Abu Dhabi's Mubadala posts record annual income and investment (updated)

Citadel Income Fund

06/05/2021 08:37

(Adds detail, background)
    By Saeed Azhar
    DUBAI, May 6 (Reuters) - Abu Dhabi state investor Mubadala's
total income rose nearly 36% to a record high last year, driven
by growth in its public equities portfolio and funds, while it
accelerated investment during the COVID-19 pandemic.
    "We navigated our portfolio through the dramatic
macroeconomic decline of early 2020 and decided to accelerate
the pace of our capital deployment, ending the year with record
profit and growth," CEO Khaldoon al-Mubarak said.
    Mubadala Investment Co invested 108 billion dirhams ($29
billion) of capital in 2020, the most ever in a single year.
    Investments included 4.3 billion dirhams in Reliance
Industries-owned  RELI.NS  Jio, 2.7 billion dirhams in private
equity investor Silver Lake and 7.5 billion dirhams through
partnerships with CVC, Citadel, iSquared Capital and Apax
Partners.
    Mubarak doubled down on growth sectors such as technology,
life sciences and self-driving technology, while asset sales hit
104 billion dirhams as it exited from some of its mature assets.
    The monetisations included a deal worth 16.7 billion dirhams
through the sale of its 39% stake in plastics maker Borealis to
OMV  OMVV.VI   urn:newsml:reuters.com:*:nFWN2HK0NV.  
    Mubadala posted total comprehensive income attributable to
the owner of 72 billion dirhams, up from 53 billion dirhams a
year earlier, it said in a statement. Comprehensive income
includes net income and unrealised gains such as hedges on
financial instruments or foreign currency transactions. 
    Assets under management rose 4.8% to 894 billion dirhams.
    Mubadala is the second biggest sovereign investor in the
United Arab Emirates (UAE) after Abu Dhabi Investment Authority
(ADIA), which manages an estimated $700 billion in assets.
    Mubarak said technology and life sciences in particular
"have been essential to the world over the last year, and we see
those sectors bringing greater opportunity for deeper
investment."
    Mubadala said the UAE and United States remained the largest
geographic areas for its portfolio, while it accelerated
investments in India in 2020.
    It also invested through its sovereign investment
partnerships in France, China and Russia last year.
    ($1 = 3.6728 UAE dirham)

 (Reporting by Saeed Azhar. Editing by David Goodman and Mark
Potter)
 ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters
Messaging: saeed.azhar.reuters.com@reuters.net))