Abu Dhabi sovereign investor Mubadala has reported its 2022 financial results showing proceeds of 106 billion dirhams ($29 billion), compared to AED 123 billion in 2021.

The wealth fund on Friday said it had more than AED1 trillion in assets under management by the end of 2022 and had deployed AED107 billion in the year.

Khaldoon Khalifa Al Mubarak, CEO and Managing director, said: "2022 was one of our most active years in history, with more than 650 transactions in line with our strategy of investing in global megatrends, expanding our energy leadership, catalyzing future economic engines for the UAE, and establishing economic pathways with leading economies."

However, Mubadala's deployment of AED107 billion was lower than the AED125 billion in 2021.

In terms of portfolio allocation, 40% was deployed in North America, followed by 23% in the UAE. Asia & Pacific was allocated 16% and Europe 15%.

Total proceeds for 2022 also fell from AED123 billion in the year earlier.

(Reporting by Brinda Darasha; editing by Seban Scaria)