Mubadala Development, the Abu Dhabi Government's strategic investment arm, will sell stock in local companies it owns over the coming years to breathe new life into local markets and help its subsidiaries expand.
Listing on the Abu Dhabi Securities Exchange (ADX) would be "a very natural evolution of what we want to do", Waleed al Muhairi, Mubadala's chief operating officer, told The National yesterday. "Once a given business is stable and mature, then absolutely."
Any listings, he said, were likely to be between five and eight years away for Mubadala's stable of mostly young companies. He would not specify what industries or individual businesses were ripe for a listing, and he said Mubadala would likely retain "some level of equity" in any company that offered shares to the public.
Listing "is a great tool for monetisation, and it's a great tool to deepen and broaden the public markets you see here", he said. "Those are both important objectives for us."
Ali Khan, a director at Arqaam Capital in Dubai, said investors would welcome a greater chance to participate in the country's economic development and diversification plans. Stock exchanges in the UAE, which include the ADX and the Dubai Financial Market, have been plagued in recent months by price declines and low trading volumes.
"At this stage, it's all about helping to facilitate a broader market, and I think it would be welcome," Mr Khan said. "Anything that would help the market move away from its heavy weighting in real estate and banks would be a good thing, and not just because of the challenges of today. It's never a bad time to look at broadening the market."
Mubadala owns regional businesses in sectors ranging from property to energy, including Abu Dhabi Aircraft Technologies, half of Emirates Aluminium and all of Yahsat, a satellite venture.
It also has holdings in a variety of international industrial and finance giants, including nearly 20 per cent of Advanced Micro Devices (AMD), a US microchip maker; 22.4 per cent of Spyker Cars, the high-end car manufacturer; and 7.5 per cent of The Carlyle Group, a global private equity company.
Mubadala also owns 5 per cent of Ferarri, the car maker, and 0.7 per cent of General Electric, the US conglomerate with which it has a US$8 billion (Dh29.38bn) commercial finance joint venture.
Those investments fit Mubadala's aim to foster the growth of industry in Abu Dhabi in line with the Government's plans to diversify economic activity away from petrochemicals revenues, Mr al Muhairi said. About 60 per cent of Abu Dhabi's GDP is attributable to petrochemicals income. The emirate sits on one of the world's largest reserves of crude oil.
Eventually taking holdings public and listing them on the ADX, Mr al Muhairi said, was something Mubadala would do regardless of the trends in trading volumes and stock prices, given its commitment to developing the local economy.
"I think we already know that the folks at the ADX are spending a lot of time thinking about how they can deepen and broaden the local market," he said. "So we stand in support of that. The easiest way to deepen and broaden the market, regulatory change aside, is to encourage more listings there, and that will hopefully encourage more volumes and that type of thing. We would do it irrespective almost, because we see it as a way to develop the ADX."
Mubadala recently reported profits of Dh8.6bn for last year thanks to steady gains at its oil and gas companies - including Dolphin Energy and Pearl Energy, an oil and gas exploration and production company in South East Asia - and a large gain on its holding in AMD. The profits reversed its loss of Dh19.8bn in 2008.
As its assets grow, Mr al Muhairi said, Mubadala was quickly developing from the small but ambitious company it started as in 2002 into an established institution with a rich set of investments.
"As you move into the next horizon where you are a little bit more institutionalised, the interactions change," he said. "The interactions change, the institutionalisation element that you overlay on top of it changes. But just as important, you always want to make sure you don't lose that part of you that made you special."
The past year has not been without its challenges for Mubadala. A wide-ranging review of Masdar, a clean-energy business that Mubadala fully owns, started last year. Masdar, which is developing the carbon-neutral Masdar City near the Abu Dhabi International Airport, has already seen major changes in plans due to uncertainty about property projects there.
"We all know what's been going on in real estate," Mr al Muhairi said. "Real estate has been slow. It is not unreasonable to expect a review is going on. In fact, don't you think that's prudent? That's what anybody would do. And so, obviously, we are undergoing that right now, and we are supportive of that review process and will make whatever changes we need to in order to ensure both the economic viability and in order to meet our mandate."
He said Mubadala stood steadfastly behind Masdar, which he called "an important vehicle for us in an important sector for Abu Dhabi".
The biggest challenge ahead, he said, was attracting the right people to run Mubadala and its subsidiaries. Mubadala's staff numbers grew to 622 at the end of last year, a rise of 36 per cent from the year before, according to the annual report the company released on Sunday.
"Mubadala is an agglomeration of its assets, but it's the people who drive the value creation process within those assets, and so making sure we have the right people is the be-all and end-all," Mr al Muhairi said. "That's everything, as far as I'm concerned."
@Email:afitch@thenational.ae
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
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
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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
Naga
%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3EMeshal%20Al%20Jaser%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%C2%A0%3C%2Fstrong%3EAdwa%20Bader%2C%20Yazeed%20Almajyul%2C%20Khalid%20Bin%20Shaddad%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Day 1 results:
Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)
Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
SPEC SHEET
Display: 10.4-inch IPS LCD, 400 nits, toughened glass
CPU: Unisoc T610; Mali G52 GPU
Memory: 4GB
Storage: 64GB, up to 512GB microSD
Camera: 8MP rear, 5MP front
Connectivity: Wi-Fi, Bluetooth 5.0, USB-C, 3.5mm audio
Battery: 8200mAh, up to 10 hours video
Platform: Android 11
Audio: Stereo speakers, 2 mics
Durability: IP52
Biometrics: Face unlock
Price: Dh849
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
The specs
Engine: 3.0-litre six-cylinder MHEV
Power: 360bhp
Torque: 500Nm
Transmission: eight-speed automatic
Price: from Dh282,870
On sale: now
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
Cry Macho
Director: Clint Eastwood
Stars: Clint Eastwood, Dwight Yoakam
Rating:**
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
T20 World Cup Qualifier A, Muscat
Friday, February 18: 10am - Oman v Nepal, Canada v Philippines; 2pm - Ireland v UAE, Germany v Bahrain
Saturday, February 19: 10am - Oman v Canada, Nepal v Philippines; 2pm - UAE v Germany, Ireland v Bahrain
Monday, February 21: 10am - Ireland v Germany, UAE v Bahrain; 2pm - Nepal v Canada, Oman v Philippines
Tuesday, February 22: 2pm – semi-finals
Thursday, February 24: 2pm – final
UAE squad: Ahmed Raza (captain), Muhammad Waseem, Chirag Suri, Vriitya Aravind, Rohan Mustafa, Kashif Daud, Zahoor Khan, Alishan Sharafu, Raja Akifullah, Karthik Meiyappan, Junaid Siddique, Basil Hameed, Zafar Farid, Mohammed Boota, Mohammed Usman, Rahul Bhatia
All matches to be streamed live on icc.tv
