Mubadala is back. The announcement of a $2bn investment in Brazil signals a return to big-spending, strategic overseas moves that characterised the Abu Dhabi state investment company until the emirate ran into economic trouble in the last couple of years.
The $46bn diversified group mandated to generate financial and social returns is buying a 5.6 per cent stake in Eike Batista’s Brazilian EBX Group after a bit of a lull in its own operations and in the Abu Dhabi economy.
Oil-rich Abu Dhabi didn’t feel very rich last year. The capital had been the engine of the United Arab Emirates’ growth during neighbouring Dubai’s troubles after the global financial crisis.
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