Mubadala’s investments in 2024 rise to $29 billion, exceeding Saudi Arabia’s PIF
Abu Dhabi’s Mubadala Investment Company invested much more in 2024, putting in $29.2 billion, up from $17.5 billion in 2023, according to a report that tracks government investment funds around the world.
Mubadala Overtakes PIF
Mubadala became one of the top global investors among sovereign wealth funds last year, spending about 20% of the total $136.1 billion spent by these funds worldwide, according to a report by Reuters based on the Global SWF annual report.
Mubadala surpassed Saudi Arabia’s Public Investment Fund (PIF), which had previously been the leader. This shift shows Mubadala’s strategy to take advantage of new global opportunities and strengthen its role as a major global investor.
Mubadala’s investments covered many areas, including technology, renewable energy, and healthcare, focusing on long-term, sustainable growth.
In contrast, the PIF reduced its spending by 37% to $19.9 billion in 2024, losing its spot as the most active sovereign wealth fund.
PIF Governor Yasir Al-Rumayyan said in October that the fund is now focusing more on supporting the domestic economy, rather than investing internationally.
While PIF reduced its spending, other Gulf sovereign wealth funds, like Mubadala, increased their investments during the same time.
Spending Increase
The rise in spending by other Gulf countries shows they are changing their focus to make their economies more varied and less dependent on oil. It also highlights the growing influence of the region in global financial markets.
The report says that despite these changes and different spending habits, Gulf sovereign wealth funds—managed by the governments of Abu Dhabi, Qatar, and Saudi Arabia—together invested a record $82 billion in 2024. This is over 10% more than they invested in 2023.
In total, sovereign wealth funds reached an important achievement in 2024, with their total assets growing by 6.1% to hit a record $13 trillion.
Recent Investments
In December 2024, Mubadala teamed up with the US-based firm Carlyle’s AlpInvest Partners to offer senior fund financing to private equity funds. They will focus on providing senior loans that are supported by the value of the fund portfolios. This method helps private equity firms get cash while reducing risk by using the portfolio as collateral.
Mubadala also bought 80% of Global Medical Supply Chain and Al Ittihad Drug Store from GlobalOne Healthcare Holding, boosting its role in healthcare logistics and pharmaceutical distribution.
Big Number
Mubadala Investment Company manages a $302 billion portfolio worldwide, with investments across six continents in various sectors and asset classes, according to its website.
Published: 1st January 2025
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