Assets under management hit $229bn at Mubadala in 2018
Abu Dhabi heavyweight says 2018 financials were "stable" despite “global macroeconomic turbulence” in Q4
The UAE’s Mubadala Investment Company of Abu Dhabi revealed its assets under management reached $229bn (AED841bn) in 2018 from 2017’s corresponding figure of $127.7m (AED469m), with its total comprehensive income reaching $3.4bn (AED12.5bn) in 2018 from $2.8bn (AED10.3bn) in 2017, following the addition of Abu Dhabi Investment Council (Adic) to the Mubadala group in March 2018.
In a statement, the company said its financial results were “stable” despite “global macroeconomic turbulence” in Q4 2018.
Key industrial milestones at Mubadala in 2018 included the February agreement between Adnoc and Cepsa, with the latter receiving a 20% stake in Abu Dhabi’s offshore concession, and Emirates Global Aluminium announcing in June 2018 that it had received its first shipment of bauxite ore in preparation for the commissioning of its under-construction Al Taweelah alumina refinery from the Republic of Guinea.
In November, Mubadala company Injazat partnered with the UAE’s Ministry of Interior to launch Hassantuk, which provides alarm connectivity to building fire and life safety systems across Abu Dhabi.
Last year also saw Mubadala Petroleum acquire a minority stake from Eni in the Shorouk offshore concession in Egypt, which contains Zohr – the largest gas field in the Mediterranean.
Adnoc awarded both Cepsa and OMV 20% stakes in Abu Dhabi’s offshore Sateh Al Razboot and Umm Lulu concession, which are among the world’s 20 largest oil fields in terms of production.
Mubadala monetised numerous mature assets for $15bn (AED55.4bn), and invested $19bn (AED70.1bn) of additional and recycled capital across its existing investment sectors – including technology, aerospace, commodities, and financial services – as part of its strategy to diversify its investment base.
Commenting on the results, Mubadala’s group chief executive officer and managing director, Khaldoon Khalifa Al Mubarak, said: “Mubadala is operating as a global investor to drive financial returns and strategic value for Abu Dhabi, towards a vision of an internationally-connected and future-focused economic base.
"Our talent, capital structure, global partnerships and strong track record are enabling us to deliver on our mandate as an organisation entrusted with supporting Abu Dhabi’s economic progression.”
Chief financial officer, Carlos Obeid, added: "The group's scale, diversification, and stable cash flows delivered solid financial and operational performance in 2018, despite a year of challenging market conditions with volatile equities and uncertain yields.
"The addition of Adic has diversified our exposure and strengthened our portfolio. While investing in new asset classes we remain focused on robust balance sheet management, maintaining a low leverage position and managing risk across the business.”