Mubadala Spends $19 Billion as Fund Expands Into New Industries - Bloomberg

Mubadala Spends $19 Billion as Fund Expands Into New Industries - Bloomberg:

Mubadala Investment Co., an investor in SoftBank Group Corp.’s technology fund, spent about $19 billion last year as the Abu Dhabi wealth fund expanded into more industries.

The fund invested additional and recycled capital across its existing sectors including technology, aerospace, commodities and financial services, as well as in new areas such as medtech, pharma and agribusiness, according to a statement. At the same time, Mubadala monetized assets for about $15 billion.

Mubadala is part of Abu Dhabi’s efforts to diversify its economy by turning oil revenue into profitable investments while also attracting expertise and jobs. The firm merged with International Petroleum Investment Co. in 2017 and absorbed Abu Dhabi Investment Council last year, making it the world’s 13th-largest fund, according to the Sovereign Wealth Fund Institute.