20Blake%20Nelson%2C%20Sebastian%20Roche%2C%20Elpidia%20Carrillo%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
Mohammed bin Zayed Majlis
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
KILLING OF QASSEM SULEIMANI
No%20Windmills%20in%20Basra
%3Cp%3EAuthor%3A%20Diaa%20Jubaili%3C%2Fp%3E%0A%3Cp%3EPages%3A%20180%3C%2Fp%3E%0A%3Cp%3EPublisher%3A%20Deep%20Vellum%20Publishing%C2%A0%3C%2Fp%3E%0A
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
UAE currency: the story behind the money in your pockets
MATCH INFO
Rugby World Cup (all times UAE)
Final: England v South Africa, Saturday, 1pm
Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
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
more from Janine di Giovanni
Killing of Qassem Suleimani
DUBAI WORLD CUP RACE CARD
6.30pm Meydan Classic Trial US$100,000 (Turf) 1,400m
7.05pm Handicap $135,000 (T) 1,400m
7.40pm UAE 2000 Guineas Group Three $250,000 (Dirt) 1,600m
8.15pm Dubai Sprint Listed Handicap $175,000 (T) 1,200m
8.50pm Al Maktoum Challenge Round-2 Group Two $450,000 (D) 1,900m
9.25pm Handicap $135,000 (T) 1,800m
10pm Handicap $135,000 (T) 1,400m
The National selections
6.30pm Well Of Wisdom
7.05pm Summrghand
7.40pm Laser Show
8.15pm Angel Alexander
8.50pm Benbatl
9.25pm Art Du Val
10pm: Beyond Reason
The years Ramadan fell in May
Cricket World Cup League Two
Teams
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Namibia beat Oman by 52 runs
UAE beat Namibia by eight wickets
Fixtures
Saturday January 11 - UAE v Oman
Sunday January 12 – Oman v Namibia
Mohammed bin Zayed Majlis
THE%20SPECS
%3Cp%3EBattery%3A%2060kW%20lithium-ion%20phosphate%3Cbr%3EPower%3A%20Up%20to%20201bhp%3Cbr%3E0%20to%20100kph%3A%207.3%20seconds%3Cbr%3ERange%3A%20418km%3Cbr%3EPrice%3A%20From%20Dh149%2C900%3Cbr%3EAvailable%3A%20Now%3C%2Fp%3E%0A
THE%20SPECS
%3Cp%3EEngine%3A%204.4-litre%20twin-turbo%20V8%20hybrid%0D%3Cbr%3EPower%3A%20653hp%20at%205%2C400rpm%0D%3Cbr%3ETorque%3A%20800Nm%20at%201%2C600-5%2C000rpm%0D%3Cbr%3ETransmission%3A%208-speed%20auto%0D%3Cbr%3E0-100kph%20in%204.3sec%0D%3Cbr%3ETop%20speed%20250kph%0D%3Cbr%3EFuel%20consumption%3A%20NA%0D%3Cbr%3EOn%20sale%3A%20Q2%202023%0D%3Cbr%3EPrice%3A%20From%20Dh750%2C000%0D%3Cbr%3E%3C%2Fp%3E%0A
The years Ramadan fell in May
UAE currency: the story behind the money in your pockets
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
UAE currency: the story behind the money in your pockets
