Abu Dhabi's Mubadala Investment Company, which has $330 billion of assets under management, plans to have an artificial intelligence member as a consultant on its investment committee starting next year, as it seeks to be at the forefront of the technology.
The emirate's investment arm will incorporate AI in every aspect of its operational model, including corporate, administration, accounting and investment, its chief executive and managing director Khaldoon Al Mubarak said on Friday during the closing session of the Milken Institute Middle East and Africa Summit held in Abu Dhabi.
"We at Mubadala are going to be on the frontier side of AI-enablement in our way of doing business next year...by the end of 2025, in everything we do, AI is going to be fully ingrained," he said.
"Starting in January 1, I've given that deadline, our first investment committee in the new year will have an AI member with us... not in decision-making for the time being, but a consultative co-pilot that has the Mubadala DNA we've been developing over the last year, that is able to support our decision-making in terms of due diligence, analysis and assessment and a perspective on every decision we're going to make."
The AI-enabled operations will elevate Mubadala to "a different place" and the company is "willing to take a bit of risk, for lack of a better word, in terms of how we're going to play with this to get ourselves smarter and smarter in that space".
Mubadala, which invests on behalf of the Abu Dhabi government, is at the centre of the emirate’s efforts to diversify its revenue base and generate income from sources other than oil. Its interests span six continents and include the aerospace, semiconductors, metals and mining, renewable energy, oil and gas, and petrochemicals sectors.
Mubadala – which has reached $330 billion of assets under management today, up from $200 million when it first started 20 years ago – is "zooming in" on key sectors that will be growing in the future including AI, technology, financial services, life sciences and healthcare, Mr Al Mubarak said.
Private credit is another area that the company is focusing on. Credit is "another ... very clear growth area that we are going to continue to invest in. It has done very well for us," he said, adding that Mubadala has an exposure to the asset class of almost $20 billion.
In terms of geographies, Mubadala is eyeing growth in Asia, given the massive expansion in their populations and youth demographics.
"South-east Asia, and Asia in general, we're underinvested in that. We need to [invest] because that's where the growth is," Mr Al Mubarak said.
India's population of 1.4 billion people, including a large proportion of youth under 15 years old, is also a major focus area for Mubadala and the UAE that take a long-term view of investments, Mr Al Mubarak said.
“You have to take a very strong view on India, you have to take a strong view on South-East because that's where growth is, that's where the populations are growing."
Mubadala is also considering how to tap into the African market.
“We have to figure out how we are going to invest in Africa and how we are going to create value in a way that matches our risk profile. That is a nut that we have not yet cracked but we’re gonna have to figure it out," Mr Al Mubarak said.
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
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The specs: Lamborghini Aventador SVJ
Price, base: Dh1,731,672
Engine: 6.5-litre V12
Gearbox: Seven-speed automatic
Power: 770hp @ 8,500rpm
Torque: 720Nm @ 6,750rpm
Fuel economy: 19.6L / 100km
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In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The most expensive investment mistake you will ever make
When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.
“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.
This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).
|
Age
|
$250 a month
|
$500 a month
|
$1,000 a month
|
|
25
|
$640,829
|
$1,281,657
|
$2,563,315
|
|
35
|
$303,219
|
$606,439
|
$1,212,877
|
|
45
|
$131,596
|
$263,191
|
$526,382
|
|
55
|
$44,351
|
$88,702
|
$177,403
|
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
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
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.
World Test Championship table
1 India 71 per cent
2 New Zealand 70 per cent
3 Australia 69.2 per cent
4 England 64.1 per cent
5 Pakistan 43.3 per cent
6 West Indies 33.3 per cent
7 South Africa 30 per cent
8 Sri Lanka 16.7 per cent
9 Bangladesh 0
