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Mubadala Investment Company

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Mubadala Investment Company PJSC (Arabic: شركة مبادلة للاستثمار), or simply Mubadala, is a state-owned global investment firm that acts as one of the sovereign wealth funds of the government of Abu Dhabi. The company was established in 2017 when then-named Mubadala Development Company (now Mamoura Diversified Global Holding) and the International Petroleum Investment Company (IPIC) merged. Headquartered in Abu Dhabi, Mubadala also has offices in London, Rio de Janeiro, New York, San Francisco and Beijing.

Mubadala Investment Company PJSC
Native name
شركة مبادلة للاستثمار
Company typePrivate Joint Stock Company (Government owned)
IndustryPrivate equity
Investment management
FoundedJanuary 2017 (January 2017)
Headquarters
Abu Dhabi
,
United Arab Emirates
Key people
AUMUS$302 billion (AED 1.11 trillion) (2024)[1]
OwnerGovernment of Abu Dhabi
Subsidiaries
Websitewww.mubadala.com Edit this at Wikidata

History

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Established in 1984, the International Petroleum Investment Company (IPIC) was created to advance Abu Dhabi’s natural petroleum wealth for the development of the emirate. Mubadala Development Company followed in 2002 to further diversify the economy. In June 2016, it was announced that Mubadala Development Company would merge with the International Petroleum Investment Company.[2][3][4] In 2017, ownership of both MDC and IPIC was transferred to a newly created parent company, Mubadala Investment Company.[5] The company is a wholly-owned investment vehicle of the government of Abu Dhabi, and Sheikh Mansour bin Zayed Al Nahyan, vice-president and deputy prime minister of the United Arab Emirates, is chairman of the company.[6][7][8]

Investments

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Mubadala has invested in logistics software startup Turvo,[9] Alphabet-owned self-driving technology company Waymo,[10] Reliance Jio Platforms,[11] UK life sciences company Envision,[12] and Telegram.[13] Mubadala is a parent company of GlobalFoundries, a semiconductor foundry company.[14]

Mubadala owns stakes in numerous companies, including a 7.5 percent share in the Carlyle Group.[15]

In 2007 Mubadala announced an initial investment in AMD.[16] As of 2017 Mubadala had a stake of 12.9 percent in the chipmaker.[17] In 2019 Mubadala sold its entire stake in AMD.[18]

In November 2020, Mubadala transferred ownership of two information technology companies it previously owned, Injazat and Khazna, to artificial intelligence company, G42, and took a stake in G42.[19]

In 2021, Mubadala purchased a 2.6% stake in En+ Group, a manufacturer of green aluminum, from Polina Yumasheva, the former wife of Russian businessman Oleg Deripaska.[20] The same year, Mubadala purchased MetrôRio, the company that holds the operations for the Rio de Janeiro metro, from Invepar. In 2016, Mubadala became the biggest external shareholder at Investcorp, after acquiring 20% stakes in the Bahraini firm.[21] In 2023, a former UK minister, Gerry Grimstone was criticized for conducting and not declaring 13 meetings with Mubadala and Khaldoon al-Mubarak, after acquiring the role as an adviser and the chair of planned climate fund at Investcorp. In March 2021, Grimstone finalized a deal between the UK and Mubadala, allowing it to oversee investment of around £10 billion in the UK from the UAE. A senior research officer at Transparency International UK, Rose Whiffen said if a minister is working for a firm and meeting its shareholder several times while in office, it should be declared or assessed before approval.[21]

A unit of the company, Mubadala Capital, invested €50 million in the Novalpina Capital private equity fund of €1 billion, which bought the NSO Group in 2019. Reports revealed that the UAE targeted human rights activists, journalists, and Princess Haya using the Pegasus spyware, during the same time. Mubadala Capital got a seat on Novalpina’s committee of largest investors.[22]

In May 2022, Mubadala Investment Company signed a preliminary agreement with French utility Engie for the development of a digital platform to charge electric vehicles in the UAE and across the Middle East. The two companies would also explore areas related to sustainable mobility.[23]

In May 2023, Mubadala agreed to buy a majority stake in a New York–based Fortress Investment Group from the SoftBank Group. The $3 billion takeover was intended to be closed in the first quarter of 2024. However, the deal that would give Mubadala 70% stakes in Fortress was being scrutinized by the U.S. national security officers. The deal, which raised concerns for the US over the UAE's ties with China, was being closely reviewed by the Committee on Foreign Investment in the US (Cfius).[24][25]

Investment platforms

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Mubadala operates through four investment platforms of significant scale.[26]

  • Direct Investments platform
  • UAE Investments platform
  • Disruptive Investments platform
  • Real Estate & Infrastructure Investments platform

Mubadala Technology

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Mubadala Technology
Founded2014 (2014)
SuccessorAdvanced Technology Investment Company (ATIC)
Headquarters
Abu Dhabi
,
UAE
Key people
Ibrahim Ajami (CEO)
ParentMubadala Investment Company

The company's Advanced Technology Investment Company (ATIC) in 2008, is an investment company[2] in the high-technology sector.[27] ATIC owns the semiconductor foundry companies GlobalFoundries,[14] and Chartered Semiconductor Manufacturing (which later merged with GlobalFoundries).[28][29] ATIC has invested in Calxeda, a start-up company for producing ARM architecture–based computers for the server market.[30] In 2011, ATIC announced investments of $5.5 billion to expand chip manufacturing in Singapore, Dresden, and New York.[31][32] It also announced a $6–$8 billion computer chip factory in Abu Dhabi for completion in 2012.[33] The company supports research initiatives in Khalifa University, UAE University, American University of Sharjah, Masdar Institute and New York University Abu Dhabi. In 2014, ATIC became Mubadala Technology.[34]

Mubadala Energy

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Mubadala Energy (formerly Mubadala Petroleum) plans to expand into liquefied natural gas, blue hydrogen, and carbon capture. Mubadala Energy works in eleven markets and employs over 500 people.[35]

Notes

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References

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  1. ^ "AUM 2024". www.mubadala.com. Mubadala.
  2. ^ a b "Fast FT". Financial Times. 29 June 2016. Retrieved 7 July 2016.
  3. ^ French, David; Tolba, Ahmed; Aboudi, Sam (29 June 2016). "Abu Dhabi government orders.merging of Mubadala And IPIC - state news agency". Reuters. Retrieved 7 July 2016.
  4. ^ Kerr, Simeon (29 June 2016). "Abu Dhabi to merge sovereign wealth funds Ipic and Mubadala". Financial Times. Retrieved 7 July 2016.
  5. ^ "Mubadala and IPIC Officially Merge". Sovereign Wealth Fund Institute. January 22, 2017.
  6. ^ "The Mubadala Story | Mubadala Development Company | Abu Dhabi, United Arab Emirates". Mubadala.ae. Retrieved 2012-08-13.
  7. ^ Ennis, Crystal A. (2018). "Reading entrepreneurial power in small Gulf states: Qatar and the UAE". International Journal. 73 (4): 573–595. doi:10.1177/0020702018809980. hdl:1887/71834. ISSN 0020-7020. S2CID 150220133.
  8. ^ Fahaam, Tariq Al; Saleh, Amjad; WAM. "Mubadala board reconstituted with Mansour bin Zayed as Chairman". www.zawya.com. Retrieved 2023-09-17.
  9. ^ Phillips, Erica E. "Abu Dhabi State Fund Leads $60 Million Funding in Logistics Software Startup". WSJ. Retrieved 2018-11-09.
  10. ^ "Mubadala invests in autonomous, self-driving technology company Waymo". www.institutionalassetmanager.co.uk. 2020-03-03. Retrieved 2020-03-05.
  11. ^ "Investors Flock to Pick Up Stake in Ambani's Jio Platforms | TopNews". topnews.in. Retrieved 2020-06-07.
  12. ^ "Mubadala, other investors acquire majority stake in UK life sciences company Envision". 5 November 2020.
  13. ^ Natasha Lomas (23 March 2021). "Telegram raises $150M from Mubadala and Abu Dhabi CP via pre-IPO convertible bonds". TechCrunch. Retrieved 23 March 2021.
  14. ^ a b "The National", accessed October 28, 2013.
  15. ^ Heath, Thomas (15 February 2008). "Pair of Proposals Take Aim at Carlyle Group". Washington Post. Retrieved 22 September 2008.
  16. ^ "AMD announces 622m investment by Mubadala Development Company | Mubadala". www.mubadala.com. Retrieved 2024-04-01.
  17. ^ "Abu Dhabi's Mubadala sells 34.9 million shares in U.S. chipmaker AMD". Reuters. Retrieved 1 April 2024.
  18. ^ "MIC_2019_Annual_Review_Brochure.pdf" (PDF). www.ifswf.org. Retrieved 1 April 2024.
  19. ^ Khan, Sarmad (2020-11-02). "UAE's Mubadala takes stake in Abu Dhabi AI firm Group 42". The National. Retrieved 2024-04-01.
  20. ^ "Abu Dhabi's Mubadala buys 2.6% of Russia's En+ group". Reuters. 2021-06-23. Retrieved 2021-09-15.
  21. ^ a b Parasie, Nicolas (2016-07-28). "Investcorp Sells 20% Stake to Abu Dhabi-Based Fund Mubadala". The Wall Street Journal. Retrieved 2023-08-31.
  22. ^ "Abu Dhabi state funds were used to buy Israeli spyware group NSO". The Financial Times. April 2022. Retrieved 1 April 2022.
  23. ^ "Mubadala teams up with France's Engie to develop electric vehicle charging platform in UAE". The National. 2022-05-10. Retrieved 2022-05-11.
  24. ^ Massoudi, Arash; Sevastopulo, Demetri (2023-07-24). "US security officials scrutinise Abu Dhabi's $3bn Fortress takeover". Financial Times. Retrieved 2023-07-30.
  25. ^ Kaur, Gursimran; Sayegh, Hadeel El (2023-07-24). "US security officials scrutinise Mubadala's $3 bln Fortress takeover". Reuters. Retrieved 2023-07-30.
  26. ^ "Investment Platforms". www.mubadala.com. Mubadala.
  27. ^ "About Us", ATIC, accessed June 12, 2011.
  28. ^ “Press Release”, ATIC, accessed June 14, 2011.
  29. ^ “Abu Dhabi to take on Taiwan’s Chipmakers”, Financial Times, accessed June 14, 2011.
  30. ^ “Green chip start-up gets $48 million in funding”, CNET, accessed June 14, 2011.
  31. ^ "Abu Dhabi’s ATIC Investing in Chip Plant, Sees Acquisitions", Bloomberg, May 18, 2011, accessed June 12, 2011.
  32. ^ “A future built on silicon”, Arab News, accessed June 14, 2011.
  33. ^ “ATIC to raise Globalfoundries stake”, The National, accessed June 14, 2011.
  34. ^ "Advanced Technology Investment Company (ATIC) to become Mubadala Technology". www.mubadala.com. 2014-05-01. Retrieved 2020-11-20.
  35. ^ Salian, Neesha (2022-09-06). "Mubadala Petroleum rebrands as Mubadala Energy". Gulf Business. Retrieved 2022-09-06.
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