#AbuDhabi’s Mubadala looks beyond resource roots | Financial Times

Abu Dhabi’s Mubadala looks beyond resource roots | Financial Times

Khaldoon al-Mubarak: ‘We are not going to take a pause, the momentum is there and it’s the whole point with

this shift in the portfolio’ © FT montage; Bloomberg, AM/Getty

Abu Dhabi’s most active investment fund Mubadala is turning away from its roots as it cuts its holdings in energy and other commodity-related assets while ramping up investments in technology, healthcare and disruptive industries.

Khaldoon al-Mubarak, chief executive, said the $232bn fund’s strategy shift would mean more selldowns in “legacy commodity sectors” either through market listings or private placements, including an initial public offering for Emirates Global Aluminium.

Mubadala is also planning an IPO for Yahsat, a satellite company set up 14 years ago, and is considering whether to list GlobalFoundries, the US-based chipmaker into which it has pumped billions of dollars over the past decade, and which turned its first profit in 2019.

At the same time, the fund is increasing its investments in Asia’s two powerhouses as it aims to double its assets under management by 2030.