Performance
2022
Message from the Chief Financial Officer
Carlos Obeid
"Our portfolio outperformed its respective global benchmarks in 2022, a testament to the resilience we have built over the years."
carlos-obeid_en

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.

FINANCIAL
OVERVIEW

Our performance is anchored on executing our prudent strategy, strong internal capabilities, and robust corporate governance. We take pride in our credit rating, which is the highest in the region, a testament to our financial robustness, credibility, and strong ties with our sole shareholder, the Government of Abu Dhabi. We also uphold best practices of transparency and accountability by publishing IFRS audited financial statements

AED 107 bn
Total Deployments USD 29.1 bn
AED 1015 bn
ASSETS UNDER MANAGEMENT USD 276 bn
Assets Under Management
AED
1015 bn
1015 AED bn
USD 276 bn
AED
bn
AED bn
2007
AED
bn
AED bn
2008
AED
bn
AED bn
2009
AED
bn
AED bn
2010
AED
bn
AED bn
2011
AED
bn
AED bn
2012
AED
bn
AED bn
2013
AED
bn
AED bn
2014
AED
bn
AED bn
2015
AED
bn
AED bn
2016
AED
bn
AED bn
2017
AED
bn
AED bn
2018
AED
bn
AED bn
2019
AED
bn
AED bn
2020
AED
bn
AED bn
2021
AED
bn
AED bn
2022
*Note: 2007-2017 includes combined Mubadala Development Company and IPIC
Deployments & Proceeds
AED
bn

USD 29.3 bn

AED bn

USD 29.3 bn

2020
AED
bn

USD 34 bn

AED bn

USD 34 bn

2021
AED
bn

USD 29.1 bn

AED bn

USD 29.1 bn

2022
2022 Deployments
AED
bn

USD 28.3 bn

AED bn

USD 28.3 bn

2020
AED
bn

USD 33.4 bn

AED bn

USD 33.4 bn

2021
AED
bn

USD 28.8 bn

AED bn

USD 28.8 bn

2022
2022 Proceeds
Portfolio by Asset Class
36%
PRIVATE
asset-icon-1
27%
PUBLIC
asset-icon-2
6%
CREDIT
asset-icon-6
15%
REAL ESTATE AND INFRASTRUCTURE
asset-icon-4_0
16%
ALTERNATIVES
asset-icon-5
Portfolio by Geography
global
NORTH AMERICA
0%
Latin America & Caribbean
0%
europe
0%
United Arab Emirates
0%
Asia & Pacific
0%
other
0%

Credit Ratings

*Mamoura Diversified Global Holding PJSC, a wholly-owned entity of Mubadala
The issuing entity’s Credit ratings are a reflection of the continuing support offered by its sole shareholder, the Government of Abu Dhabi, and are aligned accordingly.
Credit Ratings: Short-term*
P-1/A-1+/F1+

Moody’s/Standard & Poor’s/Fitch

*Issuing entity - Mamoura Diversified Global Holding PJSC.

Credit Ratings: Long-term*
Aa2/AA/AA

Moody’s/Standard & Poor’s/Fitch

*Issuing entity - Mamoura Diversified Global Holding PJSC.