Overview
Mubadala Investment Company is a sovereign investor managing a global portfolio of assets exceeding $300 billion on behalf of the Government of Abu Dhabi. Unlike ADIA, which operates as a passive long-term savings vehicle, Mubadala is an active strategic investor. Its mandate is to generate sustainable financial returns while driving the economic diversification of Abu Dhabi — deploying capital into sectors and geographies that align directly with the emirate’s transformation objectives.
Mubadala in its current form was established through the 2017 merger of Mubadala Development Company and the International Petroleum Investment Company (IPIC). The combined entity inherited two decades of strategic investment activity and a portfolio spanning more than 50 countries across six continents.
History and Formation
Mubadala Development Company was established in 2002 by decree of Sheikh Mohamed bin Zayed Al Nahyan, then Crown Prince of Abu Dhabi. The original mandate was narrow: to catalyse economic diversification by investing in sectors with high knowledge content and strategic value to the emirate’s development.
The International Petroleum Investment Company had been established earlier, in 1984, to manage Abu Dhabi’s international energy investments. IPIC built a substantial portfolio of downstream energy assets, including significant stakes in global energy companies.
The 2017 merger created one of the world’s largest and most diversified sovereign investors. The consolidation was strategic — it eliminated overlap between two government-owned investment vehicles and created a single platform with the scale and scope to compete globally for premium assets and partnerships.
Leadership
Khaldoon Khalifa Al Mubarak serves as Group Chief Executive Officer and Managing Director of Mubadala. His role extends well beyond the fund itself. He has served as Chairman of the Executive Affairs Authority (EAA) — the agency that led the development of the Abu Dhabi Economic Vision 2030. This dual role positions him at the intersection of Abu Dhabi’s investment strategy and its broader economic policy framework.
The Board of Directors is chaired by Sheikh Tahnoun bin Zayed Al Nahyan, National Security Adviser of the UAE. The board composition reflects the fund’s significance within Abu Dhabi’s governance architecture.
Investment Strategy
Mubadala’s investment approach is defined by active ownership and long-term value creation. The fund does not simply allocate capital to external managers. It takes direct stakes in companies and projects, often exercising governance rights and contributing operational expertise.
The portfolio is organised across several investment platforms:
Aerospace, Renewables & ICT encompasses Mubadala’s technology, aerospace, and clean energy investments. This platform includes stakes in semiconductor manufacturing, advanced technology companies, and renewable energy assets.
Alternative Investments & Infrastructure manages private equity, venture capital, and infrastructure investments. Mubadala is a significant limited partner in leading global private equity and venture capital funds while also making substantial direct and co-investments.
UAE Investments manages the portfolio of strategic domestic assets, including real estate, healthcare, and industrial enterprises within Abu Dhabi and the broader UAE.
Petroleum & Petrochemicals manages upstream and downstream energy investments inherited from IPIC and Mubadala’s historical energy portfolio.
Key Portfolio Companies and Investments
Mubadala’s portfolio includes both wholly owned subsidiaries and significant minority stakes in global enterprises.
Technology: Mubadala holds a significant stake in GlobalFoundries, one of the world’s largest semiconductor manufacturers, which was spun out from AMD. The fund has substantial exposure to the technology sector through both direct investments and fund commitments. Its relationship with G42, the Abu Dhabi-based artificial intelligence company, represents a cornerstone of the emirate’s ambition in artificial intelligence and data infrastructure.
Aerospace: Strata Manufacturing, a wholly owned Mubadala subsidiary, produces composite aerostructures for Airbus, Boeing, and other major aerospace manufacturers at its facility in Al Ain. The operation was purpose-built to develop advanced manufacturing capability within the emirate.
Healthcare: Cleveland Clinic Abu Dhabi, operated in partnership with the Cleveland Clinic, is a world-class healthcare facility and a core component of Abu Dhabi’s healthcare sector development. Mubadala Health manages a broader portfolio of healthcare assets.
Energy: Mubadala retains significant international energy investments. The IPIC legacy portfolio included stakes in global energy companies and downstream refining and marketing operations. Cepsa, the Spanish energy company, was a key holding acquired through IPIC.
Real Estate and Hospitality: The fund manages real estate assets in Abu Dhabi and internationally, including developments on Saadiyat Island and other prime locations.
Financial Services: Mubadala holds interests in financial institutions and investment platforms across multiple jurisdictions.
Global Footprint
Mubadala operates offices in Abu Dhabi, New York, San Francisco, London, Moscow, Rio de Janeiro, and Beijing. This global presence reflects the fund’s active approach — maintaining proximity to deal flow, portfolio companies, and co-investment partners in major capital markets.
The geographic diversification of Mubadala’s portfolio extends across North America, Europe, Asia, Latin America, and sub-Saharan Africa. The fund has been particularly active in emerging technology ecosystems, including Silicon Valley, where it has built deep relationships with venture capital firms and technology companies.
Role in Abu Dhabi Economic Vision 2030
Mubadala is the primary institutional vehicle for implementing the diversification objectives of the Economic Vision 2030. Where ADIA preserves wealth for future generations, Mubadala deploys wealth to build the non-oil economy today.
The fund’s investments in aerospace manufacturing, semiconductor fabrication, healthcare delivery, artificial intelligence, and renewable energy correspond directly to the vision’s target sectors: aviation, aerospace and defence; pharmaceuticals, biotechnology, and life sciences; healthcare equipment and services; and energy.
Mubadala’s domestic investments create jobs, transfer technology, and build industrial capacity within the emirate. Its international investments generate financial returns and strategic relationships that strengthen Abu Dhabi’s position in global markets.
The leadership overlap — with Khaldoon Al Mubarak having served at the Executive Affairs Authority during the vision’s development — ensures institutional alignment between Mubadala’s investment strategy and the emirate’s policy objectives. Mubadala is not merely an investor that happens to align with the vision. It is an instrument designed to execute it.
Financial Performance
Mubadala publishes annual financial results, making it significantly more transparent than ADIA. The fund reports total assets, comprehensive income, and portfolio-level performance data. Recent annual reports have shown total assets exceeding $300 billion, with consistent growth driven by both investment returns and new capital deployment.
The fund maintains investment-grade credit ratings, enabling it to access global debt markets for portfolio financing. This leverage capacity enhances Mubadala’s ability to pursue large-scale transactions and fund portfolio company growth.
Institutional Significance
Mubadala occupies a unique position among global sovereign wealth funds. It combines the financial scale of a major institutional investor with the strategic orientation of a development finance institution. Its portfolio is simultaneously a source of financial returns for Abu Dhabi’s government and a tool for building the economic infrastructure that will sustain the emirate beyond the hydrocarbon era.