As a global and responsible investor, the strategy that Mubadala has been executing since 2018 aims to rebalance its portfolio by:


Gradually reducing exposure to sectors with thematic headwinds or that present challenges from a responsible investing perspective.


Entering and growing exposures into sectors and geographies that are fueled by favorable megatrends and tailwinds – such as life sciences, consumer, technology, venture and growth capital, Asia and select emerging markets.


Increasing exposure to stable and yielding asset classes to improve the predictability of returns and hedge against future business cycles – such as real estate, infrastructure and private credit.

In anticipation of a correction in asset values, we maintained a prudent approach to the pace of our capital deployment and were preparing to take advantage of a potential market downturn.

No one expected that the downturn would be caused by a global pandemic – COVID-19 – resulting first and foremost in a humanitarian crisis, the sharpest and shortest global economic recession, unprecedented efforts by policymakers and healthcare providers, and ultimately a disconnect between financial markets and the real economy.

In the early stages of the crisis, we slowed our investment activities in order to assess the epidemiological and macro-economic situation, defining possible scenarios that could unfold and stress-tested our investment portfolio. Our scenario-based analysis allowed us to:


  • 1. Test and enhance the financial and operational resilience of our existing assets.

  • 2. Quantify the potential impact of the crisis on performance and liquidity.

  • 3. Support our portfolio assets in identifying opportunities to re-emerge as leaders.


We also reassessed our strategy and pressure-tested the underlying drivers and beliefs. This assessment strengthened our conviction in the robustness of our ongoing strategy: COVID-19 reinforced and accelerated short-and long-term trends that have underpinned the asset classes, sectors and geographies we have prioritized.

With comfort in the resilience of our existing portfolio as well as the soundness of our investment strategy, we reactivated investment activities, increased our allocation appetites, and deployed capital across high conviction asset classes, sectors and geographies.

We continued to invest alongside world-class, trusted partners and top-quartile fund managers. We also took advantage of the market volatility by triggering a series of tactical trades and public equity investments. In parallel, we continued to monitor closely throughout the year the epidemiological, economic and market environments to ensure we were prepared with an agile response to the rapidly evolving situation. Furthermore, we increased our engagement with our diverse internal and external stakeholders and partners in order to ensure effective knowledge coverage.

We maintained a prudent approach to the pace of our capital deployment

As a result, our strategy remains anchored around delivering long-term performance to our Shareholder, underpinned by our responsible investing beliefs, and our high conviction to long-term trends that have been at play and reinforced or accelerated by the COVID-19 crisis, such as:

Demographics & Social Change

Growth of the global population over the next decades as longer lifespans create a more aged society.

Emerging Wealth & Shifting Economic Power

Expansion of the middle class at the fastest pace in the next decade led by growth in Asia.

Innovation Breakthrough & Technological Adoption

Accelerated adoption of technology, internet connectivity and data collection, which will impact incumbent industries and low skilled labor.

New & Smart Infrastructure

As existing infrastructure becomes strained and outdated, new infrastructure will be needed to support emerging hubs and new megacities.

Centrality of ESG & Climate Change

Faster ESG adoption as the world seeks more ethical capitalism and less strain on the planet’s climate and finite resources.


Launched as Google’s self-driving car project in 2009, Waymo has evolved into a major player in the mobility market and is now part of Mubadala’s strong portfolio of transformative technology companies.

Using artificial intelligence, machine learning applications, and quantum computing in building their autonomous vehicles, safety is the driving force of Waymo and at the heart of everything it does. Not only does this align with Waymo’s aim to make roads and communities safer, but it is also within our mandate to invest in companies that will transform key sectors of the future.

As we cultivate, invest in, and promote a global innovation ecosystem, it remains an important factor that contributes to the progress of the UAE and vital sectors worldwide. Autonomous and self-driving technology is paving the path towards revolutionizing mobility and transportation over the next decade, which have boundless potential not only in technology and innovation, but with positive effects environmentally and economically.

Jio Platforms

Jio Platforms is a next-generation technology and connectivity platform that provides high-quality and affordable digital services in India. In 2020 Mubadala invested USD $1.25 billion to further drive Jio’s vision of transforming the digital landscape in India through technology and innovation.

Jio Platforms has already made significant investments across its digital ecosystem, and Mubadala has joined the journey towards propelling India’s growth and becoming a leading digital nation on the global stage. Mubadala is committed to investing in and working with companies that are pioneering technologies and addressing challenges.

Jio Platform’s technologies span broadband connectivity, smart devices, cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented and mixed reality and blockchain. Their vision is to enable a digital India for 1.3 billion people and businesses across the country, including
small merchants, micro-businesses and farmers so that all of them can enjoy the fruits of inclusive growth.

Silver Lake

In September 2020, Mubadala and Silver Lake, announced the establishment of a long-term investment strategy led by Silver Lake and supported by a USD $2 billion investment from Mubadala.

Building on a long-term relationship, the partnership cemented Mubadala’s focus on technology and innovation. The partnership forms a strategy spanning a 25-year development lifecycle. It is designed to invest flexibly across investment structures, geographies and industries.

Technology is the bedrock of the global economy, and fundamental to all other sectors that are being significantly digitalized. Mubadala’s goal through this investment is to be well positioned to take advantage of the accelerated digital transformation and its potential to make fundamental improvements to many of the world’s key challenges.

A Vintage Year

February 2020

Mubadala to commit to Bpifrance’s LAC I Fund

Bruno Le Maire, French Minister of the Economy and Finance, and Mubadala announced the signing of a Memorandum of Understanding (MoU) with Bpifrance, the French national investment bank, committing to the LAC I Fund, a multibillion fund managed by Bpifrance… Read More

March 2020

Mubadala invests in autonomous, self-driving technology company Waymo

Mubadala announced that it joined Silver Lake and other investors including the Canada Pension Plan Investment Board, Magna International, and Andreessen Horowitz as part of a consortium to invest a total of USD $2.25 billion in Waymo… Read More

June 2020

Mubadala to Invest USD $1.2 billion in Jio Platforms

Reliance Industries Limited and Jio Platforms Limited announced that Mubadala will invest USD $1.2 billion (AED 4.4 billion) in Jio Platforms at an equity value of USD $65 billion (AED 239 billion) and an enterprise value of USD $68 billion (AED 250 billion). Read More

August 2020

Kohlberg and Mubadala sign a definitive agreement to acquire majority stake in PCI Pharma Services

PCI Pharma Services and portfolio company of Partners Group announced the signing of a definitive agreement for the acquisition of majority stake in the company by Kohlberg & Company, LLC. Mubadala will also become a significant investor in PCI… Read More

September 2020

Silver Lake and Mubadala Partner to Establish Unique Long-Term Investment Strategy

Silver Lake and Mubadala announced they are building on their existing relationship by establishing a long-term investment strategy, led by Silver Lake and supported by a USD $2 billion investment from Mubadala… Read More

October 2020

OMV and Mubadala Complete Borealis Transaction

Mubadala and OMV completed the transaction for OMV to acquire an additional 39% stake in Borealis from Mubadala… Read More

October 2020

Mubadala to Invest AED 3.1 Billion in Reliance Retail Ventures

Mubadala announced it will invest ₹ 6,247.5 crores (AED 3.1 billion) into Reliance Retail Ventures Limited, a subsidiary of India’s Reliance Industries Limited… Read More

November 2020

Mubadala leads USD $700 million funding for US-based Reef Technology

Mubadala led a USD $700 million funding round for Reef Technology, US-based mobility, logistics, and neighborhood hub operator… Read More

December 2020

Mubadala to Invest in Asper’s AED 2.1 Billion Dorothea Investment Vehicle

Mubadala will be taking a significant stake in Asper Investment Management’s (Asper) Dorothea investment vehicle (Dorothea)… Read More

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