Mubadala Investment Company, the Abu Dhabi-based sovereign investor, today announced robust performance in its 2024 financial results, underscoring the focus and resilience of its strategy. Assets under management experienced a 9.1 percent year-over-year increase, reaching AED1.2 trillion ($326.7 billion), with annualized returns of 10.1 percent over five years, according to a statement.
Khaldoon Khalifa Al Mubarak, managing director and group CEO, stated, “This year marked two decades of disciplined financial performance as an investor central to the UAE’s long-term competitiveness. Our 2024 results and portfolio growth reflect Mubadala’s focused and resilient strategy, with risk-adjusted returns in sectors where we have conviction.
Our portfolio has been constructed to navigate market cycles and scale future-focused sectors—from AI and clean energy to life sciences, semiconductors, and advanced manufacturing—all aligned with our national priorities.”
Strategic partnerships and AI focus
Al Mubarak further commented, “A highlight of 2024 was the creation of MGX by the Artificial Intelligence and Advanced Technology Council – the new AI investment champion for Abu Dhabi – with G42 and Mubadala as co-founding partners.
A growing number of best-in-class investors also continued to partner with Mubadala across key geographies and sectors, reflecting confidence in our approach and long-term strategy. We will work to deepen these partnerships, invest in advancing innovation and create new entities in Abu Dhabi and around the world.”
Key financial highlights from Mubadala’s 2024 results highlighted its ongoing success as a trusted guardian of the nation’s wealth.
The company delivered a five-year rate of return of 10.1 percent. Assets under management grew by 9.1 percent year-over-year to AED1.2 trillion, while capital deployed increased by 33.7 percent to AED119 billion ($32.4 billion). Proceeds, including monetizations, rose by 10 percent year-over-year to AED109 billion ($29.7 billion)
The portfolio mix remained broadly consistent year-over-year, with 40 percent in private equity, 23 percent in public markets, and 17 percent in infrastructure and real estate.
Read more: Abu Dhabi’s Mubadala Energy acquires first stake in U.S. gas, LNG projects
Sukuk and capital instruments
Mubadala raised AED30.5 billion through a range of capital market instruments. These included the world’s first AA-rated sovereign Sukuk, a bond with the tightest credit spread ever issued in emerging markets, Mubadala’s first dirham-denominated global Sukuk, and the first Euro-denominated 6- and 7-year corporate facilities in the EMEA region.
“Mubadala’s 10.1 percent return over the last five years reflects our disciplined capital allocation strategy, resilient execution and consistent focus on long-term value creation,” said Carlos Obeid, Group Chief Financial Officer.
“We continue to grow and diversify across sectors and geographies, supported by a strong balance sheet, a low cost of debt, and a conservative gearing ratio of 7.8 percent, which positions us well for future investments.”
Mubadala focuses on long-term value creation and, in line with its sovereign investment mandate, reports multi-year performance metrics that reflect the nature of its strategy. Since 2021 the company has not disclosed annual financial figures such as revenue or net income but has disclosed its rolling 5-year IRR and, in 2024, has begun publishing its 10-year rolling IRR which in 2024 was 8.7 percent.
