Mubadala Investment Company’s Real Estate and Infrastructure Investments platform has a strong deal pipeline and is considering investment opportunities in renewable energy, gas infrastructure and property around the globe, its chief executive has said.
The platform — one of the four core businesses of Abu Dhabi’s sovereign investor Mubadala — is actively looking at one liquefied natural gas (LNG) terminal deal in the US, a gas infrastructure investment in Australia and renewable energy and real estate investments in India and some of the other Asian markets, Khaled Al Qubaisi told The National.
“We're actively looking to get one [deal] in the US and we're looking at one more in Australia, which is more of an integrated gas infrastructure [transaction],” he said.
The platform has invested about $7 billion since being carved out as a separate investment pillar in 2021 and its deal pipeline remains “robust”.
At any given time, it is actively evaluating 10 deals each in digital and traditional infrastructure sectors, as well as real estate transactions.
“Because of Mubadala being very well known, we get a lot of approaches, and also we have great partners who share a lot of things with us,” Mr Al Qubaisi said.
“We're very busy right now. We're closing a number of deals within TI [traditional infrastructure] and DI [digital infrastructure] that is more focused on maybe doing larger deals.”
Although the US and Europe remain vital markets for Mubadala, which at group level has about 45 per cent exposure to the US market alone, its infrastructure and real estate business is pivoting more to Asia, where it is evaluating several investment opportunities.
It is particularly focused on China, the world’s second-largest economy and India, the third-largest in Asia.
Countries such as India are now developed enough to provide the transparency and the ease of doing business and Mubadala is now “more comfortable going for the right kind of allocation” corresponding to the weight of these counties in the global economy, and “maybe even going over it”, he said.
Japan and South Korea, as well as other growth markets in Asia, are also on Mr Al Qubaisi’s radar.
“We've identified these markets as the main markets in Asia, but still, there are other markets around it, and within it, that provide great, great opportunities,” he said.
Although markets in Asia, which could yield “a lot of growth in the next five to 10 years” will remain a focus for Mubadala, Mr Al Qubaisi is also on the lookout for investment opportunities in Africa, which he says is the continent that is coming up after Asia.
“We're still maybe not at the point where we're fully comfortable to deploy sizeable capital there but we're looking at [African] markets, the ease of doing business, the ease of getting money in and out and the returns,” he said.
“I think there's an interesting market for us, maybe that will start being active in five years.”
Geographically, the platform's exposure today is just over 40 per cent to Europe, the Middle East and Africa. It has a 40 per cent exposure to the Americas and the remaining in Asia Pacific, he said.
Mubadala, which invests on behalf of the Abu Dhabi government, is at the heart of the emirate’s efforts to diversify its revenue base and generate income from sources other than oil.
The sovereign fund’s $284 billion investment portfolio spans five continents. It has interests in aerospace, information and communications technology, semiconductors, metals and mining, renewable energy, oil and gas and petrochemicals.
In recent years, the sovereign fund has turned from legacy assets to digital investments, communications and data centre business, life sciences, and the healthcare and bio-medical sectors.
The real estate and infrastructure platform was set up when Mubadala restructured its businesses into four investment categories that also included direct investments, UAE investments and disruptive investments.
Operating on three-year investment cycles, the platform is primarily focused on different types of real estate investments and digital and traditional infrastructure deals predominantly in international markets.
All three investment pillars currently account for one third of the platform’s portfolio and the company has seen “a lot of great opportunities … and the performance was really good in new investments”, said Mr Al Qubaisi.
“It's equal up to now and I expect it to stay the same also over the next three-year cycle,” he added.
The platform's assets under management have increased 2.4 times to about Dh40 billion ($11 billion) from Dh16.9 billion at the start of 2021 when it was set up.
Its number of investments have also surged 67 per cent to 72, from 43 over the same period as it invested in new markets and sub-sectors to boost growth, while exiting certain positions that were not in sync with its future growth strategy, Mr Al Qubaisi said.
“It's a clear message that we are growing and we are one of the fastest-growing platforms within the company,” he said.
Earlier this month, Mubadala and the British Columbia Investment Management Corporation, a Canadian pension fund, become anchor investors in Cube Highways Trust, an infrastructure investment trust in India.
Cube Highways Fund Advisors, the investment manager to the trust, has listed privately placed ordinary units worth 52.26 billion Indian rupees ($636.4 million), which Mubadala, BCI and other domestic institutional investors have subscribed to, Mubadala said in an April 19 statement.
In April last year, a consortium including BlackRock Real Assets and Mubadala invested $525 million in a subsidiary of India’s Tata Power to create the country’s “most comprehensible” renewable energy platform.
In October 2022, Mubadala joined investors including Global Infrastructure Partners to acquire Germany’s top offshore wind farm developer Skyborn Renewables.
The deal expands Mubadala's presence in Europe and the Asia-Pacific region at a time when it is pushing to increase its exposure to the booming renewable energy market.
In the digital infrastructure space, Mubadala last year invested $350 million in the Princeton Digital Group, which operates a portfolio of 20 data centres across Asia.
In October last year, Mubadala struck a deal with EQT Infrastructure to acquire a minority stake in Sweden's data and services company GlobalConnect.
In 2022, the sovereign wealth fund also committed an additional £300 million to CityFibre, the UK’s largest independent full-fibre platform, building on its initial £500 million investment in the company in September 2021 as part of the UAE-UK Strategic Investment Partnership.
Closer to home, Mubadala has invested in Saudi Aramco’s oil and gas pipeline deals, which “prove to be very solid and are doing very, very well”, Mr Al Qubaisi said.
“We're actively looking at other markets within the region, whether it's Egypt or it's more deals in Saudi and also in the neighbouring countries.”
The size of investments made by the platform range anywhere from $100 million to $800 million, depending on the type of the transaction and Mubadala funds these deals mostly from its own equity, Mr Al Qubaisi said.
However, it does not rule out innovative financing structures with investment partners and commercial financing options if required, he said.
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Killing of Qassem Suleimani
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
UAE currency: the story behind the money in your pockets
The specs: 2018 Ford Mustang GT
Price, base / as tested: Dh204,750 / Dh241,500
Engine: 5.0-litre V8
Gearbox: 10-speed automatic
Power: 460hp @ 7,000rpm
Torque: 569Nm @ 4,600rpm
Fuel economy, combined: 10.3L / 100km
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
UAE currency: the story behind the money in your pockets
FIGHT CARD
Welterweight Mostafa Radi (PAL) v Tohir Zhuraev (TJK)
Catchweight 75kg Leandro Martins (BRA) v Anas Siraj Mounir (MAR)
Flyweight Corinne Laframboise (CAN) v Manon Fiorot (FRA)
Featherweight Ahmed Al Darmaki (UAE) v Bogdan Kirilenko (UZB)
Lightweight Izzedine Al Derabani (JOR) v Atabek Abdimitalipov (KYG)
Featherweight Yousef Al Housani (UAE) v Mohamed Arsharq Ali (SLA)
Catchweight 69kg Jung Han-gook (KOR) v Elias Boudegzdame (ALG)
Catchweight 71kg Usman Nurmagomedov (RUS) v Jerry Kvarnstrom (FIN)
Featherweight title Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)
Lightweight title Bruno Machado (BRA) v Mike Santiago (USA)
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
more from Janine di Giovanni
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India squad for fourth and fifth Tests
Kohli (c), Dhawan, Rahul, Shaw, Pujara, Rahane (vc), Karun, Karthik (wk), Pant (wk), Ashwin, Jadeja, Pandya, Ishant, Shami, Umesh, Bumrah, Thakur, Vihari
UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
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SERIE A FIXTURES
All times UAE ( 4 GMT)
Saturday
Roma v Udinese (5pm)
SPAL v Napoli (8pm)
Juventus v Torino (10.45pm)
Sunday
Sampdoria v AC Milan (2.30pm)
Inter Milan v Genoa (5pm)
Crotone v Benevento (5pm)
Verona v Lazio (5pm)
Cagliari v Chievo (5pm)
Sassuolo v Bologna (8pm)
Fiorentina v Atalanta (10.45pm)
THE BIO:
Favourite holiday destination: Thailand. I go every year and I’m obsessed with the fitness camps there.
Favourite book: Born to Run by Christopher McDougall. It’s an amazing story about barefoot running.
Favourite film: A League of their Own. I used to love watching it in my granny’s house when I was seven.
Personal motto: Believe it and you can achieve it.
Teaching in coronavirus times
Results
STAGE
1 . Filippo Ganna (Ineos) - 0:13:56
2. Stefan Bissegger (Education-Nippo) - 0:00:14
3. Mikkel Bjerg (UAE Team Emirates) - 0:00:21
4. Tadej Pogacar (UAE Team Emirates) - 0:00:24
5. Luis Leon Sanchez (Astana) - 0:00:30
GENERAL CLASSIFICATION
1. Tadej Pogacar (UAE Team Emirates) - 4:00:05
2. Joao Almeida (QuickStep) - 0:00:05
3. Mattia Cattaneo (QuickStep) - 0:00:18
4. Chris Harper (Jumbo-Visma) - 0:00:33
5. Adam Yates (Ineos) - 0:00:39
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%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cyl%20turbo%20%2B%20mild%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E204hp%20at%205%2C800rpm%20%2B23hp%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C800rpm%20%2B205Nm%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.3L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENovember%2FDecember%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh205%2C000%20(estimate)%3C%2Fp%3E%0A
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ENomad%20Homes%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2020%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EHelen%20Chen%2C%20Damien%20Drap%2C%20and%20Dan%20Piehler%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20and%20Europe%3Cbr%3E%3Cstrong%3EIndustry%3C%2Fstrong%3E%3A%20PropTech%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2444m%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Acrew%20Capital%2C%2001%20Advisors%2C%20HighSage%20Ventures%2C%20Abstract%20Ventures%2C%20Partech%2C%20Precursor%20Ventures%2C%20Potluck%20Ventures%2C%20Knollwood%20and%20several%20undisclosed%20hedge%20funds%3C%2Fp%3E%0A
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Andor
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The past Palme d'Or winners
2018 Shoplifters, Hirokazu Kore-eda
2017 The Square, Ruben Ostlund
2016 I, Daniel Blake, Ken Loach
2015 Dheepan, Jacques Audiard
2014 Winter Sleep (Kış Uykusu), Nuri Bilge Ceylan
2013 Blue is the Warmest Colour (La Vie d'Adèle: Chapitres 1 et 2), Abdellatif Kechiche, Adele Exarchopoulos and Lea Seydoux
2012 Amour, Michael Haneke
2011 The Tree of Life, Terrence Malick
2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul
2009 The White Ribbon (Eine deutsche Kindergeschichte), Michael Haneke
2008 The Class (Entre les murs), Laurent Cantet
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
