In 2022, Mubadala celebrated its 20-year anniversary of operations. This significant milestone has enabled us to reflect on our historic accomplishments while also providing an opportunity to execute our strategy for future growth.

We came into the year cautiously optimistic, having recorded the strongest financial performance since our inception in the previous year.

While we expected a market correction in 2022, the reality was that global events overtook all expectations, with volatility impacting most sectors and industries. Nonetheless, I am pleased to announce that our portfolio outperformed its respective global benchmarks in 2022, which is a testament to the resilient portfolio we have built over the years to weather such market turbulence.

Despite the market volatility and macroeconomic headwinds, 2022 remained one of the more active years for us as we continued to seek value by investing selectively in priority sectors such as renewables, life sciences, technology, mobility, and others while monetizing investments at the right time and at the appropriate valuations.

The implementation of our strategy saw us enter into new investments totaling AED 107 billion, while generating proceeds of AED 106 billion through monetizations dividends and distributions. Select examples of notable investments and monetizations in 2022 include:

• EUR 600 million investment in Envirotainer, a global leader in active temperature-controlled air freight solutions
  
  
• EUR 600 million investment in GlobalConnect, the largest digital infrastructure platform in the Nordics
  
  
• USD 525 million invested together with BlackRock Real Assets in Tata Power Renewables, one of the largest renewable energy companies in India, as part of Mubadala’s rapidly growing clean energy portfolio, marking our first-ever investment in India’s infrastructure sector
  
  
• AED 5.8 billion partial monetization of our holding in Masdar’s Clean Energy Business
  
  
• AED 4.3 billion monetization of the four prime Grade A commercial towers in Abu Dhabi Global Market (ADGM)
  
  
• Monetization of our legacy Petroleum & Petrochemicals holdings in both Borealis & agreement to sell OMV to ADNOC in a private transaction

Furthermore, our Credit Investments Unit continued its strong performance, with assets under management increasing from USD 5.4 billion in 2021 to more than USD 9 billion at the end of 2022, through the establishment of new partnerships to further bolster our global presence in the Private Credit business.

Despite a challenging year, our Assets Under Management across the group moved marginally and remained above AED 1 trillion; our five-year rate of return was 8.5 percent, compared to 12 percent in 2021.

We continue to maintain a prudent gearing ratio, standing at 8.5 percent, down from 8.7 percent in 2021, and hold a strong liquidity position as we manage through this economic cycle with a long-term view. As interest rates were on an upward path, we issued bonds worth USD 2.5 billion at attractive rates across two issuance windows with robust demand from global investors, demonstrating our ability to successfully tap the debt markets across economic cycles and in challenging conditions. This is an ongoing vote of confidence in the strength of our credit story, and in our proactive investor relations strategy.

While we anticipate continued market uncertainty, we remain optimistic and positive about our resilient portfolio and investment strategy. Our team’s experience, expertise, talent, and values will remain key to delivering on our long-term strategy and mandate to generate long term sustainable financial returns.