In 2024, global markets continued to experience volatility, shaped by persistent geopolitical tensions, evolving monetary policies, and uncertainty around inflation and capital flows.
Despite these headwinds, Mubadala once again delivered strong performance across its portfolio, reinforcing the strength and resilience of its long-term investment strategy.
Our Assets Under Management (AUM) grew in line with our ambitions, exceeding AED 1.2 trillion, up from AED 1.1 trillion in 2023. Our five-year return stood at 10.1%, significantly outperforming our benchmarks. These results underscore the strength of our disciplined approach and validate our continued evolution as a forward-looking investor.
During the year, we deployed approximately AED 119 billion in new investments. At the same time, we remained agile and disciplined in a dynamic market environment, continuing our balanced strategy of recycling capital to generate AED 109 billion in proceeds. This is a testament to our ability to unlock value amid broader market uncertainty.
Select examples of notable transactions include:
We also raised AED 30.5 billion of debt through multiple transactions across a range of instruments, including our inaugural global Sukuk, which marked the first-ever AA-rated Sukuk issuance. Our cost of debt remains below benchmarks, and our gearing ratio decreased to 7.8%, reflecting prudent balance sheet management and our continued ability to raise capital at scale on competitive terms through economic cycles.
The start of 2025 has been marked by significant macroeconomic and geopolitical developments. The resurgence of trade friction, particularly through new tariffs between major economies, added further uncertainty to global markets. Growth expectations have softened across both developed and emerging markets, while investors continue to reassess the long-term implications for inflation, supply chains, tariffs, and capital flows.
Amid these developments, Mubadala will continue to demonstrate resilience. Our globally diversified portfolio, disciplined capital allocation, and proactive approach to risk management have enabled us to navigate sustained volatility over recent years, and we remain confident in our ability to do so going forward. As a long-term investor with a mandate to create enduring value and aligning with our shareholder objective of creating a globally integrated economy for Abu Dhabi and the UAE, we are well positioned to weather these challenges while actively pursuing opportunities aligned with the megatrends that will define the evolving global economy.
