Emirates Global Aluminium (EGA) is a leading global aluminium producer and the largest industrial company in the UAE outside of oil and gas. It aims to “innovate aluminium to make modern life possible.”

EGA is the first company to create an aluminium product using the power of the sun, known as CelestiAL. This innovative new product uses solar energy to significantly reduce the emissions associated with aluminium smelting, helping to protect the planet for future generations. CelestiAL successfully secured its first commercial transaction in 2021 with BMW Group. EGA will supply 43,000 tonnes of CelestiAL aluminium, helping to reduce BMW Group’s emissions by 222,000 tonnes of CO2 per year.

Since its inception, EGA has played a major role in the industrialization and economic diversification of the UAE, with an impact that is as important in key global markets as it is locally. EGA’s UAE customers, such as the Ministry of Education and LafargeHolcim’s Geocycle, are part of local and international supply chains from construction to automotive. Their made-in-the-UAE products are part of everything from high-rise buildings to electric vehicles.

A top ten global satellite services operator.

Al Yah Satellite Communications Company (Yahsat), celebrated the UAE’s Golden Jubilee with its own story of success in 2021. In the most significant listing since 2017, Yahsat started trading on the Abu Dhabi Security Exchange (ADX) on 14 July 2021. The Initial Public Offering (IPO) raised AED 2.68 billion.

This represented the first-ever IPO of a Mubadala subsidiary supported since inception and created a new platform and route for further value creation. Mubadala remains the majority shareholder with a 60% stake.

With the listing, Yahsat has reinforced its position as one of the largest providers of multi-mission (government and commercial) satellite communications services in the world and the UAE’s primary supplier of integrated satellite solutions.

Yahsat announced several partnerships during the year. A group-wide partnership with Ericsson will provide private network, data and internet connectivity services across the oil and gas, mining and ports industries. A long-term agreement with Cobham SATCOM, will distribute next-generation broadband products for mobile land, aeronautical and maritime users.

In September 2021, Yahsat selected SpaceX Falcon 9 to launch the T4-NGS satellite, which is scheduled to commence operations in 2024, and awarded Cobham SATCOM the contract to deliver a comprehensive mobile broadband system, including ground infrastructure.

Yahsat’s satellites reach more than 80% of the world’s population, providing critical communications across the Middle East, Europe, Africa, South America, and Asia. This further supports the UAE’s vision of becoming a telecommunications and broadcasting hub as part of its Economic Vision 2030.

In October 2021, Yahsat was appointed by the UAE Government to conduct a detailed assessment and recommendation for two new satellites targeted for launch in 2026. These missions would add capacity, coverage, and capabilities to enable next-generation applications and allow parallel use of the new and existing satellites for several years supporting Yahsat’s future growth and securing its longer-term financial outlook.

In December 2021, Mubadala joined forces with G42, the leading UAE-based AI and cloud computing company, to establish a biopharma manufacturing campus in Abu Dhabi. The partnership will tap into state-of-the-art vaccine and therapeutic products to strengthen regional supply chains and drive forward the nation’s diversification and economic growth agenda.

The world-class facility will focus on end-to-end biologics manufacturing and host Contract Manufacturing and Development Organizations (CDMOs) anchor partnerships. Our interest in CDMOs is based on the breadth and depth of specializations they bring to the drug and pharmaceuticals journey-to-market cycle. By partnering with CDMOs, the focus can shift to getting life-saving solutions to those who need them most, while aligning to bring unprecedented advancement in global healthcare. Outsourced pharmaceutical services have been a key investment theme for Mubadala over the past few years.

AI and cloud computing technologies are being leveraged within the pharma industry for their value, speed, scalability, innovation, and resilience. There is a significant opportunity for pharma and healthcare companies to utilize AI technology and improve their processes.

By combining G42 and Mubadala’s respective strengths, we are bringing the latest innovation within the life sciences ecosystem to the UAE and strengthening the nation’s biopharma supply chain. The new campus will also focus on developing local expertise and sustaining long-term economic growth.

The UAE’s Golden Jubilee coincided with a momentous year for Mubadala Health. While we continued to address the nation’s most pressing healthcare needs, including the response to the COVID-19 pandemic, we also took the opportunity to expand our network and strengthen partnerships with international medical institutions.

Today, Mubadala Health employs more than 10,000 caregivers, delivering 100+ service lines across 15 facilities in the UAE and Saudi Arabia. Our network of world-class healthcare providers, which includes Cleveland Clinic Abu Dhabi, Imperial College London Diabetes Centre, and Capital Health Screening Center, amongst others, now offers more than 60 medical and surgical specializations.

In July 2021, we added to our portfolio through the acquisition of a majority stake in UEMedical, one of the region’s leading operators of hospitals and clinics, specializing in women’s health, family medicine, pediatrics, fertility, dermatology, and more. This transaction aligns with our mission to transform the regional healthcare landscape and provide access to high-quality care throughout the entirety of a patient’s life.

Emiratization in healthcare remains a key priority for Mubadala Health, as is our commitment to offer excellent training and career opportunities to our caregivers. The ‘Train for Work’ Emiratization program is now well-embedded across all of our assets, allowing young, local talent to better understand and appreciate the variety of roles that exist within the healthcare sector.

This complements other annual training initiatives conducted within our network, such as Cleveland Clinic Abu Dhabi’s ‘Wateen’ program, which enables recent graduates to gain the practical skills and knowledge they require to excel in their careers.

The energy transition is a key global priority, including investment in clean energy as an alternative to fossil fuels.

As a responsible investor, we recognized that investing in renewable energy and sustainable technologies is imperative to the energy mix, in line with the UAE’s vision.

We established Masdar (Abu Dhabi Future Energy Company) 15 years ago with a specific mission to develop and drive commercially viable investment in the renewable energy sector in Abu Dhabi and around the world.

Today, Masdar is active in more than 35 countries across six continents, ranging from the world’s largest single-site solar power plant in the UAE with a capacity of 2GW to Indonesia’s first floating solar power plant, which will provide enough electricity to power 50,000 homes. In total, Masdar has invested in projects with a combined value of $20bn and is helping to displace more than 16 million tons of CO2 emissions.

This is set to accelerate rapidly. Following the creation of the Hydrogen Alliance with Abu Dhabi National Oil Company (ADNOC) and ADQ in January 2021, we subsequently formed a partnership with ADNOC and Abu Dhabi National Energy Company PJSC (TAQA) at the end of 2021 to advance Masdar. We are combining our efforts to create a global clean energy powerhouse by propelling Masdar’s renewable power capacity to 100GW. This ambition was updated from the initial proposal of 50GW.

Our partnership on Masdar will support the UAE’s role in the energy transition by becoming a global leader in green hydrogen and contributing to the UAE’s strategic goal of achieving carbon neutrality by 2050.

Calisen is a leading owner and manager of essential energy infrastructure assets in the United Kingdom, whose purpose is to accelerate the development of a smarter, cleaner, more efficient, and sustainable energy segment.

Calisen’s primary focus is on capturing the opportunities offered by the ongoing government-mandated roll-out of smart meters in the United Kingdom. Smart meters are believed to be a key enabler of a new decentralised and digital energy landscape, and a key element of the investment required to move towards decarbonization.

In March 2021, Mubadala, alongside its investment partners BlackRock and Goldman Sachs, acquired Calisen through a take-private transaction, valuing the business at circa £2 billion.

Mubadala, alongside our investment partners, is excited to be supporting Calisen through its next phase of growth. Our collective priorities for Calisen are delivering the smart meter roll-out in the United Kingdom, and supporting expansion into other energy efficiency assets or services, such as electric vehicle charging, electrification of heat and/or energy storage. Calisen has already made progress in one of these areas, and under its brand PlugMeIn, it helps customers drive into the future with smart EV charging solutions.

For over 80 years, Culligan International has been the global leader in water treatment and sustainable water solutions. The company’s dealer distribution network provides customizable solutions through 800 Culligan-branded locations across 90 countries.

Culligan established a presence in the region two decades ago and has since become one of the most diverse water treatment companies integrating modular systems. It also offers total water management packages to consumers, businesses, and industries across the UAE and Qatar.

In May 2021, Mubadala together with BDT Capital Partners, a merchant bank that provides businesses with long-term capital and strategic co-investors, acquired a majority interest in Culligan International. The deal with Centerbridge Partners and Advent International, who retained a minority stake, makes Mubadala an anchor investor in the transaction.

Culligan’s focus on providing clean and safe water with an emphasis on sustainability was displayed during Dubai Expo 2020. They provided zip hydrotaps that delivered filtered hot, chilled, and sparkling water and reusable glass carafes to the Australian pavilion. This achieved a zero single-use plastics goal over the Expo’s 6-month duration.

Building on this successful acquisition, Mubadala’s ongoing partnership with BDT continues to grow through a shared strategy of identifying responsible businesses led by world-class management teams, driving profitability in market-leading businesses.

When Mubadala first invested in PCI Pharma Services in 2020, the company was already established as a leading pharmaceutical packaging and supply chain business.

Together with our co-investors and PCI’s management team, we had the vision of creating further value by expanding the company’s services to produce products with complex manufacturing requirements – allowing it to offer a comprehensive outsourcing solution to its biopharma customers.

Combining this offering with PCI’s existing capabilities would particularly benefit small and medium sized biopharma companies, whose focus on injectable and biologic therapies requires bespoke and complex capabilities. By outsourcing both their packaging and manufacturing, these companies would then be well-positioned to foster innovation by exclusively focusing on research and development.

In October 2021, the opportunity presented itself for PCI Pharma to acquire LSNE, a leading contract manufacturing company. PCI’s management team, Mubadala and our investment partners at Kohlberg were able to move swiftly and with conviction to secure this transaction in the face of strong competition.

The acquisition of LSNE significantly expanded PCI’s breadth of services as a global contract development and manufacturing organization - building on its established expertise in specialty manufacturing, clinical trial supply and pharmaceutical packaging.

PCI is now able to offer integrated large and small molecule solutions for its clinical and commercial clients, including global manufacturing capabilities in complex formulations, high potency, sterile fill-finish, as well as lyophilization, an important manufacturing process commonly used with injectable and biologic therapies and a high-growth sector in the market.

Mubadala’s ability to drive transformative acquisitions and support capability development is a defining characteristic of our presence in the Life Sciences sector.

One of the most consistent items of global news coverage throughout 2021 concerned the rapidly increasing demand for semiconductor chips, in the context of constrained supply.

This coverage marked much more than a short-term imbalance in supply and demand – it is a trend that will continue for years to come and marks the dawn of a new golden age of semiconductors. As the world enters a fully connected and data-centric era, GlobalFoundries’ chips have become pervasive in modern life, and are driving innovation in computers, mobile phones, autonomous vehicles, medical devices, smart home devices and AI applications.

Semiconductors are everywhere and they’re mission critical. The industry took more than 40 years to reach $500bn in size, but is now estimated to reach $1tn over the next decade. Reflecting this ever-increasing breadth of applications, GlobalFoundries entered into 30 significant long-term customer agreements during 2021 and continued to expand its global manufacturing footprint.

The company broke ground on a new US $4 billion semiconductor fabrication plant in Singapore and expanded capacity at its plant in Dresden, Germany. In the US, GlobalFoundries also announced expansion plans for its most advanced manufacturing facility in upstate New York.

GlobalFoundries is a prime example of Mubadala’s strategy of doubling down on sectors with strong tailwinds and partnering with governments and customers for the long-term.

Since we established the company in 2009, Mubadala has continued to invest in GlobalFoundries’ innovation and growth, culminating in the company’s Nasdaq listing in October 2021. This raised nearly US $2.6 billion and marked the number one semiconductor IPO globally by market capitalization.

GlobalFoundries and its partners are helping to build the future and we are proud of our role in establishing this world-class business.

Mubadala is a long-term investor in the United Kingdom, with an office in London run by an experienced team of regional specialists. Since entering the market over a decade ago, Mubadala has built up a portfolio of investments in sectors as wide-ranging as energy, infrastructure, real estate, and technology.

In September 2021, Mubadala and the UK’s Office for Investment signed an agreement to significantly expand the UAE-UK investment framework first announced in March of the same year.

Under the new Partnership for the Future bilateral framework, the UAE committed £10 billion, to be overseen by the Office for Investment and Mubadala, and to be invested over five years.

The program focuses on economic growth priorities and investment opportunities across four priority sectors: life sciences, technology, infrastructure and energy transition.

Throughout 2021, the UAE invested £2.4 billion into 11 UK companies and seven UK funds.

Other investments include £500m into CityFibre, the UK’s largest independent Full Fibre platform, a direct position in an ecommerce platform operating in the UK and UAE, a UK drug discovery company, software as a service company, UK’s largest independent insurance broker, and several UK focused tech, foodtech and life sciences funds.

As a global investor, we continue to deploy capital across markets and sectors to build our diversified portfolio of assets. In December 2021, we signed two agreements to facilitate investments in priority sectors in France.

The first of these agreements was signed with Bpifrance, the French public investment bank, to extend our co-investment partnership by an additional €4 billion to be invested over the next decade. Each party has committed €2 billion to the French Emirati Fund Partnership (FEF) and the Innovation Partnership.

The second agreement was made with the French Ministry of Economy, Finance, and Recovery. It created a framework for funds associated with the Abu Dhabi government to invest up to €1.4 billion in funds in France or with significant exposure to the French economy.

Our international partnerships have played a key role in our investments in priority sectors that and support our commitment to strengthening commercial ties between the UAE and the world.

Since it was launched three years ago, our global tech ecosystem, Hub71, has introduced a series of programs that are contributing to the creation of a vibrant tech startup community in Abu Dhabi. Hub71 is now home to more than 100 tech startups at various stages of growth and a capital ecosystem with assets under management exceeding $2 bn.

By 2021, Hub71 comprised startups from 25 nations in 18 diverse sectors ranging from FinTech, Robotics, AI & Big Data, to HealthTech, Mobility & Logistics, and AgTech, among others. As well as helping startups save AED 36m in costs through its incentive program and secure more than 20 corporate deals throughout the year, Hub71 supported founders with fundraising, closing a total of 32 funding rounds. As a result, the aggregate valuation of Hub71 startups soared to AED 5.87bn, with close to 1,000 jobs created since it was launched in 2019.

With start-ups at Hub71 having generated AED 1.2bn in revenue since 2019, three multimillion-dollar deals were signed and seven proofs of concepts (POCs) are being successfully implemented as a result of one of its programs. Hub71 also became an endorser of entrepreneurs for the UAE Golden Visa and onboarded 336 team members in 2021 and expects to hire around 370 technology specialists in 2022.

Hub71’s strong performance exemplifies how it is supporting the UAE’s ambition of becoming an entrepreneurial nation by 2031 with a million start-ups. We are excited by the potential of Hub71 and keen to support creative ideas and scale solutions to address society’s most pressing challenges.

Looking ahead to the next 50 years, the start-up community will play a vital role in creating economic opportunities, driving innovation, and advancing priority sectors of the UAE.

In August 2021, a consortium led by BlackRock’s Secondaries and Liquidity Solutions group invested in a portfolio of assets managed by Mubadala Capital – the wholly owned asset management arm of Mubadala Investment Company. It also made a $400 million commitment into Mubadala Capital’s Private Equity Fund III, which exceeded its fundraising target and held its final close at $1.6 billion.

Mubadala Capital manages more than $10 billion of assets in third-party managed funds across its private equity, public equities, venture capital and Brazil businesses. The growth of Mubadala Capital as a global asset management firm with headquarters in Abu Dhabi and a focus on international investment activities is a further testament of Mubadala’s entrepreneurial approach to business building and a continued diversification away from a reliance on hydrocarbon.

In addition to successful exits from EMI Music Publishing and Restaurant Brands International, Mubadala Capital has a strong track record of strategically leveraging the secondary market to seek attractive returns for its existing investors and to forge new relationships with leading firms such as BlackRock.

In September 2021, Mubadala invested £4bn investment programme to build a new generation of Full Fibre Infrastructure for the UK by 2025. This investment marked the first capital deployed under the new infrastructure vertical of the UK-UAE Country Investment Program. Over a 15 year period, CityFibre’s rollout will bring Full Fibre to 285 cities, towns and villages, 8m homes, 800,000 businesses and 400,000 public sector sites, and over £38bn of economic benefits. The economic impact of this rollout is estimated to create:

• 16,400 jobs in network construction and supply chain
• £22bn gross value added (GVA) boost to productivity, business innovation and start-ups
• £15bn in house prices gains
• £4.8bn benefit to business from wider access to skilled labour

Digital Infrastructure is a vital enabler of social and economic progress, and a priority growth sector for Mubadala, and this investment is consistent with our mandate to deliver sustainable financial returns.