#AbuDhabi's Mubadala reports $276 bln assets under management | Reuters

Abu Dhabi's Mubadala reports $276 bln assets under management | Reuters

Abu Dhabi sovereign investor Mubadala (MUDEV.UL) on Friday reported its 2022 financial results with more than 1 trillion dirhams ($276 billion) in assets under management, similar to the year before, and said it outperformed market benchmarks.

Mubadala Investment Company is the second-biggest state fund in Abu Dhabi, the capital of the United Arab Emirates, after Abu Dhabi Investment Authority (ADIA).

In 2021 it reported 1.045 trillion dirhams in assets under management - around $280 billion.

The wealth fund also reported proceeds of 106 billion dirhams ($29 billion), including from sales of stakes in Borealis, miner Minas de Aguas Teñidas and its remaining shares in Glencore (GLEN.L), "to support capital recycling into high-potential investment areas".

It deployed 107 billion dirhams in the year, including in life sciences, renewable energy and digital infrastructure.

"Despite global headwinds impacting financial markets and investor sentiment, we outperformed benchmarks, staying the course with our long-term strategy of investing in key markets and sectors," Group CEO Khaldoon Khalifa al-Mubarak said in a statement.

Mubadala for 2021 reported a record total comprehensive income of 122 billion dirhams ($33 billion), but has said it no longer releases this measure.

Its portfolio mix remained broadly similar year on year, Mubadala said, with 36% direct and indirect private equity, 27% in public markets and 15% in real estate and infrastructure.

"We continue to focus on our capital deployments in line with our strategy, supported by prudent management of our finances," CFO Carlos Obeid said.