#AbuDhabi fund Mubadala's asset under management rise to $302 bln | Reuters

Abu Dhabi fund Mubadala's asset under management rise to $302 bln | Reuters

Abu Dhabi sovereign wealth fund Mubadala's assets under management rose 9.5% last year to 1.11 trillion dirhams ($302.2 billion), it reported on Friday.

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

"Mubadala built on its role as a global investor through opportunistic capital deployment in North America, Asia and Europe in sectors key to regional growth," the state fund said in a statement.

"Investments to accelerate the transformation of the UAE economy through AI-enabled innovation in sectors such as healthcare and space technology remained central to Mubadala’s strategy."

The wealth fund also reported proceeds of 99 billion dirhams last year, about 6.6% lower year on year, which it said included "divestments of certain legacy assets and capital recycling into priority investment areas". The company reported proceeds of 106 billion dirhams in 2022.

It deployed 89 billion dirhams in sectors including technology, digital infrastructure, life sciences, renewable energy and private credit.

Its portfolio mix remained broadly similar year on year, Mubadala said, with 38% direct and indirect in private equity, 25% in public markets and 16% in real estate and infrastructure.

Moody's affirms #Kuwait's rating at 'A1' on strong fiscal buffers

Moody's affirms Kuwait's rating at 'A1' on strong fiscal buffers

Ratings agency Moody's has affirmed Kuwait's credit rating at "A1" with a stable outlook on strong balance sheet and fiscal buffers.

The rating affirmation reflects Kuwait's macroeconomic and external stability. However, the lack of progress in reforms would reduce the vulnerability of the economy and government finances to oil market volatility and long-term carbon transition risks.

The rating agency confirmed that progress in economic and fiscal diversification away from hydrocarbons is not currently factored into its baseline assumptions, which may reduce Kuwait's exposure to oil price fluctuations and long-term carbon transition.

The recent dissolution of parliament and temporary suspension of related constitutional articles aimed at overcoming institutional constraints has the potential to accelerate reforms, Moody's said.

By contrast, increasing global momentum towards carbon transition that significantly lowers the demand for and price of oil would likely weigh on Kuwait's credit metrics and weaken the credit profile without fiscal and economic reforms.