Mubadala Investment Company

The International Petroleum Investment Company (IPIC), one of Mubadala’s predecessors, was established in 1984 to use Abu Dhabi’s petroleum wealth for the development of the emirate.⁠[1]

Mubadala Development Company was established in 2002 to diversify Abu Dhabi’s economy, and Khaldoon Khalifa Al Mubarak has led it since its inception. IPIC and Mubadala Development Company both went on to become global investors across many sectors.⁠[1][2]

Mubadala Development Company bought a 5% stake in Ferrari from Mediobanca for €114 million, valuing Ferrari at €2.28 billion; Luca di Montezemolo, then chairman of Ferrari and Fiat, said it was the first time Fiat had welcomed a non-financial institution as a Ferrari shareholder and that the two would form a strategic alliance to develop the Middle East and North African markets.⁠[3][3][3]

In September 2007, Mubadala bought a 7.5% stake in the general partnership of the private equity firm Carlyle; in December 2010 it invested a further $500 million in exchange for Carlyle convertible subordinated notes and additional general partnership equity.⁠[4][4][4]

AMD announced an investment of about $622 million from a wholly owned subsidiary of Mubadala Development Company, which bought 49 million newly issued shares at $12.70 each for an 8.1% stake; it was a non-controlling minority investment, and Mubadala received no board seat. Khaldoon Al Mubarak said AMD was a great fit for Mubadala’s investment approach.⁠[5][5][5][5]

AMD and Abu Dhabi’s Advanced Technology Investment Company (ATIC) announced the creation of a U.S.-headquartered leading-edge semiconductor manufacturing company, temporarily called “The Foundry Company”: AMD contributed its two fabrication plants in Dresden, Germany, and related assets, while ATIC invested $2.1 billion for its stake and committed at least $3.6 billion and up to $6.0 billion of additional equity over the next five years to expand the Dresden plants and build a new plant in Saratoga County, New York; Mubadala Development Company at the same time raised its stake in AMD to 19.3% on a fully diluted basis.⁠[6][6][6][6][6][6][6]

In 2009, Mubadala created GlobalFoundries, which became one of the world’s top semiconductor manufacturers; Abu Dhabi has described Mubadala as a significant and transformational investor in AMD.⁠[7]

On June 29, 2016, Sheikh Mohamed bin Zayed, then Crown Prince of Abu Dhabi, issued a resolution merging IPIC and Mubadala Development Company and creating a joint committee chaired by Sheikh Mansour bin Zayed Al Nahyan, with Khaldoon Khalifa Al Mubarak as vice chairman, to carry out the merger; the resolution said the combined entity would realize synergies in energy and utilities, technology, aerospace, industry, health care, real estate, and financial investments, and that the two companies would operate independently until the merger was completed.⁠[8][8][8][8]

In 2017, IPIC and Mubadala Development Company merged to form Mubadala Investment Company; the two former companies became wholly owned subsidiaries and retained credit ratings of Aa2, AA, and AA from Moody’s, Standard & Poor’s, and Fitch. In its first full year after the merger, the group had revenue of AED 165.6 billion, operating income of AED 10.7 billion, and year-end total assets of AED 469.4 billion.⁠[1][9][9][9][9]

UAE President Sheikh Khalifa bin Zayed Al Nahyan, in his capacity as Ruler of Abu Dhabi, issued a law making the Abu Dhabi Investment Council (ADIC) part of the Mubadala group, with Mubadala’s board becoming ADIC’s board and ADIC’s CEO reporting to Khaldoon Al Mubarak; at the time Sheikh Mohamed bin Zayed was chairman of Mubadala’s board and Sheikh Mansour vice chairman. Mubadala says the move doubled the group’s value, making it the second-largest sovereign wealth fund in Abu Dhabi and the third-largest in the UAE.⁠[10][10][10][10][10][1][1]

Mubadala and Carlyle announced that funds affiliated with Carlyle would buy 30% to 40% of the Spanish integrated oil and gas company Cepsa from Mubadala, in a deal valuing Cepsa at an enterprise value of $12 billion, with Mubadala remaining majority shareholder.⁠[11][11][11][11]

In January 2020, Malaysia’s Anti-Corruption Commission released nine recorded phone calls from 2016 and said former Prime Minister Najib Razak had asked the then Crown Prince of Abu Dhabi to help fabricate a loan agreement showing that his stepson Riza Aziz’s funds came from IPIC rather than from money siphoned from 1MDB; the recordings referred to Sheikh Mansour, then chairman of IPIC. The commission’s chief said forensic analysis showed the recordings were authentic and were proof of a “high-level criminal conspiracy” to cover up wrongdoing. Najib rejected the allegations, and Mubadala, formed from the merger of IPIC and Mubadala Development Company, declined to comment.⁠[12][12][12][12][12][12][12]

Silver Lake and Mubadala announced that Mubadala would invest $2 billion to support a 25-year long-term investment strategy led by Silver Lake and had acquired a minority equity interest in Silver Lake; the two firms had already invested together in Endeavor, Waymo, and Jio Platforms.⁠[13][13][13][13]

Mubadala and the UK government’s Office for Investment signed a long-term investment agreement creating the UAE-UK Sovereign Investment Partnership, with an initial £800 million from Mubadala for UK life sciences over five years alongside £200 million from the UK; it was the first agreement of its kind for the UK.⁠[14][14][14]

Mubadala reported total comprehensive income attributable to its owner of AED 72 billion for 2020, the largest in its history, assets under management of AED 894 billion, and new investments of AED 108 billion focused on technology, life sciences, and consumer goods, including agreements with Silver Lake, PCI Pharma, and India’s Reliance Group.⁠[15][15][15][15]

In October 2022, G42G42G42 (Group 42) is an artificial intelligence and cloud computing technology group founded in Abu Dhabi in 2018 and chaired by Sheikh Tahnoun bin Zayed Al Nahyan. Its companies include Core42, Khazna Data Centers, Presight, Space42, and M42; it works with U.S. companies such as Microsoft, OpenAI, and Cerebras, and has faced U.S. scrutiny over its earlier dealings with Chinese companies.Open the full entry and Mubadala announced they would merge their healthcare businesses, G42 Healthcare and Mubadala Health; on April 17, 2023, the combined tech-enabled healthcare company M42 was launched, led by Group CEO and Managing Director Hasan Jasem Al Nowais.⁠[16][17][17][17]

Abu Dhabi National Energy Company (TAQA), Mubadala, and Abu Dhabi National Oil Company (ADNOC) completed the Masdar transaction: TAQA took 43% and the leading role in Masdar’s renewables business, ADNOC 43% and the leading role in its green hydrogen business, and Mubadala 33% in each; the new Masdar targets at least 100 GW of renewable capacity by 2030.⁠[18][18]

Mubadala said it outperformed global benchmarks in 2022, deploying AED 107 billion and generating AED 106 billion in proceeds from monetizations, with assets under management remaining above AED 1 trillion; its investments included Envirotainer alongside EQT and the $2.6 billion purchase of Informa Pharma Intelligence with Warburg Pincus.⁠[19][19][19][19][19][19]

Through its wholly owned asset management subsidiary Mubadala Capital, Mubadala and Fortress management signed definitive agreements to acquire the 90.01% of Fortress Investment Group held by SoftBank Group since 2017; terms were not disclosed. Under the plan, Mubadala Capital would own 70% and management 30%, with management entitled to appoint a majority of the board, and Fortress would continue to operate as an independent investment manager.⁠[20][20][20][20][20]

Abu Dhabi’s Artificial Intelligence and Advanced Technology Council announced the creation of the AI investment company MGXMGXMGX is an Abu Dhabi artificial intelligence and advanced technology investment company, announced in March 2024 by Abu Dhabi’s Artificial Intelligence and Advanced Technology Council with Mubadala and G42 as foundational partners and chaired by Sheikh Tahnoon bin Zayed Al Nahyan. It has invested in companies including OpenAI, Anthropic, xAI, Databricks, and Binance, and co-founded the AI Infrastructure Partnership (AIP) with BlackRock, Microsoft, and others.Open the full entry with Mubadala and G42 as foundational partners, and Ahmed Yahia Al Idrissi, then CEO of Mubadala’s Direct Investments platform, became MGX’s CEO. G42 and Mubadala had earlier jointly developed the data center company Khazna, the healthcare technology company M42, and the geospatial technology company Space42.⁠[7][7][7]

After the deal closed, Fortress management owned 32% of the equity, with the right to appoint a majority of the board, and about 150 employees joined the buyout, while a consortium led by Mubadala Capital owned 68%.⁠[21][21][21][21]

Mubadala reported that assets under management grew to more than AED 1.1 trillion in 2023, that it deployed AED 89 billion into areas including AI, technology, digital infrastructure, life sciences, clean energy, and private credit, that proceeds from monetizations reached AED 99 billion, and that its portfolio achieved a five-year return of 10.3%.⁠[22][22][22][22]

Mubadala reported that assets under management rose 9.1% year on year to AED 1.2 trillion in 2024, with five-year annualized returns of 10.1%. Khaldoon Al Mubarak said a highlight of 2024 was backing the creation of MGX with G42 as co-founding partners, and that its focus sectors include AI, clean energy, life sciences, semiconductors, and advanced manufacturing.⁠[23][23][23]

The U.S. outdoor advertising company Clear Channel Outdoor announced it had agreed to be acquired in an all-cash deal by Mubadala Capital in partnership with TWG GlobalTWG GlobalTWG Global is a holding company led by Mark Walter and Thomas Tull that operates and invests in businesses across financial services, insurance, AI and technology, sports, media and entertainment, and energy; in November 2025, it led the AI cloud infrastructure company Lambda’s Series E funding round of over $1.5 billion.Open the full entry at an enterprise value of $6.2 billion, with shareholders receiving $2.43 per share, a 71% premium to the unaffected share price, and the investors committing about $3 billion of equity.⁠[24][24][24][24]

Mubadala reported that assets under management rose 17% year on year to AED 1.4 trillion (US$385 billion) in 2025, with five- and ten-year annualized returns of 10.7% and 10.3%, and that capital deployed rose 20% to AED 143 billion and proceeds 27% to AED 138 billion, both records. Mubadala said that, in line with its sovereign mandate, it has not disclosed annual revenue and net income since 2021, instead reporting rolling five-year internal rates of return and, since 2024, ten-year figures.⁠[25][25][25][25]

Mubadala’s sole shareholder is the Government of Abu Dhabi, and its board reviews and approves the company’s strategy and business plans each year on the government’s behalf. As of October 2026, Sheikh Mansour bin Zayed Al Nahyan, UAE Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, is chairman of the board, Khaldoon Khalifa Al Mubarak is Managing Director and Group CEO, and the board also includes Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Suhail Mohamed Al Mazrouei, Sultan Ahmed Al Jaber, Abdulhamid Saeed, and Saif Saeed Ghobash; the board delegates aspects of executive management to the Group CEO and the Investment Committee, which is responsible to the board for developing and monitoring investment strategy.⁠[26][26][26][26][27]

Mubadala’s business is organized into platforms including UAE Investments, Private Equity, Credit and Special Situations, and Real Assets; Mubadala Capital, the alternative asset management subsidiary within Credit and Special Situations, manages about $30 billion. Headquartered in Abu Dhabi, the company has offices in London, Moscow, New York, and Beijing, operates in more than 80 countries, and aims to double the size of its portfolio in the coming decade.⁠[28][28][28][28][29][29][29]

Mubadala Investment Company: Official website: https://www.mubadala.com/ (opens in a new window).⁠[30]

X: Public account: https://x.com/Mubadala (opens in a new window)⁠[30]

LinkedInLinkedInLinkedIn is a social networking platform for professionals. It was founded in 2002 by Reid Hoffman and others, launched in 2003, and listed on the New York Stock Exchange in 2011; after Microsoft acquired it for approximately $26.2 billion in 2016, it became a wholly owned Microsoft subsidiary. Its revenue comes from membership subscriptions, advertising, and recruitment solutions.Open the full entry: Public profile: https://www.linkedin.com/company/55857/ (opens in a new window)⁠[30]

YouTubeYouTubeYouTube is Google’s video-sharing and creator platform, founded in 2005 by Steve Chen, Chad Hurley, and Jawed Karim and acquired by Google in 2006. Built around video uploading, viewing, and creator earnings, the platform has developed Shorts, YouTube Music, Premium, YouTube TV, and products for children, and is headquartered in San Bruno, California, United States.Open the full entry: Public channel: https://www.youtube.com/user/mubadalauae (opens in a new window)⁠[30]