Mubadala’s assets climb to Dh841b

Dubai: Mubadala Investment Company reported on Monday a jump in its total income in 2018 as well as in its assets under management, primarily driven by the consolidation of the Abu Dhabi Investment Council.

The company recorded Dh12.5 billion in total income, up 21 per cent over the Dh10.3 billion recorded in 2017. Assets under management, meanwhile, climbed by 79 per cent to Dh841 billion from Dh469 billion a year earlier.

The rise comes after UAE President Sheikh Khalifa Bin Zayed Al Nahyan issued a law in March 2018 to restructure Abu Dhabi Investment Council (ADIC) so it becomes part of the Mubadala group. The results for 2018 therefore reflect the performance of the combined entity with combined assets.

Carlos Obeid, chief financial officer of Mubadala, said the group’s financial and operational performance was stable during a year that saw “challenging market conditions with volatile equities and uncertain yields.”

“The addition of ADIC has diversified our exposure and strengthened our portfolio. While investing in new asset classes, we remain focused on robust balance sheet management, maintaining a low leverage position, and managing risk across the business,” he said in a statement.