2017 was an exceptionally strong year. In real estate, for instance, we continued to deploy capital internationally through a number of exciting investment opportunities. Our balanced portfolio encompasses commercial, residential, industrial and some retail, usually of yielding assets in regions of the world that are consistent with our strategy to advance into the developed markets of North America, Europe and Asia.

In the healthcare sector, Mubadala is building on synergies and opportunities to streamline services while addressing gaps in our continuum of care and setting a new standard in Abu Dhabi. Our healthcare businesses are opportunistically reviewing disruptive investments in the healthcare industry as we diversify our portfolio of assets under management.

At Mubadala Capital, 2017 saw many achievements, but among the most important was our partnership with Ardian, one of the top secondary investment groups in the world. This transaction marked Mubadala’s entry into third party capital management for the first time with Ardian investing US $1.75 billion to take a majority stake in a US $2.5 billion portfolio owned by Mubadala The agreement also established a new US $1.5 billion private equity fund with equal primary capital commitments from Mubadala Capital and Ardian.

In May last year, we also announced a US $15 billion commitment to the Softbank Vision Fund, a major technology and innovation-focused vehicle which has enabled us to gain further exposure in the technology sector with stakes in the likes of China’s Didi Chuxing and Uber. The announcement that Mubadala will open an office in Silicon Valley also marked an important development for the Capital team, enabling us to get closer to the vibrant venture capital and entrepreneurship networks there through our $400 million Venture Fund. This fund has already deployed capital in a number of exciting technology businesses.

Locally, Al Maryah Island has continued to see significant growth and development. We have added several world-class food and beverage offerings while major community events such as UAE National Day, New Year’s Eve and Chinese New Year have all contributed to the destination becoming a focal point for commercial, leisure and cultural life in Abu Dhabi. Footfall has also increased, and with five new office tenants, there is a real vibrancy about the island.

In healthcare, 2017 was a breakthrough year with tremendous success across the network. Our first healthcare asset, Imperial College London Diabetes Centre (ICLDC), launched a new branch at Zayed Sports City and is already nearing capacity, as is the ICLDC branch in Al Ain. These facilities offer services that are in high demand locally. Also helping to meet community needs is Healthpoint, our multi-specialty hospital, which is fully open across all clinical centers of expertise.

Our flagship healthcare asset, Cleveland Clinic Abu Dhabi (CCAD), has had a tremendous set of regional and nationwide firsts. For example, CCAD completed the nation’s first multi-organ harvesting and transplant, in addition to conducting 25 kidney transplants and a successful, highly complex liver transplant. Just three years since it opened its doors, the hospital is saving lives and conducting a range of complex procedures – an unprecedented achievement. I am delighted that as an advanced hospital dealing with the highest level of acuity in the region and attracting patients from more than 80 countries, we also received accreditation in 2017 to start receiving medical students.

I am also extremely proud that our healthcare network is increasingly seeing UAE nationals secure positions as medical practitioners, administrators and managers, helping build the pool of local talent. At CCAD, for instance, we are already at more than 18 percent Emiratization. This story is reflected in other areas of the business too, with Emirati talent deployed in all our international offices.

We will remain focused on two key priorities.

First, we will continue to invest in companies that generate strong cash flow with yield. This is a primary metric across the capital investments, healthcare and real estate sectors.

Second, we will continue to be value investors, seeking to deploy capital when we see assets that are undervalued and have significant strategic growth potential. This includes ensuring that we manage our investments through the asset lifecycle and are able to monetize at the right time for the best price.

In addition to delivering attractive returns for our shareholder, having moved into managing third party capital, we are committed to responsible investing for the continued delivery of best-in-class returns.

Our vision is that success in this field will generate a virtuous cycle in which we attract further third-party funds, which then increases our assets under management.

In addition, the healthcare team will also focus on building connectivity and integration across the network of assets to better serve the community and drive momentum across all centers of excellence.