Mubadala well placed to face 'double whammy' of Covid-19 and oil crash - Arabianbusiness

Mubadala well placed to face 'double whammy' of Covid-19 and oil crash - Arabianbusiness:

Abu Dhabi-based Mubadala Investment Company is in a strong position to see out the “double whammy” of the coronavirus pandemic and the crash in oil prices, according to its CEO and managing director, Khaldoon Khalifa Al Mubarak.

The emirate’s sovereign investor announced its financial results on Thursday, which included total income for 2019 of AED53 billion ($14.4bn), compared to AED12.5bn ($3.4bn) the previous year (324% increase), driven by Mubadala’s public equities portfolio and funds, as well as the company’s assets across various sectors.

Mubarak described last year as a “milestone benchmark year” for the group and said Mubadala is well placed going forward, despite the current global economic turmoil.