Abu Dhabi’s most active investment fund, Mubadala, is turning its back on its roots by reducing its holdings in energy and other commodity-related assets while increasing investment in technology, healthcare and disruptive industries.
Khaldoon al-Mubarak, chief executive, said the change in strategy of the $232 billion fund would mean more sales in “traditional commodity sectors”, either through market listings or private placements, including an initial public offering for Emirates Global Aluminum.
Mubadala is also planning an IPO for Yahsat, a 14-year-old satellite company, and is considering listing GlobalFoundries, the US-based chipmaker into which it has injected billions of dollars in the past. decade, which made its first profit in 2019. Read full article.