Abu Dhabi’s Mubadala Investment Company is aiming to expand and strengthen its existing businesses in the UAE and create new national champions, one of the company's top executives said.
“We are taking a view and strategic initiative to focus or refocus into the UAE economy, build or expand and strengthen the existing businesses we have and create champions,” Musabbeh Al-Kaabi, chief executive of UAE investments at Mubadala, told the Atlantic Council Global Energy Forum 2021 on Tuesday evening.
Mubadala has investments in a number of companies in the UAE including clean energy company Masdar, Emirates Global Aluminium, chemicals company Borealis and aviation manufacturing company Strata, among others.
It also took a minority stake in a local artificial intelligence and cloud computing company Group 42 after transferring ownership of two information technology companies it owns – Injazat and Khazna Data Centres – to the business in November last year.
“We have the right ecosystem, we have the right partnerships globally and we are confident that we will push the economic diversification [of the UAE’s economy] going forward,” Mr Al Kaabi told the forum, which is taking place online due to Covid-19.
Mubadala is bullish on the prospects for hydrogen and earlier this week signed a preliminary agreement with Siemens to explore investment and commercial opportunities in clean energy and green hydrogen, which includes potentially setting up a demonstrator plant at Masdar City.
“From now till 2050, energy demand will double. We maintain our view that all sources of energy will be required and we identified hydrogen as one emerging energy source that would definitely help in meeting the energy demand in the future and addressing climate change,” he said.
The company also formed an alliance with the Abu Dhabi National Oil Company and industrial holding company ADQ to produce hydrogen from natural gas and renewable energy, with a view to producing locally and selling the fuel both in the UAE and overseas.
With a $232 billion portfolio spanning five continents, Mubadala has interests in a range of sectors from aerospace and healthcare to real estate, technology, utilities and oil and gas.
Earlier this month, Mubadala integrated its UAE healthcare assets into a single unit.
Mr Al Kaabi said the company "will play a constructive role in ensuring that our investments are in high compliance with ESG [environmental, social and corporate governance] requirements".
"We are currently running an exercise to identify our carbon footprint and putting the right measures in place to ensure our role going forward," he said.
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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THE SPECS
Engine: 2.0-litre 4-cylinder turbo
Power: 275hp at 6,600rpm
Torque: 353Nm from 1,450-4,700rpm
Transmission: 8-speed dual-clutch auto
Top speed: 250kph
Fuel consumption: 6.8L/100km
On sale: Now
Price: Dh146,999
