Mubadala was established to diversify and help transform the economy of the UAE. These ambitions were later captured in Abu Dhabi’s Economic Vision 2030—a roadmap to diversify the economy, unlock opportunities for future generations, and position the UAE as a global leader in strategic sectors. This vision and the economic priorities it identifies continue to guide all our actions.
2024 was a year of momentum as we built on two decades of disciplined delivery. We further honed our strategic focus as a globally relevant, innovative institution at the heart of the UAE’s economic transformation. Today, Mubadala operates across industries that define and drive national and global progress.
Assets under management in 2024 reached AED 1.212 trillion (US$330 billion). We deployed AED 119 billion (US$32.5 billion)—reflecting a year-on-year increase of 33.7%—while achieving top-quartile performance across both 5 and 10-year periods.
We continued to expand in areas where Mubadala has long invested with conviction, ranging from clean energy, healthcare and life sciences to advanced manufacturing and semiconductors. Institutions such as Masdar, M42, EGA, and GlobalFoundries represent our long-term approach to value creation, which aligns with national priorities and is built in partnership with industry leaders worldwide.
We deployed significant capital across mature and emerging markets, targeting new global value chains and demographic-driven megatrends while reinforcing our presence in key investment destinations. The UAE remains our foundation, where we continue to invest in and build the industries of the future.
We prepared for significant investments at scale by refining our architecture around our growth engines: Mubadala Investment Company, our core private equity investment platform; Abu Dhabi Investment Council, an endowment-style institution focused on delivering long-term, risk-adjusted returns; and Mubadala Capital, our global third-party capital and asset management arm.
Mubadala’s private credit portfolio grew to US$20 billion, supported by deep, trusted partnerships with Apollo, Ares, Carlyle, Goldman Sachs, and KKR. Mubadala Capital, now managing $30 billion, two-thirds on behalf of global investors, took a significant step last year in acquiring a 42% stake in Silver Rock Financial. Operating as Mubadala’s indirect investments arm and working alongside best-in-class General Partners globally, ADIC continued to invest through funds and co-investments that supported the diversification of our portfolio, across public and private assets.
In addition, the launch of MGX by the Artificial Intelligence and Advanced Technology Council, with the backing of Mubadala and G42 was a defining moment of 2024. In its inaugural year, the company co-led the US$30 billion Global AI Infrastructure Partnership alongside Microsoft, BlackRock, GIP, NVIDIA and xAI and invested in global AI leaders such as OpenAI, Anthropic, and Databricks.
These achievements, and many more, would not have been possible without our extraordinary people. This is an area of investment that will remain a constant focus. In 2024, we deepened cross-portfolio mobility, expanded Emiratization, strengthened talent partnerships across Abu Dhabi, and continued nurturing future leaders. Our organizational AI strategy is already sharpening execution and insight across the Group.
We continued to be a leading voice in defining responsible investment by developing, sharing, and deploying proprietary tools and collaborating with partners globally to define the standards and shape the future of sustainable investing.
I would like to thank His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi, our Founding Chairman, and His Highness Sheikh Mansour bin Zayed Al Nahyan, our Chairman, for their continued vision and trust. I also thank our Board, our global partners, and our people, whose commitment, talent, and clarity of purpose continue to shape our identity and success.
