Mubadala Investment Company, Abu Dhabi’s strategic investment arm, is looking to expand its portfolio of investments in Asia and is doubling down on technology, its chief executive said.
After investing $1.2 billion (Dh4.4bn) in Jio Platforms, the digital business unit of India's Reliance Industries this month, Mubadala is exploring further opportunities in India, China and South-East Asia, Khaldoon Al Mubarak said at a Bloomberg event on Monday. The company is predominantly eyeing the technology sector, including medicine technology, life sciences, artificial intelligence and agriculture-technology.
“One of the things we have been very careful about in the last couple of years is expanding our horizons in Asia … finding the right opportunities there in the spaces that we like,” Mr Al Mubarak said.
There are “opportunities in Asia right now, and we are, I think from a relative perspective, under invested in Asia so you’ll see us grow our portfolio.”
The Jio Platforms deal in India is a good example of what sort of opportunities the company is exploring in Asia, Mr Al Mubarak said, adding that Jio is a "good bet on India" in a sector Mubadala expects to grow in the future.
The company will continue to invest in Europe and the US, despite valuations being high and the global economic slowdown, induced by the Covid-19 pandemic.
“If you look at the US market right now, in my view it does not reflect the reality of the macro situation that we see in the US and the rest of the world,” he said. “But, having said that, quality is quality … at the end of the day it is about quality and quality defies valuations.”
Mubadala has about 38 per cent of its portfolio in the US.
Despite economic headwinds, Mr Al Mubarak said Mubadala is looking to take prudent risks as the world learns more about Covid-19 and its impact on businesses and the economy. The approach of Mubadala’s investment committee from being "risk-averse" has also changed over the past weeks as it now has a better appreciation of what sort of risk the company can take in this environment.
“I’m pro-responsible risk ... responsible and prudent risk-taking,” he said. “We are being more progressive and in our approach, we are taking a four- to five-year view and we are taking investment decisions with new convictions, based on this Covid-era and the post Covid-era that we anticipate.”
The global economy is set to slide into the deepest recession since World War II and the World Bank expects global output to shrink by 5.2 per cent as a result of the pandemic.
In recent years, Mubadala has pivoted to investing in the technology sector with a focus on investments in the venture space, medtech, life sciences and AI. It will continue to be an area of focus, he added.
“We thought pre-Covid, that’s the place to go, that’s the arena for us to build experiences and expertise in and deploy significant capital,” Mr Al Mubarak said. “We started that journey pre-Covid, we are continuing it during Covid and most firmly you will see Mubadala, over the next five years … a far more sophisticated technology space investor.”
In March, the company joined a consortium that is investing $2.25bn in Waymo, the self-driving technology company owned by Google’s parent Alphabet. Earlier in the year, Mubadala invested €1bn (Dh4.17bn) in a French investment fund that will be managed by the country’s national investment bank, Bpifrance.
With an asset base of Dh853bn, Mubadala is at the heart of the Abu Dhabi’s plans to diversify the emirate'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.
Earlier this month, Mubadala reported more than a four-fold increase in its 2019 comprehensive income to Dh53bn, from Dh12.5bn a year earlier. It monetised a number of mature assets in 2019, realising a total of Dh63bn in funds and made new capital investment of Dh68bn last year, it said at the time.
MATCH INFO
Uefa Champions League, semi-final result:
Liverpool 4-0 Barcelona
Liverpool win 4-3 on aggregate
Champions Legaue final: June 1, Madrid
Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
RESULT
Brazil 2 Croatia 0
Brazil: Neymar (69'), Firmino (90' 3)
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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
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
MATCH INFO
Euro 2020 qualifier
Croatia v Hungary, Thursday, 10.45pm, UAE
TV: Match on BeIN Sports
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UAE currency: the story behind the money in your pockets
THE SPECS
Engine: 1.6-litre turbo
Transmission: six-speed automatic
Power: 165hp
Torque: 240Nm
Price: From Dh89,000 (Enjoy), Dh99,900 (Innovation)
On sale: Now
The specs
Engine: 3.0-litre 6-cyl turbo
Power: 435hp at 5,900rpm
Torque: 520Nm at 1,800-5,500rpm
Transmission: 9-speed auto
Price: from Dh498,542
On sale: now
Indian origin executives leading top technology firms
Sundar Pichai
Chief executive, Google and Alphabet
Satya Nadella
Chief executive, Microsoft
Ajaypal Singh Banga
President and chief executive, Mastercard
Shantanu Narayen
Chief executive, chairman, and president, Adobe
Indra Nooyi
Board of directors, Amazon and former chief executive, PepsiCo
ANATOMY%20OF%20A%20FALL
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Tomb%20Raider%20I%E2%80%93III%20Remastered
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BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Try out the test yourself
Q1 Suppose you had $100 in a savings account and the interest rate was 2 per cent per year. After five years, how much do you think you would have in the account if you left the money to grow?
a) More than $102
b) Exactly $102
c) Less than $102
d) Do not know
e) Refuse to answer
Q2 Imagine that the interest rate on your savings account was 1 per cent per year and inflation was 2 per cent per year. After one year, how much would you be able to buy with the money in this account?
a) More than today
b) Exactly the same as today
c) Less than today
d) Do not know
e) Refuse to answer
Q4 Do you think that the following statement is true or false? “Buying a single company stock usually provides a safer return than a stock mutual fund.”
a) True
b) False
d) Do not know
e) Refuse to answer
The “Big Three” financial literacy questions were created by Professors Annamaria Lusardi of the George Washington School of Business and Olivia Mitchell, of the Wharton School of the University of Pennsylvania.
Answers: Q1 More than $102 (compound interest). Q2 Less than today (inflation). Q3 False (diversification).
Jawan
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
PROFILE OF CURE.FIT
Started: July 2016
Founders: Mukesh Bansal and Ankit Nagori
Based: Bangalore, India
Sector: Health & wellness
Size: 500 employees
Investment: $250 million
Investors: Accel, Oaktree Capital (US); Chiratae Ventures, Epiq Capital, Innoven Capital, Kalaari Capital, Kotak Mahindra Bank, Piramal Group’s Anand Piramal, Pratithi Investment Trust, Ratan Tata (India); and Unilever Ventures (Unilever’s global venture capital arm)
