These challenges are evolving at such a scale that only through concerted global action can they be effectively addressed. There is also a need for developing resilience plans compatible with their complexity.

The annual meeting, held under the theme of 'Cooperation in a Fragmented World’, brought together leaders from government, business, and civil society to address the state of the world and discuss priorities for the year ahead.

At a panel session as part of WEF, our Managing Director and Group CEO Khaldoon Al Mubarak maintained that a three-dimensional approach should be adopted if countries and businesses are to succeed in building resilience: maintaining a global perspective, pursuing a long-term vision, and realizing the potential of private-public partnerships.

As the world is transitioning to become geopolitically multi-polar, the need for stronger global collaboration and for resisting barriers to trade and investment cannot be overemphasized.

Long-term investment is a strategic pillar for Mubadala. For two decades, it has supported the UAE economy to become diversified and globally integrated by investing at home and abroad to create sustainable financial returns. It is deploying capital in some of the world's most promising and leading-edge sectors – such as semiconductors, renewable energy, biotechnology, and artificial intelligence – and is doing so in a responsible and financially sustainable way.

This strategy has paid dividends in many ways. A case in point is our renewable energy company, Masdar. When Mubadala established Masdar, 16 years ago, many questioned why a hydro-carbon rich economy would invest in renewables. Now, Masdar is one of the world’s fastest-growing clean energy companies, targeting 100GW of power capacity with aims to supply 1 MT of green hydrogen by 2030.

More recently, Mubadala identified life sciences as a key sector that will ensure continued growth, resilience and diversification in its portfolio. A few examples of this include its investment in PCI Pharma Services, a leading pharmaceutical packaging and supply chain business, and in Envirotainer, the leading global provider of temperature-controlled supply chain solutions for the transportation of biopharmaceuticals.

Resilience manifests itself in many other ways. Mubadala monetized assets at the right time and the right valuations and continued investing in critical areas - bolstering its private credit business, establishing the first carbon trading exchange at Abu Dhabi Global Market, and increasing its investments in technology and software.

Although 2023 is expected to be a challenging year for the global economy, Mubadala will continue to focus on opportunities over a longer-term horizon.

With megatrends at the heart of its strategic thinking, Mubadala will continue its diversification drive to create sustainable financial returns for the Government of Abu Dhabi.