Mubadala Investment Co, an investor in SoftBank Group Corp’s technology fund, spent about $19 billion last year as the Abu Dhabi wealth fund expanded into more industries.
The fund invested additional and recycled capital across its existing sectors including technology, aerospace, commodities and financial services, as well as in new areas such as medtech, pharma and agribusiness, according to a statement.
At the same time, Mubadala monetized assets for about $15 billion.
Mubadala is part of Abu Dhabi’s efforts to diversify its economy by turning oil revenue into profitable investments while also attracting expertise and jobs. The firm merged with International Petroleum Investment Co in 2017 and absorbed Abu Dhabi Investment Council last year, making it the world’s 13th-largest fund, according to the Sovereign Wealth Fund Institute.
“The addition of the Abu Dhabi Investment Council was a transformational step, strengthening our position as an international investor across different sectors,” said group CEO Khaldoon Khalifa Al Mubarak. “Technological disruption is creating the potential for value across all sectors, which is an opportunity for us to deepen our position as a major global investor.”
Assets under management rose to AED841 billion ($229 billion) in 2018 from AED469 billion in 2017 while income increased to AED12.5 billion from AED10.3 billion. New offices opened in Moscow and San Francisco, adding to the network of offices spanning Rio De Janeiro, and a joint venture office in Hong Kong.
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