Under the guidance of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi, we are supporting Abu Dhabi’s vision for a diversified and globally connected economy, which serves as a central pillar of our nation’s multicultural and innovative society.
This vision and our work to realize it is the late Sheikh Zayed bin Sultan Al Nahyan’s legacy in action. He believed that sustainable development and economic diversification are essential to long-term security and prosperity for the nation and its people. In today’s rapidly evolving world, the importance of growth aligned with these thoughtful principles could not be greater.
We are now ten years into the delivery of Abu Dhabi’s Vision 2030. During this time, we have strengthened our position as a partner to the world and a home for business in the region. Abu Dhabi public institutions and the private sector have opened new career pathways and created infrastructure and industries that have laid the foundations of a sustainable and diversified non-oil economic base.
Mubadala and International Petroleum Investment Company (IPIC) have performed a central role in the delivery of this Vision. Their merger in 2017 to form Mubadala Investment Company is in direct alignment with the next phase of economic development, which will see Abu Dhabi significantly accelerate the scale, global connectivity and innovation elements of our economy.
Mubadala has already demonstrated its value as an investment company for the benefit of the nation. Its operations and investments across sectors and geographies of strategic importance have opened new economic pathways, advanced the UAE’s position in global supply chains, and delivered resilient financial returns.
Mubadala’s success is Abu Dhabi’s success, and is enabled by the vision of the Government of Abu Dhabi, the Mubadala Board of Directors and every employee.
I want to thank everyone for the vital role they play in fulfilling the mission of the Mubadala Group, for the lasting benefit of Abu Dhabi and the UAE.
The late Sheikh Zayed had a bold vision for Abu Dhabi and the UAE – one that had a diversified and globally connected economy as a central pillar of a multicultural and innovative and multicultural society.
Thanks to that vision, today Abu Dhabi and the UAE are partners to the world and the home of groundbreaking ideas and opportunity.
We have seen the emergence of a vast range of new careers and education pathways, a world-class healthcare network at home, and a diversified and globally-connected economic base that helps underpin the UAE’s place in the world.
We enjoy one of the most advanced levels of infrastructure development in the world, and we serve as a business, transportation and tourism hub for the region and beyond. Our home-grown businesses are global leaders in their fields.
Mubadala Development Company and the International Petroleum Investment Company have been at the center of our progress in recent decades.
The Government of Abu Dhabi recognized the scale of opportunities that could be unlocked by bringing together the two companies. The alignment of vision, mission, and mandate made for a strong strategic fit, paving the way for a powerful merger.
Mubadala Investment Company is now successfully operating as a global investment company focused on sustainable financial returns to realize our shareholder’s vision for a globally integrated and diversified economy.
To deliver on this critical mandate, Mubadala is deepening existing partnerships and forming new ones with global institutions that are delivering global growth and innovation.
The company is also doubling down on the integration of global supply chains and investing heavily in sectors that will shape tomorrow’s world, including Artificial Intelligence, life sciences, transportation, digital technologies and advanced materials.
Mubadala’s investments today will shape the UAE’s place in the world in 50 years’ time, and most importantly, create opportunities for our future generations.
2017 was a milestone year that marked a new beginning for our company following the government of Abu Dhabi’s initiative to bring together Mubadala Development Company and the International Petroleum Investment Company (IPIC).
Mubadala Investment Company began formal operations on 1 May. The strategic decision to bring together two leading Abu Dhabi investment institutions resulted in one of the largest corporate mergers in the history of the UAE and established an organization ready to support the next phase of Abu Dhabi’s economic development.
Mubadala is now a global investment company with a clear mandate to create sustainable financial returns, in direct support of our Abu Dhabi’s vision for a globally integrated and diversified economy.
We now have an asset base of AED 470 billion (approximately US $128 billion), 68,000 employees, and portfolio companies in over 30 countries, across 13 sectors that are all intrinsically linked to Abu Dhabi’s future.
Our new company continues to be an active investor and trusted partner as we utilize the competitive advantages of our talent, an expanded portfolio, robust balance sheet and the globally responsible networks that have resulted from the merger.
Developing our presence in key international markets is a strategic imperative where we see long-term growth potential and alignment with Abu Dhabi’s priorities.
We are resolutely focused on delivering financial returns for our shareholder through various methods, including investing in new sectors; reaching into new geographic markets; and monetizing assets when and where it makes sense.
We will remain flexible and nimble in our investment decisions, and we have conducted an extensive process to review and assess all of our assets to help form realistic but ambitious business targets. A highly diversified portfolio brings with it the potential for volatility in certain sectors and markets, and we are well positioned to respond to the natural volatility and flow of a global economy.
Last year saw major investment and integration across our international petroleum and petrochemicals, and industrial value chains. We opened our first United States office in San Francisco, California, which in addition to our Brazil office are enabling us to be on the ground to manage our portfolios and develop the new opportunities that 2018 will bring in new key markets.
We also made significant capital deployments in technology and innovation orientated organizations; these new partnerships are already enabling us to create value from the significant wave of technological change and innovation that is transforming global industries and societies.
How we do business matters just as much as what we do and it is our shareholder, employees, global partners, international relationships and the strength of our brand that make Mubadala the organization it is. Through our values of Accountability, Inspiration, Integrity and Partnership we lead by example and our people act as ambassadors not just for Mubadala but also for the UAE.
We continue under the guidance of our Chairman, His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces of the UAE, and our Vice Chairman, His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister of the United Arab Emirates and Minister of Presidential Affairs, and the wise leadership of our Board of Directors, to build on the track record of success.
I extend my warm and sincere appreciation for the ongoing commitment to our shared vision for Abu Dhabi and to building upon Mubadala’s great legacy.
The investment committee is mandated by the Board of directors to review, analyze and approve corporate matters related to strategy and investment decisions, and to continually monitor Mubadala’s financial and operational performance.
The Investment Committee is comprised of the Group Chief Executive Officer and Managing Director, Deputy Group CEO and Chief Corporate & Human Capital Officer, Chief Financial Officer, Chief Legal Officer, Chief Strategy & Risk Officer, and Executive Director, Mubadala Capital. In addition, the four platform CEOs are also members of the Investment Committee, ensuring alignment and synergies across all the sectors in which Mubadala operates.
The Committee convened 33 times in 2017 to discuss 82 items and addressed a further 15 by circulation.
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Khaled Abdulla Al Qubaisi Chief Executive Officer, Aerospace, Renewables and ICT
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Samer Halawa Chief Legal Officer
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Ahmed Saeed Al Calily Chief Strategy & Risk Officer
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Khaldoon Khalifa Al Mubarak Group Chief Executive Officer & Managing Director
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Hani Barhoush Executive Director, Mubadala Capital
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Homaid Al Shimmari Deputy Group CEO and Chief Corporate & Human Capital Officer
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Ahmed Yahia Al Idrissi Chief Executive Officer, Technology, Manufacturing & Mining
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Waleed Al Mokarrab Al Muhairi Deputy Group CEO & Chief Executive Officer, Alternative Investments and Infrastructure
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Musabbeh Al Kaabi Chief Executive Officer, Petroleum & Petrochemicals
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Carlos Obeid Chief Financial Officer
As a leading local and international investment company, we have been entrusted by our shareholder to manage our resources to the highest governance standards and ethical values. We take this responsibility seriously and have continued to invest across our business in industry-leading ethics, compliance and governance programs to meet the stringent standards we hold ourselves accountable to, and that our partners expect of us.
With a number of internal initiatives launched in 2017, we continue to ensure that our framework of ethics, compliance and governance is embedded in everything we do. This is especially important as we increasingly explore international opportunities with new and existing partners who have come to expect the highest standards from our organization.
We are committed to nurturing and developing ethical leaders who operate with our core values of Accountability, Integrity, Inspiration and in a spirit of Partnership, and I am particularly pleased with the professionalism our Mubadala teams and partners have shown in approaching this key issue.
As we look to the future and expand our business, these standards and values will continue to be central to how we operate and who we are.
