TheBrief
Opening Outlook
Enabling a future-focused economy
Mubadala has joined real estate developer Aldar to acquire Masdar City Square, a seven-building commercial and lifestyle office complex in Abu Dhabi, for AED 918 million. The transaction is part of the Aldar-Mubadala joint venture that now owns an AED 4.7 billion portfolio within Masdar City, a hub for frontier sectors such as clean energy, artificial intelligence (AI) and sustainable development.
The complex, completed earlier this year, has a high-quality tenant base with 99% occupancy.
Ali Eid AlMheiri
Executive Director, Diversified Assets, UAE Investments Platform, Mubadala
“Investing in the infrastructure of future-focused sectors is central to how Mubadala’s UAE Investments Platform builds long-term economic value in Abu Dhabi. Through our joint venture with Aldar, we are assembling a real estate portfolio that strengthens the operating environment for knowledge-driven industries, advances the UAE’s Net Zero ambitions and contributes to the continued diversification of the UAE economy.”
The agreement underscores the strength of Abu Dhabi’s retail and office markets. Occupancy stayed at 95% across both the emirate’s overall market and its prime and Grade A segments in the first half of 2026, according to government authority ADREC.
Aggregate real estate transactions in Abu Dhabi reached a record AED 117 billion in that time, a growth of 112% over the same period in 2025. Read the announcement →
Perspective
“Structuring risk is very, very important, and I think investors need to spend more time understanding the downside and trying to structure around it, rather than [only] spending most of the time thinking about what would go well.”
— Khaled Al Shamlan Al Marri, CEO of Real Assets, Mubadala
Al Marri introduces the concept of a risk castle on The Exchange podcast. The metaphor describes how investments can be structured to safeguard capital through cyclic ups and downs. Besides the importance of closely examining potential investment downsides, Al Marri also discusses the role of data and judgement with host Mustafa Al Rawi, as well as why humility and agility are institutional strengths in today’s world. Get inspired →
Portfolio Spotlight
Scope 1 and 2 emissions cut by 30.9%
Mubadala Energy recorded a 30.9% reduction in scope 1 and 2 greenhouse gas emissions across operated assets, it said in its 2025 Sustainability Report. Scope 1 emissions come from activities directly controlled by an organization; scope 2 covers indirectly generated energy.
The company reported reductions in average emissions intensity and flared gas intensity, and maintained zero spills and zero fatalities. Alongside, it has strengthened ESG governance and continued to invest in people and young talent.
Adnan Bu Fateem
Acting CEO, Mubadala Energy
“As we enter our next chapter of growth, our focus remains on growing safely and responsibly, while creating long-term value for our shareholder, partners, host governments and communities.”
In 2025, Mubadala Energy provided more than AED 2.3 million for community programs. Visit Mubadala Energy →
Deal Book
Recent action across the portfolio
From AI infrastructure to digital payments, and retail, here are four of Mubadala’s recent investments and commitments:
Opening access to AI
Mubadala has announced a strategic partnership with Together AI to explore AI infrastructure and ecosystem opportunities in the UAE and the wider region. The announcement follows Mubadala’s US$ 100 million investment into the AI native cloud company. As part of the agreement, Together AI will establish a local presence in Abu Dhabi, bringing its inference and research capabilities closer to regional demand. Mubadala joined Together AI’s Series C financing round in July alongside a group of global investors. Access the announcement →
Expanding digital payments
Paymob has raised US$ 35 million in a pre-Series C funding round aimed at scaling its digital payments business across the Middle East and Africa and accelerating a product roadmap tailored to SME merchants and agentic commerce. Mubadala led the round jointly with the European Bank for Reconstruction and Development. Swipe to the news →
Growth on the menu
Mubadala has announced a significant minority investment in the Chinese technology-focused café chain Luckin Coffee, alongside controlling shareholder Centurium Capital. The transaction has an aggregate value of approximately US$ 1 billion. The investment gives Mubadala additional exposure to China’s attractive consumer coffee market. Follow the pour →
Scaling the stack
Mubadala Capital co-led a US$ 3.9 billion Series F round into Crusoe, a leading vertically integrated AI infrastructure provider, alongside Atreides Management and Valor Equity Partners, in addition to backing from new and existing partners. The financing sees Crusoe valued at roughly US$ 30 billion and will help the company’s business expansion. Track the compute →
Video Insights
Co-creating value
Beyond expertise and due diligence, successful investments depend on strong partnerships to create value across sectors and markets. Bold Moves: Beyond Boundaries examines how shared ecosystems generate long-term value beyond individual investments. The podcast episode features Mubadala leaders Waleed Al Mokarrab Al Muhairi, Camilla Languille, Talal M. Al Kaissi and Dimitris Moulavasilis. Play Beyond Boundaries →
Sector Focus
Five signals shaping regional healthcare
The next phase of healthcare is taking shape with advances in research and technology. Led by M42, new initiatives are expanding clinical care and digital infrastructure in the UAE and international markets. Below are the most recent developments:
AI-enabled precision healthcare: Clinical teams will be able to enhance patient care with faster insights as M42 adopts Oracle Health Data Intelligence across its network, beginning with its diabetes programs. The initiative creates longitudinal patient records to support informed and personalized treatments. Follow the data →
Digital-first systems in Botswana: A 10-year agreement sees M42 supporting Botswana’s Ministry of Health on a digital transformation initiative. It covers genomics, precision medicine, and boosts local capacity. Alongside, Mubadala Bio will help build a reliable and sustainable medical supply chain. Get the details →
Specialist clinics across Asia: M42’s Diaverum has opened its first clinic in Kyrgyzstan as part of a wider Central Asian expansion. In Kazakhstan, Diaverum has operated for a decade, and now serves more than 3,400 patients with 55 clinics. View the developments →
Next-generation expertise: Students from NYU Abu Dhabi, New York and Shanghai will gain hands-on experience alongside M42 experts in healthcare, science and technology following a recent agreement. The program enables students to build multidisciplinary skills and develops future-ready capabilities in Abu Dhabi. Read more →
Environmental intelligence: RASAID, an AI-powered environmental platform, detects emerging public health risks by analyzing wastewater across 100 sites in Abu Dhabi. Designed for continuous, population-level monitoring, the project has created one of the region’s largest wastewater datasets and covers more than 400 chemical and biological analytes. Take a closer look →
Investment Insight
A healthier case for capital
Healthcare makes for a durable investment across business cycles, because global systems have continued to operate despite constrained resources, Josh Zhou, head of North American healthcare PE, told Private Equity International in a recent interview. Working in the sector’s favor are an aging global population and the potential for technological and therapeutic innovations.
Healthcare truly delivers when investment capital goes towards improving technology, clinical infrastructure and recruiting so that clinicians can operate more efficiently.
He said the test is really whether the economics align with physicians and patients, and whether the business is genuinely stronger at the end of the ownership.
Mubadala’s healthcare mandate includes pharma services, healthcare IT, medtech and healthcare services. Dive into the article →
EXECUTIVE DIARY
Sustainable routes to long-term value
As climate has become a top agenda item for investors, Derek Rozycki, Head of Responsible Investing at Mubadala, joined researchers and peers at the Morningstar Sustainable Investing Forum to share how institutional investors can drive sustainable outcomes over the long term. The panel discussion took place during New York Climate Week in September.
The evolving role of governance
Strong governance, ethical leadership and a culture of integrity are essential to building organizational resilience as ESG expectations evolve and AI reshapes the workplace. Hessa Albahli, Mubadala’s Director of Ethics & Compliance, joined international leaders to share perspectives and best practices in this evolving landscape at the GPRC Summit Dubai 2026 recently. Mubadala was a sponsor of the event. Visit our LinkedIn page →
Calendar
Save these dates
A member of the SailGP technical team prepares the USA SailGP Team F50 catamaran for a practice session ahead of the Mubadala Abu Dhabi Sail Grand Prix 2024
Over the next few months, here’s where Mubadala will engage with partners and communities around the world.
| 7–9 Oct. |
Milken Institute Asia Summit 2026
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| 7–18 Oct. |
Rolex Shanghai Masters
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| 28–29 Nov. |
Mubadala Abu Dhabi Sail Grand Prix
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| 7–8 Dec. |
Milken Middle East and Africa Summit
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Podcast | The Exchange
Dialogue, perspectives and sharing ideas
Mubadala means exchange in Arabic. The name reflects the dialogue, perspectives and the exchange of ideas at the heart of the way we work. Find out more in our podcast series, where Mubadala insiders discuss investing, leadership and building for lasting growth. Hosted by Mustafa Al Rawi.
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The Mubadala Brief is published by The Circuit in partnership with Mubadala Investment Company.
