Mubadala to prioritise Asia amid China recovery

Mubadala Investment Co., the Abu Dhabi sovereign wealth fund, will focus on investing in Asia this year, as China recovers from the pandemic and India continues to grow, according to the head of the fund, Al Mubarak.

The $284 billion fund plans to continue investing in semiconductors, technology, energy transition, digital infrastructure, and credit in the short-to-medium term, and is also looking at potential investments in technology and venture capital globally.

Mubadala is one of the sovereign wealth funds from the oil-rich Gulf region that continues to be an active acquirer even as global deal volumes fall and banks cut bank lending for acquisitions.

The United Arab Emirates, which is home to about 6% of the world’s proven oil reserves, is investing billions of dollars to diversify its economy away from crude, buoyed by cash from last year’s commodity boom and spurred on by equally ambitious neighbors like Qatar and Saudi Arabia.