• Assets Under Management grew to AED 1.2 trillion
  • 10.1% annualized returns over the last five years
  • Alongside G42, backed a new national champion: MGX

Abu Dhabi – Mubadala Investment Company (“Mubadala”), the Abu Dhabi–based sovereign investor, today reported strong performance in its 2024 financial results, reinforcing the focus and resilience of its strategy. Assets under management grew 9.1% year-on-year to AED 1.2 trillion, with annualized returns of 10.1% over five years.

“This year marked two decades of disciplined financial performance as an investor central to the UAE’s long-term competitiveness. Our 2024 results and portfolio growth reflect Mubadala’s focused and resilient strategy, with risk-adjusted returns in sectors where we have conviction,” said Khaldoon Khalifa Al Mubarak, Managing Director and Group CEO.  “Our portfolio has been constructed to navigate market cycles and scale future-focused sectors—from AI and clean energy to life sciences, semiconductors, and advanced manufacturing—all aligned with our national priorities.”

Al Mubarak further commented: “A highlight of 2024 was the creation of MGX by the Artificial Intelligence and Advanced Technology Council - the new AI investment champion for Abu Dhabi - with G42 and Mubadala as co-founding partners.

A growing number of best-in-class investors also continued to partner with Mubadala across key geographies and sectors, reflecting confidence in our approach and long-term strategy. We will work to deepen these partnerships, invest in advancing innovation and create new entities in Abu Dhabi and around the world.”

Key Financial Highlights:

Mubadala’s 2024 results underscore its continued success as a trusted guardian of the nation’s wealth:

  • Delivered a five-year rate of return of 10.1%
  • Assets under management grew 9.1% year-over-year to AED 1.2 trillion
  • Capital deployed grew 33.7% year-over-year to AED 119 billion
  • Proceeds, including monetizations, grew 10% year-over-year to AED 109 billion
  • Portfolio mix remained broadly consistent year-over-year: 40% in private equity, 23% in public markets, and 17% in infrastructure and real estate 
  • Raised AED 30.5 billion through a range of capital market instruments, including:
  • The world’s first AA-rated sovereign Sukuk
  • A bond with the tightest credit spread ever issued in emerging markets
  • Mubadala’s first dirham-denominated global Sukuk
  • The first Euro-denominated 6- and 7-year corporate facilities in the EMEA region

“Mubadala’s 10.1% return over the last five years reflects our disciplined capital allocation strategy, resilient execution and consistent focus on long-term value creation,” said Carlos Obeid, Group Chief Financial Officer.

“We continue to grow and diversify across sectors and geographies, supported by a strong balance sheet, a low cost of debt, and a conservative gearing ratio of 7.8%, which positions us well for future investments.”

UAE Value Creation Highlights:

In 2024, Mubadala continued to be a key driver of innovation, economic diversification, and job creation in the UAE, reinforcing the country’s position as a global hub for capital and future-focused industries.

  • The establishment of MGX, alongside G42, was transformational for the UAE’s emergence as a global leader in artificial intelligence and advanced technologies.
  • The creation of Space42, the MENA region’s largest publicly listed space technology company, formed through the merger of Yahsat and Bayanat.
  • Mubadala supported the growth of the life sciences industry in the UAE through acquisitions along the value chain focusing on manufacturing and distribution to support national drug security and address the global need for essential medicines.
  • Emirates Global Aluminium (EGA) expanded its global aluminum recycling capacity to 140,000 tonnes, with another 225,000 tonnes under construction, through the acquisition of 80% of Spectro Alloys Corporation in the United States, the acquisition of Leichtmetall in Europe and the ongoing development of the UAE’s largest recycling plant.
  • Mubadala and Aldar extended their long-standing strategic partnership to support the sustainable economic growth and transformation of Abu Dhabi by developing and managing joint ventures in prime residential, commercial, retail and logistics assets with a combined value of more than AED 30 billion (US$8.2 billion).

Global Portfolio Highlights:

Mubadala’s portfolio continued to expand across North America, Europe, and Asia, guided by long-term investment horizons and aligned with global growth trends and Abu Dhabi’s economic vision.

  • Operating as Mubadala’s indirect investments arm and working alongside the best-in-class asset managers globally, Abu Dhabi Investment Council (ADIC) continued to invest through funds and co-investments that supported the diversification of our portfolio.
  • Mubadala Capital, now managing US$30 billion (AED 110.2 billion), two-thirds on behalf of global investors, grew its international footprint by acquiring Fortress Investment Group and establishing a US$1 billion (AED 3.6 billion) partnership with Silver Rock Financial.
  • Mubadala Capital closed Private Equity Fund IV with total commitments of US$3.1 billion (AED 11.4 billion), surpassing its original target by more than US$1 billion (AED 3.6 billion).
  • Mubadala’s private credit portfolio grew to US$20 billion (AED 73.5 billion), supported by deep, trusted partnerships with institutions including Apollo, Ares, Carlyle, Goldman Sachs, and KKR.
  • Masdar, the UAE’s clean energy champion, doubled its portfolio capacity during 2024 from 16.5 gigawatts to 32.6 gigawatts, including through a partnership with Greece’s TERNA to develop one of Europe’s most ambitious renewable energy projects, pioneering 3 gigawatts of clean energy capacity and supporting the EU’s energy transition.
  • A significant investment was made in Manipal Health Enterprises, one of India’s largest multi-specialty hospital networks.
  • A strategic investment in Zelis, a leading U.S. healthcare payments platform, reinforced Mubadala’s commitment to technology-driven businesses transforming essential services.
  • Mubadala made a cornerstone investment in PAG REN I, PAG’s Asia-Pacific renewable energy platform—its first renewable energy investment in Japan.
  • MGX co-led the US$30 billion (AED 110.2 billion) AI Infrastructure Partnership alongside Microsoft, BlackRock, GIP, NVIDIA and xAI and invested in companies such as OpenAI, Anthropic, and Databricks.

Financial Reporting

Mubadala focuses on long-term value creation and, in line with its sovereign investment mandate, reports multi-year performance metrics that reflect the nature of its strategy. Since 2021 the company has not disclosed annual financial figures such as revenue or net income but has disclosed its rolling 5-year IRR and, in 2024, has begun publishing its 10-year rolling IRR which in 2024 was 8.7%.

The Annual Review 2024 can be viewed here.   

About Mubadala

Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the Government of Abu Dhabi. Mubadala’s US$330 billion (AED 1,212 billion) portfolio spans six continents with interests in multiple sectors and asset classes. We leverage our deep sectoral expertise and long-standing partnerships to drive sustainable growth and profit, while supporting the continued diversification and global integration of the economy of the United Arab Emirates.   

 For more information about Mubadala Investment Company, please visit: www.mubadala.com

For further information
Senior Vice President, Corporate Communication:  Roland Buerk

rbuerk@mubadala.ae +971589898190

Vice President, Corporate Communication:  Olivia Hennigar
ohennigar@mubadala.ae +971557000172