Abu Dhabi's Mubadala had record investments as focus shifts away from energy

Published 06 May,2021 via Bloomberg Technology & Innovation - Abu Dhabi’s second-largest sovereign wealth fund invested a record amount of money during last year’s global crisis as its focus increasingly shifts into high-growth sectors such as technology and health-care.

Mubadala Investment Co. said new investments amounted to 108 billion dirhams ($29.4 billion) in areas such as technology, life sciences and consumer goods, according to its 2020 results published on Thursday. Its assets under management across the group increased to 894 billion dirhams, compared with 853 billion dirhams in 2019.

As the emirate doubles down on reducing its traditional reliance on oil and gas, Mubadala last year teamed up with private equity firm Silver Lake in technology and Indian conglomerate Reliance Industries Ltd.’s retail unit in consumer goods and telecommunications as part of an ongoing investment spree. Mubadala earlier this year said it overhauled its internal structure to help achieve its goal of doubling assets in the next decade.