Sheikh Mansour chairs Mubadala board meeting

Board approves company's plan and annual budget for 2024

Sheikh Mansour bin Zayed , Vice President, Deputy Prime Minister and Chairman of the Presidential Court, chaired Mubadala's board meeting at Qasr Al Watan in Abu Dhabi. Wam

Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, chaired a meeting of Mubadala Investment Company's board of directors at Qasr Al Watan on Tuesday.

The board approved the company's work plan and annual budget for 2024, state news agency Wam reported.

Sheikh Mansour is also the chairman of Mubadala.

The meeting also discussed several other issues on agenda.

It was attended by Suhail Al Mazrouei, Minister of Energy and Infrastructure, Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, Khaldoon Al Mubarak, chairman of the Executive Affairs Authority and managing director and group chief executive of the company, Abdul Hameed Mohammed Saeed, and Saif Ghobash, Secretary General of the Abu Dhabi Executive Council, and other officials.

Mubadala, which invests on behalf of the Abu Dhabi Government, is at the heart of the emirate’s efforts to diversify its revenue base and generate income from sources other than oil.

With assets worth Dh1.01 trillion ($276 billion), the sovereign fund’s investment portfolio spans six continents. It has interests in a number of sectors and asset classes, including aerospace, information and communications technology, semiconductors, metals and mining, renewable energy, oil and gas and petrochemicals.

Last year, Mubadala invested Dh107 billion across sectors such as life sciences, renewable energy and digital infrastructure and received proceeds of Dh106 billion by monetising assets at strong valuations.

Mubadala made a number of investments in the US, the world's largest economy. Earlier last year, it formed a strategic partnership with New York-based alternative asset manager Blue Owl Capital as it seeks to co-invest in private credit opportunities amid a tightening monetary environment around the world.

It is also boosting its presence in China, the world's second-largest economy. In March last year, the fund co-led a $300 million series B funding round for China’s industrial supply chain technology company, JD Industrials, alongside global investment manager 42XFund.