Performance

We continued to invest in sectors with strong tailwinds such as technology, life sciences, software, mobility, consumer goods and clean energy. We implemented our planned internal reorganization to leverage our strengths and areas of expertise, putting our teams of investment professionals to work in the asset classes and investment areas they know best.

Mubadala’s Total Comprehensive Income (TCI) attributable to the owner, for the year reached a record AED 122 billion, compared to AED 72 billion in 2020. This marks six consecutive years of increases in TCI. The five-year rate of return was 12.2 percent, compared to 9.8 percent in 2020.

Assets Under Management (AUM) across the group stood at AED 1.045 trillion, compared to AED 894 billion in 2020.

The implementation of our strategy saw us enter into new investments totalling AED 125 billion. These included long-term investments such as AED 1.3bn in Culligan International, a leader in sustainable water solutions. We also invested AED 2.9 billion in Marshall Wace TOPS World Equity Fund, one of the largest alternative asset managers. Other significant investments included new commitments and deployments with BlackRock, Silver Lake, BDT Capital Partners, Investcorp, Thoma Bravo and Stonepeak.

The returns from our investments contributed to our overall growth, but we also monetized certain mature assets.. Mubadala listed its wholly owned semiconductor manufacturing company, GlobalFoundries, on the NASDAQ, valuing the company at nearly AED100 billion in one of the largest flotations of 2021 in the United States.

Yahsat’s IPO on the Abu Dhabi Exchange supported the growth of Abu Dhabi as a capital marketplace and raised nearly AED 2.7 billion.

ADNOC and Taqa became shareholders in Masdar to boost its renewable energy capacity to more than 50 gigawatts by 2030. The deal will further strengthen the position of Masdar, founded by Mubadala in 2006, as a global champion in renewables and green hydrogen.

Mubadala also increased the pace of its international investments. In the United Kingdom, we invested AED 2.5 billion in CityFibre, the UK’s largest independent fiber infrastructure platform. In France we expanded an existing partnership with Bpifrance with over AED16 billion to invest in developing French enterprises with proven growth potential, and high growth technology sectors in France.

Mubadala Capital, which began operations in 2011, became a wholly owned subsidiary with over AED 50bn in assets under management including its managed third-party capital.

Furthermore, as a prudent investor, we took advantage of the low interest rate environment to lower our cost of borrowing and extend our weighted average life of debt. This ensures that Mubadala continues to maintain a prudent gearing ratio of 8.65% and a strong cash position as we manage through this economic cycle with a long-term view.