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CouncilReport:TheCreationofMubadalaInvestmentCompany
March2017
AmergerofleadingAbuDhabiinstitutions
On29June2016,HisHighnessSheikhMohamedbinZayedAlNahyan,CrownPrinceofAbuDhabi,DeputySupremeCommanderoftheU.A.E.ArmedForces,andChairmanoftheAbuDhabiExecutiveCouncil,issuedaresolutioninitiatingthemergeroftwoofAbuDhabi’sleadinggovernment-ownedinvestmententities–theInternationalPetroleumInvestmentCompany(IPIC)andMubadalaDevelopmentCompany(Mubadala).
TherationaleforthismergerwastoprovidegreaterbenefitsandenhancedeconomicvaluefortheGovernmentofAbuDhabi.AccordingtoaMubadalapressrelease,thenewentitywillbewellpositionedto“realizesynergiesandgrowthinmultiplesectorsincludingtheenergyandutilitiessector,technology,aerospace,industry,healthcare,realestate,andfinancialinvestments.”Asacombinedforce,thebusinesswillalsohavetheabilityto“contributemoresignificantlytothediversificationoftheeconomy,inlinewiththeAbuDhabiPlanandthecountry’slong-termvision”ofsustainabledevelopment.Inaddition,itwill“buildonthecreationofquality,long-termemploymentanddevelopmentofhumancapitalincriticalsectorsfortheemirate.”i
TheresolutionbegananintegrationprocessledbyajointcommitteeheadedbyHisHighnessSheikhMansourbinZayedAlNahyan,DeputyPrimeMinisterandMinisterofPresidentialAffairsaswellasChairmanoftheBoardofIPIC.MubadalaGroupCEOandManagingDirectorHEKhaldoonKhalifaAlMubarakservedasViceChairmanofthiscommittee.ThecommitteealsoincludedU.A.E.EnergyMinisterHESuhailMohamedFarajAlMazrouei,HEHamadAlHurrAlSuwaidi,andtheChairmanoftheAbuDhabiDepartmentofFinance.ii
Asharedlegacyofdrivingeconomicdiversification
AstwoofAbuDhabi’smostsignificantinvestmentcompanies,IPICandMubadalahavelongplayedleadingrolesintheEmirate’seconomicgrowthanddiversificationthroughtheirenergy,industrial,andcapitalinvestments.
IPICwasestablishedin1984bytheU.A.E.’sfoundingfather,SheikhZayedbinSultanAlNahyan,withtheaimofleveragingAbuDhabi’senergyexpertiseandpetroleumheritagetowardsthecreationofamodern,diversifiedeconomy.IPIC’sfirstmajoracquisitionwasCepsa,oneofSpain’sleadingintegratedenergycompanies.Sincethen,IPIChasgoneontobecomeaglobalplayerinthehydrocarbonvaluechainwithinvestments
HHSheikhMohamedbinZayedAlNahyan
in18leadingcompaniesworldwide,primarilydownstreamenergycompanies.However,whiletwo-thirdsofIPIC’sassetsareinenergy,iiiitscapitalinvestmentarm,AabarInvestments,hasdevelopedasignificantportfolioofholdingsincludingstakesinconstructionfirmArabtec,spacecraftcompanyVirginGalactic,andItalianbankUnicredit.iv(SeeAppendixAforalistofselectIPICinvestments)
Meanwhile,theGovernmentofAbuDhabiestablishedMubadalain2002toadvancetheEmirate’seconomicdiversificationefforts.Thecompany’sfirstprojectwasDolphinEnergy,agroundbreakingjointventurewithOccidentalPetroleumandTotalthatdirectlyconnectsgasfromQatar’sNorthFieldwithcustomersintheU.A.E.andOman.MubadalahassincewideneditsportfoliotobothencompassanumberofsectorscriticaltoAbuDhabi’seconomicvisionandbecomeanactiveinvestorinmorethan20countries.Mubadala’sinterestsarecurrentlyfocusedinthefollowingsectors:aerospace,defenseservices,healthcare,informationandcommunicationstechnology,metalsandmining,oilandgas,realestateandinfrastructure,renewables,semiconductors,capitalinvestments,andutilities.(SeeAppendixBforalistofselectMubadalainvestments)
InbringingtogetherMubadalaandIPIC,theGovernmentofAbuDhabihascreatedaninvestmentpowerhousewithacombinedassetportfolioofAED460billion1($125billion),makingitthe14th-largeststate-ownedinvestmentfundglobally.vThenewentityhaspartnershipsandsubsidiariesinmorethan30countries,andthegroup-wideemployeebasewillbemorethan68,000.vi
1BasedonInternationalFinancialReportingStandardsasofyear-endFinancialYear2015
EstablishingMubadalaInvestmentCompany
Followingthecompletionofthejointcommittee’sassignmenton21January2017,HisHighnessSheikhKhalifabinZayedAlNahyan,inhiscapacityasRulerofAbuDhabi,issuedalawofficiallyestablishingMubadalaInvestmentCompanyasapublicjointstockcompany.viiSheikhKhalifaalsoissuedanEmiridecreeformingaBoardofDirectorsforthisnewentitywithAbuDhabiCrownPrinceandDeputySupremeCommanderoftheArmedForcesHisHighnessSheikhMohamedbinZayedAlNahyanasChairmanandDeputyPrimeMinisterandMinisterofPresidentialAffairsHisHighnessSheikhMansourbinZayedAlNahyanasViceChairman.viiiOtherboardmembersoftheMubadalaInvestmentCompanyincludeU.A.E.EnergyMinisterHESuhailAlMazrouei,whoiscurrentlyManagingDirectorofIPICaswellasChairmanoftheBoardofMubadalaPetroleum.Meanwhile,SheikhKhalifaappointedMubadalaGroupCEOandManagingDirectorKhaldoonAlMubarakasGroupCEOandManagingDirectorofthenewentity.ix
On15February,thenewboardofdirectorsoftheMubadalaInvestmentCompanyendorsedtheorganizationalstructureoftheorganizationanditsseniormanagementteam,affirmingKhaldoonAlMubarakasitsGroupCEOandManagingDirector.xMubadalaDeputyGroupCEOandU.S.-U.A.E.BusinessCouncilCo-ChairmanWaleedAlMokarrabAlMuhairiretainedhisroleasDeputyGroupCEOintheneworganization.Meanwhile,HomaidAlShimmari,whoservedasCEOforAerospace&EngineeringServicesatMubadala,waspromotedtoDeputyGroupCEOofMubadalaInvestmentCompanyinadditiontobeinggiventheroleofChiefHumanCapitalandCorporateOfficerofthisentity.
FourInvestmentPlatforms
TheMubadalaInvestmentCompanywillbeorganizedacrossfourinvestmentplatforms,whichwillcollectivelyhelpacceleratediversificationoftheAbuDhabieconomythroughstrategicinvestmentswithintheU.A.E.andabroad.Theseplatformsare“Petroleum&Petrochemicals,”“Technology,Manufacturing&Mining,”“Aerospace,Information&CommunicationsTechnology,&Renewables,”and“AlternativeInvestments&Infrastructure.”xi
The“Petroleum&Petrochemicals”platform,whichwillbeledbycurrentMubadalaPetroleumCEOMusabbehAlKaabi,willbethecompany’slargest,makingup31.1%ofitstotalassets.Thisplatformwillbedividedintothreesub-sectors:“Exploration&Production,”“Midstream,”and“RefiningandPetrochemicals.”Thesesub-sectorswillcollectivelyincludeIPIC’swidearrayofdownstream-heavyinvestmentsinleadingenergycompanies,suchastheaforementionedCepsa,AustrianintegratedoilandgasfirmOMV,Canada-basedNovaChemicals,JapaneserefinerCosmoOil,andVienna-basedpetrochemicalcorporationBorealis.Itwillalsoincludealloftheupstream-focusedassetsofMubadalaPetroleum,whichproducedanaverageof411,000barrelsperdayofoilequivalent(boe)in2015.xii
AccordingtoU.A.E.MinisterofEnergyHESuhailAlMazrouei,the“PetroleumandPetrochemicals”platformofMubadalaInvestmentCompanywillcollectivelyproducemorethan850,000barrelsofoilequivalentperdayoutsideAbuDhabiwitharefiningcapacityof1.5millionbarrelsperday.xiii
Thecombinedcompany’ssecondlargestplatformafter“PetroleumandPetrochemicals”willbe“AlternativeInvestments&Infrastructure,”whichwillinclude31%oftotalassetsandwillbeheadedbycurrentMubadala
DeputyGroupCEOandEmergingSectorsCEOWaleedAlMuhairi.Thisplatformwillcompriseequityinvestmentsspanningnumerousgeographiesandsectors,anditwillbebrokendownintothreesub-divisions,namely“RealEstate&Infrastructure,”“Healthcare,”and“MubadalaCapital.”Inaddition,Aabar,IPIC’sdiversifiedinvestmentcompany,togetherwithitsportfolioassets,willbemanagedwithintheAlternativeInvestments&Infrastructureplatform.
• “RealEstateandInfrastructure”assetswillincludemajorinfrastructureprojectssuchasAlMaryahIsland,prominenteducationalinstitutionslikeNewYorkUniversityAbuDhabi,andU.S.-basedViceroyHotelGroupandotherluxuryhotels.
• “Healthcare”assetswillencompassentitiessuchasthe364-bedClevelandClinicAbuDhabi,theImperialCollegeLondonDiabetesCentre(threefacilitiesintheU.A.E.),andtheNationalReferenceLaboratory,whichwascreatedinpartnershipwith,andisoperatedby,LaboratoryCorporationofAmerica(LabCorp).
• “MubadalaCapital”assetswillincorporateinvestmentsininstitutionssuchasU.S.-basedprivateequityfirmTheCarlyleGroup,GE,andBahrain-basedInvestcorpaswellassovereigninvestmentpartnershipsinRussia,France,andChina.xiv
The“Technology,Manufacturing&Mining”platform,whichwillbeheadedbycurrentMubadalaTechnology&IndustryCEOAhmedYahiaAlIdrissi,willbethecompany’sthird-largestplatform,at21.6%ofitstotalassets.Thisplatformwillbecomprisedoftwodivisions:“Technology&Manufacturing”and“Mining.”
• The“Technology&Manufacturing”divisionwillincludeMubadala’sinvestmentsintwoU.S.-basedsemiconductorcompanies:GLOBALFOUNDRIES–oneoftheworld’slargestsiliconchipmakers–andAdvancedMicroDevices(AMD).ItwillalsoincludeEmiratesGlobalAluminium,whichisamongthefivelargestprimaryaluminumproducersintheworld.
• The“Mining”divisionwillencompassMubadala’sinvestmentsinentitiessuchasSpain-basedcopperproducerMinasdeAguasTeñidas(MATSA).xv
Thefinalplatformwillbe“Aerospace,ICT&Renewables,”whichwillhold10.6%ofthecompany’stotalassetsandbeheadedbycurrentMubadalaChiefHumanCapitalOfficerKhaledAlQubaisi.Thisplatformwillbemadeupoffourdivisions:“Aerospace,”“Information&CommunicationsTechnology,”“Utilities,”and“DefenseServices.” Inaddition,Masdar,Mubadala’spioneeringrenewableenergycompany,willbemanagedwithintheAerospace,ICT&Renewablesplatform.
• The"Aerospace”divisionwillincludeinvestmentsinItalianaerospacemanufacturingcompanyPiaggioAerospace,Swissaircraft-maintenancebusinessSRTechnics,andadvancedcompositeaerostructuresmanufacturerStrataManufacturing,whichsuppliescompositepartsforBoeingandAirbusaircraft.
• The“InformationandCommunicationsTechnology”divisionwillinvolveinvestmentsinthesatelliteoperatorAlYahSatelliteCommunicationsCompany(Yahsat),mobileandinternetproviderdu,InjazatDataSystems,andCognit,ajointventurebetweenMubadalaandIBMtobringIBMWatsontotheMiddleEastregion.
• The“Utilities”divisionwillcontaininvestmentsinentitiessuchasdistrictcoolingproviderTabreed,whichownsoroperates70districtcoolingplantsintheGCC.
• The“DefenseServices”divisionwillconsistofinvestmentsinAbuDhabiShipbuildingCompanyandEmiratesDefenseIndustriesCompany.Thelatterisaconglomerationof16companiesformedbythemergerofMubadala’sdefenseassetswiththoseofTawazunHoldingandEmiratesAdvancedInvestmentsGroup.
Corporateassets,includingcash,representthebalance(5.7%)oftheapproximatelyAED460billion($125billion)portfolioofbothentities.xvi2
LookingAhead
Followingtheannouncementofthecompany’sseniorleadershipandoperationalstructure,theformalintegrationprocesscontinuestoestablishMubadalaInvestmentCompanyasalegalentity.ItisexpectedthatitwillbeginoperationsinMay2017.xvii
Whenthismergeriscompleted,itwillcreateastrongerinstitutionthanthesumofitsparts.Forinstance,bycombiningtheupstream-focusedenergyassetsofMubadalawiththedownstream-focusedholdingsofIPIC,themergedentitytakesonastructuresimilartoafullyintegratedoilandgascompany,whichisgenerallylessimpactedbyvolatileoilprices.
MubadalaInvestmentCompanyisalsobetterpoisedforgrowththanitscomponentparts.Thenewinstitutionwilllikelybeabletoseizeonoperationalefficienciesandeconomiesofscaletoreducecosts.Atthesametime,itwilllikelyenjoymoreconsistentcashflow,reducingtheneedforloansornew
2BookvalueandplatformpercentagesbasedonInternationalFinancialReportingStandardsasofyear-endFinancialYear2015)
depositstoinitiatenewprojects.Meanwhile,thegreatercombinedassetsandimprovedborrowingabilityofthenewentitywilllikelyenableittomakelarger,morestrategicinvestmentsbothintheU.A.E.andabroad.Insodoing,itwillbeabletodrawonbothorganizations’expertise,technology,andnetworks.
Ultimately,thecompletionofthismergerwillmarkanothersignificantmilestoneintherestructuringofAbuDhabi’sfinancialinstitutions.AbuDhabi’stwolargestbanks,theNationalBankofAbuDhabi(NBAD)andFirstGulfBank(FGB),arecurrentlyintheprocessofmergingtocreatethelargestbankintheU.A.E.intermsofassets.Moreover,itisrumoredthatAbuDhabiCommercialBankandUnionNationalBankaswellasAbuDhabiIslamicBankandAl-HilalBankmaysubsequentlyfollowsuit.xviii
ThisispartofalargerconsolidationofAbuDhabiinstitutionsasawhole.Notably,inOctober2016,AbuDhabiNationalOilCompany(ADNOC)saiditwouldmergeAbuDhabiMarineOperatingCompany(Adma-Opco)andZakumDevelopmentCompany(Zadco)intoasingleentity.xixMoreover,theMasdarInstituteofScienceandTechnology,thePetroleumInstitute,andKhalifaUniversityofScienceandTechnologyarefinalizingtheirmergertoformtheKhalifaUniversityforScienceandTechnology.xx
Thiswaveofconsolidationwillultimatelycreatemoreefficient,moreprofitable,andbetterperforminginstitutionsthatwillbegloballeadersintheirfields.Assuch,theywillhelpAbuDhabiachieveitseconomicdiversificationgoalsandrealizethestrategicobjectivessetoutintheEmirate’s2030vision.
APPENDIXA:SelectIPICInvestments
Project Focus Description OwnershipCepsa FullyIntegratedOil
CompanyHeadquarteredinMadrid,Spain,CompañiaEspañoladePetróleos(Cepsa)isanintegratedenergycompanywithmorethan80years’experience.xxi
IPIChasowned100%ofCepsasince2011.IPICfirstacquiredastakein1988,furtherincreasingitin2009from9.6%to47.1%
OMV FullyIntegratedOilCompany
OMVAktiengesellschaftisanintegrated,internationaloilandgasbusinessandAustria’slargestlistedindustrialcompany.xxii
IPICacquireda24.9%stakeinOMVin1994.
OilSearch UpstreamOilCompany
OilSearchisanoilandgasexplorationanddevelopmentcompanythathasbeenoperatinginPapuaNewGuinea(PNG)since1929.ItisPNG'slargestoilandgasproducerandoperatesallofthecountry’scurrentlyproducingoilandgasfields,anditisthethird-largestexplorationcompanyinAustralasia.xxiii
IPICacquiredfive-yearexchangeablebondsinOilSearchLtdin2009.
AbuDhabiCrudeOilPipeline(ADCOP)
MidstreamOilCompany(Pipeline)
AbuDhabiCrudeOilPipeline(ADCOP)isastrategicallyimportantfacilitythatallowsAbuDhabitoexportitspremiumcrudeoildirectlytotheArabianSeaviatheEmirateofFujairah,bypassingtheStraitofHormuz.xxiv
TheArabPetroleumPipelinesCompany(SUMED)
MidstreamOilCompany(Pipeline)
TheArabPetroleumPipelinesCompany,knownasSUMED,isajointventureformedin1977betweenEgyptianGeneralPetroleum,SaudiArabianOilCompany,threeKuwaiticompanies,andQatarPetroleum.SUMEDownstwoparallel42-inch-diameteroilpipelinesthatrunfor320kilometersacrossEgyptfromtheGulfofSueztotheMediterranean.TheyprovideaneconomicalternativetotheSuezCanalforoilbeingtransportedfromtheArabianGulfregiontotheMediterranean,especiallyinlightoftheinabilityoftheCanaltoaccommodatethelargestsupertankers.xxv
IPICpurchaseda14.8%stakeinSUMEDin1995.
GulfEnergyMaritime(GEM)
MidstreamOilCompany(Tanker)
GulfEnergyMaritime(GEM)isaleadingindependentproduct/chemicaltankercompanyandisratedamongthetop10independentproducttankerownersintheworld.GEM'sprimaryobjectiveistomaintainhighstandardsofsafetyandqualityinshipconstruction,operation,andmanagement.xxvi
IPICformedGEMasajointventurewithEmiratesNationalOilCompany,OmanOil,andThalesin2004.
PARCO MidstreamandDownstreamOilCompany
HeadquarteredinKarachi,Pakistan,Pak-ArabRefineryLtd(PARCO)isafullyintegratedenergycompanywhosemajoractivitiesareoilrefining,oilandproductspipeline,andstorage.PARCOisoneofthelargestcompaniesinPakistan’scorporatesector,withanassetbaseexceedingRs.151billion(aboutAED8.4billion).xxvii
PARCOwascreatedasajointventurebetweentheGovernmentofPakistan(60%)andIPIC(40%)in1995.
Borealis DownstreamOilCompany(Petrochemicals-Polyolefins)
HeadquarteredinVienna,Austria,Borealisisoneofthelargestpolyolefinproducersintheworld.Itscorebusinessrevolvesaroundtheproductionofpolyethylene(PE)andpolypropylene(PP),usedinthemanufactureofwireandcables,pipes,automotivecomponents,andadvancedpackagingmaterials.BorealisestablishedtheBorougepetrochemicaljointventureinAbuDhabiinconjunctionwithADNOC,theAbuDhabiNationalOilCompany.xxviii
IPICacquireda64%stakeinBorealisin1998.
COSMOOil DownstreamOilCompany(Refining)
CosmoOilisoneofJapan’slargestoilrefiningandmarketingcompanies.ItoperatesfourrefineriesinJapanandmarketsitsproductsdomesticallythroughanetworkof3,500petrolstations,aswellasoverseas.Italsoproducesandsellspetrochemicalsproducts,anditengagesincrudeoilexplorationandproductionoperationsprimarilyintheU.A.E.andQatar.xxix
IPICacquireda20.8%stakeinCosmoOilin2007.
NOVAChemicals
DownstreamOilCompany(Chemicals-Olefins/Polyolefins)
HeadquarteredinCalgary,Alberta,NOVAChemicalsCorporationisapetrochemicalcompanyfoundedin1954.NOVAChemicals’currentbusinessesandjointventuresfocusonolefins/polyolefins(ethyleneand
IPICacquired100%ofNOVAChemicalsCorporationin2009.
polyethylene),chemicalandenergyco-products,expandablepolystyrene,andperformancestyrenicpolymers.Itdevelopsvalue-addedproductsandtechnologyforcustomersworldwidethatproduceconsumer,industrial,andpackagingproducts.NOVAChemicalsconcentratesontheNorthAmericanmarkets.xxx
EnergiasdePortugal(EDP)
PowerGenerationCompany
EnergiasdePortugal(EDP)isaverticallyintegratedelectricpowercompanyandaleadinggenerator,distributor,andsupplierofelectricityinPortugal.ItisoneofthelargestcompaniesinPortugalbymarketcapitalization.xxxi
IPICacquireda4.1%stakeinEnergiasdePortugal(EDP)in2008.
AabarInvestments
Other HeadquarteredinAbuDhabi,AabarInvestmentsisadiversifiedinvestmentcompanywithholdingsinvarioussectorsincludinginfrastructure,aviation,realestate,automotive,commodities,andfinancialservices.xxxiiItisthelargestshareholderinU.A.E.constructionfirmArabtec,xxxiiianditholdsasignificantstakeinVirginGalactic.xxxivItalsohasa5%stakeinUnicredit,Italy’sbiggestpublicallytradedbank.xxxv
IPICboughtaninitialstakeinAabarInvestmentsin2009andhassinceprogressivelyincreaseditsstaketothecurrentlevelof97.82%.
FalahGrowthFund
Other FalahGrowthFundisa50:50jointventurebetweenIPICandKazakhstan,wheretheKazakhholdingissharedbyOrdabasyGroup(40%)andKazynaCapitalManagement(10%).TheFundhas$500millionincommittedcapitalandwillfocusoninvestmentsinKazakhstan,Russia,andtheCISstatesinenergy,power,foodproduction,infrastructure,naturalresources,andrealestate.xxxvi
QatarAbuDhabiInvestmentCompany(QADIC)
Other TheQatarAbuDhabiInvestmentCompany(QADIC)isagovernment-to-governmentjointventurebetweenIPICandtheGovernmentofQatar.Itisamulti-billion-dollarprivateequityfundwithaglobalmandate,runoutofDoha,andwillfocusonpromisingfast-growthsectors.xxxvii
APPENDIXB:SelectMubadalaInvestments
Project Focus Description OwnershipNibrasAlAinAerospacePark
Aerospace NibrasAlAinAerospaceParkinAbuDhabi’scityofAlAinisbeingjointlycreatedbyMubadalaAerospaceandAbuDhabiAirportCompany(ADAC).Thismulti-faceteddevelopmentwillsupporttheestablishmentofasustainableaerospaceindustryintheEmiratewithavisiontobecomeaglobalbenchmarkinaerospacerecognizedforknowledgedriveninnovation,respectedfordynamism,andrenownedforitspassiontonurtureintegratedpartnershipsacrossthesupplychain.xxxviii
PiaggioAerospace Aerospace PiaggioAerospaceisuniqueinitscombinationofdesign,manufacturing,andmaintenance,repair,andoverhaul(MRO)servicesforbothaircraftandaircraftengines.xxxix
MubadalaDevelopmentCompanyowns100%ofPiaggioAerospace.
Sanad Aerospace SanadAeroSolutionshelpsclientelemonetizespareinventoriesandsupportfleetgrowthwhilecontrollingtheiroverheadcosts.Thecompanycombinesadeepunderstandingofthefinancialsectorwithfully-integratedmaintenance,repairandoverhaul(MRO)capabilitiesdeliveredthroughregionalpartners,technicaltraining,andstate-of-the-artinventorymanagement.xl
SRTechnics Aerospace HeadquarteredatZurichAirportinSwitzerland,SRTechnicsisaleadingindependentproviderof
MubadalaDevelopmentCompanyisaminorityshareholderinSRTechnics.
maintenance,repair,andoverhaul(MRO)solutionsforairframes,engines,andcomponents.Thisiscomplementedbyengineeringservices,technicaltraining,andadedicatedVIPcompletioncenter.xli
Strata Aerospace Strataendeavorstobecomeatier-onesupplier:designing,developing,andmanufacturingaircraftmajorunits-suchaswingsandempennages-forthenextgenerationofcommercialaircrafts.xlii
StrataiswhollyownedbyMubadalaDevelopmentCompany.
TurbineServices&Solutions
Aerospace TurbineServicesandSolutions(TS&S)isaleadingsolutionsandmaintenance,repair,andoverhaul(MRO)providerforgasturbines,drivenequipment,andaerostructures.xliii
TS&SisawhollyownedsubsidiaryofMubadalaDevelopmentCompany.
AbuDhabiShipBuildingCompany(ADSB)
DefenseServices
AbuDhabiShipBuildingCompany(ADSB)providesfirst-classconstruction,repair,andrefitservicesfornaval,military,andcommercialvessels.xliv
EmiratesDefenceIndustriesCompany
DefenseServices
TheEmiratesDefenceIndustriesCompany(EDIC)isaleadingintegratednationaldefensemanufacturingandservicesplatform.BasedintheU.A.E.,thecompanybringstogetherthecombinedcapabilitiesoftheU.A.E.’sdefenseindustriesintoasingleintegratedplatformtoenhancevalueforclients,shareholders,partners,andotherstakeholders.EDIChas16defensesubsidiaries.xlv
MubadalaDevelopmentCompanyholdsa60%shareinEDIC.
AbuDhabiTelemedicineCentre
Healthcare AbuDhabiTelemedicineCentreisthefirstmedicalteleconsultationcenterrunbymedicalprofessionalstoofferhighquality,convenient,andconfidentialmedicalconsultationsoverthephone,
AbuDhabiTelemedicineCentreisajointventurebetweenMubadalaDevelopmentCompanyandSwitzerland’sleadingtelemedicineprovider,Medgate.
inbothArabicandEnglish.xlviCapitalHealthScreeningCentre
Healthcare CapitalHealthScreeningCentreisastate-of-the-artmedicalfacilitythatprovidesdedicated,HealthAuthority–AbuDhabi(HAAD)certifiedvisatestingservicesforAbuDhabi'sexpatriatepopulation.xlvii
CapitalHealthScreeningCentreisawhollyownedsubsidiaryofMubadalaDevelopmentCompany.
ClevelandClinicAbuDhabi
Healthcare ClevelandClinicAbuDhabiisamultispecialtyhospitalofferingcriticalandacutecareservices,reducingtheneedforpatientstotravelabroadfortreatment.xlviii
Healthpoint Healthcare Healthpointisafullyintegratedprimarycareandsuper-specialtyhospitalinAbuDhabi.Healthpointservesastheflagshiphometofourcentersofclinicalexcellence:AbuDhabiKnee&SportsMedicineCentre,WooridulSpineCentre,theBariatric&MetabolicSurgeryCentre,andthePlastic&CosmeticSurgeryCentre.xlix
ImperialCollegeLondonDiabetesCentre(ICLDC)
Healthcare ImperialCollegeLondonDiabetesCentrehasthreecentersintheU.A.E.–twoinAbuDhabiandathirdinAlAin.Thepurpose-builtcenters,operatedinpartnershipwiththeUK’sImperialCollegeLondon,providethehighestlevelofspecializedpatientcare,fromfirstdiagnosistothemanagementofallcomplicationsassociatedwithdiabetes.l
ImperialCollegeLondonDiabetesCentreisawhollyownedsubsidiaryofMubadalaDevelopmentCompany.
NationalReferenceLaboratory
Healthcare WithfacilitiesinAbuDhabiandDubai,comprisingatotalof32,000squarefeetoflaboratoryspace,NationalReferenceLaboratoryaimstoincreasethespectrum,coverage,andoverallefficiencyoflaboratorytesting,andtoimplementinternationalbest
NationalReferenceLaboratoryisawhollyownedsubsidiaryofMubadalaDevelopmentCompany.
practicereferencelaboratoryprocesses.NationalReferenceLaboratorywascreatedinpartnershipwith,andisoperatedby,LaboratoryCorporationofAmerica(LabCorp),oneoftheworld'slargestandmostexperiencedclinicallaboratoryoperators.li
TawamMolecularImagingCentre
Healthcare TawamMolecularImagingCentreisaspecialistmolecularimagingfacility,locatedontheTawamHospitalCampusinAlAin.lii
TawamMolecularImagingCentreisawhollyownedsubsidiaryofMubadalaDevelopmentCompany.
AlYahSatelliteCommunicationsCompany(Yahsat)
ICT Yahsatwassetupin2007tomeetthegrowingdemandintheregionforgovernment,commercial,andconsumersatellitecommunicationservicesandtosupportAbuDhabi’sambitiontobecomeabroadcastingandtelecommunicationshub.liii
YahsatisfullyownedbyMubadalaDevelopmentCompany.
Cognit ICT Foundedin2015,CognitisthebusinessentitythatwillprovideIBM’scomputingsystem,Watson,toorganizationsinMENA.liv
CognitisajointventurebetweenMubadalaDevelopmentCompanyandIBMWatson.
du-EmiratesIntegratedCommunications
ICT du,theDubai-basedtelecommunicationscompany,wasfoundedin2006andbeganofferingmobileandfixedtelephony,broadband,andtelevisionservicestoindividuals,homes,andbusinessesacrosstheU.A.E.,andsatelliteuplink/downlinkservicesforTVbroadcasters,in2007.Ithasexpandedrapidlyandprofitably,withmorethan7.4millionmobileand663,000fixed-lineusers.lv
duisownedjointlybytheU.A.E.government,MubadalaDevelopmentCompany,DubaiHolding,andpublicshareholders.
InjazatDataSystems ICT Foundedin2005,InjazatDataSystemsisaleadinginformationtechnology(IT)andbusinessprocessservicesprovider,offeringabroad
InjazatiswhollyownedbyMubadalaDevelopmentCompany.
rangeofservicesfromITstrategysettingandITconsultancy,throughsystemsintegration,tocomprehensiveoutsourcingofITorbusinessfunctions.lvi
Khazna ICT KhaznaisadatacenterfacilitiesproviderbasedintheU.A.E.lvii
EmiratesGlobalAluminium
MetalsandMining
EmiratesGlobalAluminium(EGA)isaleadingaluminumplayerwithinterestsacrossthevaluechainfrombauxiteminingthroughtoaluminarefiningandprimaryaluminumsmelting.Thecompanyhasplansforsignificantlocalgrowthandinternationalexpansion.lviii
EGAisownedequallybyMubadalaDevelopmentCompanyandInvestmentCorporationofDubai.
MinasdeAguasTeñidas(MATSA)
MetalsandMining
LocatednorthoftheIberianPyriteBelt,MinasdeAguasTeñidas(MATSA)isoneoftheonlytwominingoperationsintheHuelvaProvinceandoneofthethreecopperminescurrentlyoperatinginSpain.lix
InOctober2015,MubadalaDevelopmentCompanyacquireda50%stakeinTrafigura’sflagshipminingoperationaspartofajointventuretoinvestinthebasemetalsminingsector.
SociedadMineradeSantander-Minesa
MetalsandMining
SociedadMineradeSantander,orMinesa,isaColombiancompanyfocusedondevelopingaworld-classgoldminingoperation.lx
MubadalaDevelopmentCompanytookownershipofMinesa(previouslyknownasAUX)inFebruary2015.
MubadalaPetroleum
Oil&Gas MubadalaPetroleumexplores,appraises,develops,andproducesoilandgasresourcesintheMiddleEastandSoutheastAsia.ItslandmarkprojectsincludeDolphinEnergy,ajointventurebetweenMubadala,OccidentalPetroleum,andTotal,tobringgasfromQatartotheU.A.E.lxi
MubadalaPetroleumiswhollyownedbyMubadalaDevelopmentCompany.
AbuDhabiGlobalMarketSquare
RealEstateandInfrastructure
LocatedattheheartofAbuDhabi’sinternationalfinancialcenter,AbuDhabiGlobalMarketSquareisagrowingbusinessandhospitalityhubonAlMaryahIsland.lxii
AlMaryahIsland RealEstateandInfrastructure
AttheheartofAbuDhabi,AlMaryahIslandisabusiness,leisure,andentertainmenthubdesignedtomeetAbuDhabi’slong-termcommercialandcommunityneeds.lxiii
Aldar RealEstateandInfrastructure
AldarisAbuDhabi’sleadingpropertydevelopment,management,andinvestmentcompany.Thecompany’sdiversepropertyportfolioincludesmajordevelopmentsandre-developmentswithinAbuDhabiincludingYasIsland,AlRahaBeach,WorldTradeCentreAbuDhabi,AlFalah,andNoorAlAin.lxiv
MubadalaDevelopmentCompanyisalong-termshareholderinAldar.
FourSeasonsHotelAbuDhabi
RealEstateandInfrastructure
FourSeasonsHotelAbuDhabiisafive-star,luxuryhotelsituatedinaprimewaterfrontlocationonAlMaryahIsland,AbuDhabi’sbusinessandlifestyledestination.lxv
FourSeasonsHotelAbuDhabiisfullyownedbyMubadalaDevelopmentCompany.
Khadamat RealEstateandInfrastructure
Khadamatisafacilitiesmanagementcompanysetupin2007tomanagethenewU.A.E.UniversitycampusinAlAin.lxvi
KhadamatisajointventurebetweenMubadalaDevelopmentCompanyandSerco.
Paris-SorbonneUniversity,AbuDhabi
RealEstateandInfrastructure
Paris-SorbonneUniversityAbuDhabi,whichopenedintheAbuDhabiin2006,wasthefirstFrenchhigher-educationinstitutiontoopenintheGulfandthefirstmoveoutsideFranceforoneoftheworld’soldestuniversities.lxvii
RosewoodAbuDhabi
RealEstateandInfrastructure
SituatedonAlMaryahIsland,thefive-starRosewoodAbuDhabiisaluxurybusinesshotelthatoffersarangeofamenitieswithascenicwaterfrontviewofthecityskyline.lxviii
RosewoodAbuDhabiisfullyownedbyMubadalaDevelopmentCompany
TheGalleriaonAlMaryahIsland
RealEstateandInfrastructure
TheGalleriaonAlMaryahIslandisaluxuryshoppinganddiningdestinationintheheartofAbuDhabi’sinternationalfinancialcenter.lxix
UAEUniversity RealEstateandInfrastructure
UAEUniversity,thefirstcomprehensivenationaluniversityintheEmirates,wasestablishedinAlAinbySheikhZayed,founderoftheU.A.E.,in1976.lxx
ViceroyHotelGroup RealEstateandInfrastructure
ViceroyHotelGroupspecializesinone-of-a-kindlifestyleexperiencesinsought-afterdestinations.IthasmorethanadozenpropertiesinNorthAmerica,theCaribbean,Asia,Europe,andtheMiddleEast,includingL’ErmitageBeverlyHills,theViceroyNewYork,andYasAbuDhabi,theiconichotelthatstraddlestheFormulaOnetrackandmarinaonYasIsland.lxxi
MubadalaDevelopmentCompanyowns50%ofViceroyHotelGroup.
ZayedSportsCity RealEstateandInfrastructure
ZayedSportsCitywasinauguratedinJanuary1980asavenuethatreflectedthecountry’spassionforsport,aswellastoprovideaplatformtodevelopthecountry’spromisingsportingtalent.Today,thisiconiclandmarkremainsavibrantsportsandentertainmenthub.lxxii
ZayedUniversity,AbuDhabi
RealEstateandInfrastructure
ZayedUniversityAbuDhabiwasestablishedin1998toeducatethenation’swomenontwocampuses,inthecapitalandinDubai.lxxiii
Masdar Renewables Establishedin2006,MasdarisacommerciallydrivenrenewableenergycompanybasedinAbuDhabi,U.A.E.Asastrategicgovernmentinitiative,Masdarhasamissiontoinvest,incubate,andadvancetheestablishmentofacleanenergyindustryinAbuDhabiandaroundtheworld.Ithasinterestsinmajorinternationalenergyprojects,includingtheU.K.’sLondonArray,the
MasdarisfullyownedbyMubadalaDevelopmentCompany.
world’slargestoffshorewindfarm.lxxiv
AdvancedMicroDevices(AMD)
Semiconductors AdvancedMicroDevices(AMD)isaU.S.-based,multinationalsemiconductorcompanythatdevelopscomputerprocessorsandrelatedtechnologiesforcommercialandconsumerelectronicsmarkets.lxxv
MubadalaDevelopmentCompanyholdsasignificantequitystakeinAMD.
GLOBALFOUNDRIES Semiconductors GLOBALFOUNDRIEShasthesimplebutambitiousgoalofbecomingtheworld’sfirsttrulyglobalsemiconductormanufacturingcompany.Today,GLOBALFOUNDRIEShasninefabricationfacilities,ofwhichfiveareinSingapore,oneisinDresden,Germany,andthreeareintheUnitedStates.lxxvi
GLOBALFOUNDRIESis100%ownedbyMubadalaDevelopmentCompany.
AlRusailIndependentPower
Utilities AlRusailPowerStationislocated40kmwestofMuscatintheRusailIndustrialPark,intheSultanateofOman.Thepowerstationgeneratesupto665MW.lxxvii
Barka2IndependentWater&PowerProject
Utilities TheBarkaIIPowerPlantislocatedapproximately50kmnorthwestofMuscat,intheSultanateofOman.Thecapacityofthepowerplantis678MW.lxxviii
ShariketKahrabaHadjretEnNous
Utilities ShariketKahrabaHadjretEnNousprojectisa1,227MWindependentlyownedpowerplantlocatedintheWilayaofTipaza,about120kmwestofAlgiers.ShariketKahrabaHadjretEnNousbegancommercialoperationsin2009andcurrentlyrepresentsapproximately20%ofAlgeria’scurrenttotalgenerationcapacity.lxxix
Tabreed(NationalCentralCoolingCompany)
Utilities NationalCentralCoolingCompany(Tabreed)isaleadingdistrictcoolingcompanybased
TabreedislistedontheDubaiFinancialMarket.
inAbuDhabi,providingsustainable,energy-efficient,cost-effective,andinnovativecoolingsolutionstogovernment,commercial,residential,andprivateorganizationsintheGCC.lxxx
AbuDhabiFinance CapitalInvestments
AmongtheU.A.E.’sfastestgrowingfinancialservicescompanies,AbuDhabiFinanceprovidesindividualsandbusinesseswithrealestatefinancialsolutions.lxxxi
AbuDhabiFinancewasfoundedin2008asaprivatejointstockcompanypartnershipbetweenMubadalaDevelopmentCompany,AldarProperties,andAbuDhabiCommercialBank.Mubadalaholdsamajorityinterestinthecompany.
AbuDhabiTerminals CapitalInvestments
AbuDhabiTerminals(ADT)managesandoperatesKhalifaPortContainerTerminal(KPCT),forwhichitacquiredtheexclusivemanagementrightsthrougha30-yearconcessionagreementsignedin2012.lxxxii
ADTisjointlyownedbyAbuDhabiPorts,MubadalaDevelopmentCompany,andMubadalaInfrastructurePartners,withMubadalaholdingaminorityinterest.
CaissedesDépôtsInternationalCapitalco-investmentfund
CapitalInvestments
CaissedesDépôtsInternationalCapitalco-investmentfundisa€300millionco-investmentplatformtopursueinvestmentopportunities,predominantlyintheFrenchmarket.lxxxiii
CDCInternationalCapital,theinvestmentarmofCaissedesDépôtsGroup,andMubadalaDevelopmentCompanylaunchedthisfundin2014.
DuniaFinance CapitalInvestments
DuniaFinanceoffersarangeoffinancialproductsandservicestoabroadU.A.E.customerbase.lxxxiv
DuniaFinanceisastrategicpartnershipbetweenMubadalaDevelopmentCompany,WahaCapital,AAAlMoosaEnterprises,andFullertonFinancialHoldings.
EMIMusicPublishing
CapitalInvestments
EMIMusicPublishingisheadquarteredinLondonandispartofthelargestmusicpublishingcorporationintheworld.Itadministersthepublishingrightsofovertwomillionsongs.
EMIMusicPublishingisownedbyaninvestorgroupcomprisingMubadalaDevelopmentCompany,SonyCorporationofAmerica,theBlackstoneGroup’sGSOCapitalPartnersLP,andDavidGeffen.
Investcorp Capital Investcorpisaleadingprovider InJuly2016,Mubadala
Investments andmanagerofalternativeinvestmentproductsandispubliclytradedontheBahrainBourse.lxxxv
DevelopmentCompanyannounceditwillacquireaminorityinterestinthecompany.
LeasePlanEmirates CapitalInvestments
Establishedin2006,LeasePlanEmiratesofferscustomizedfleetmanagementandvehicleleasingsolutionstocorporateandgovernmentclientsthroughouttheU.A.E.,usingtechnologicallyadvancedcontrolsystemstoimprovetheefficiencyofitsclients’operations.lxxxvi
LeasePlanEmiratesisajointventurebetweenMubadalaDevelopmentCompanyandLeasePlanCorporation(51%Mubadala,49%LeasePlanCorporation),theworld'sleadingvehicleleasingandfleetmanagementcompany.
MubadalaInfrastructurePartners
CapitalInvestments
MubadalaInfrastructurePartnersinvestsininfrastructureanddevelopmentprojectsacrosstheMiddleEast,NorthAfrica,andTurkey.lxxxvii
MubadalaInfrastructurePartnersissponsoredjointlybyMubadalaDevelopmentCompany,GE,andCreditSuisse.
PortoSudeste CapitalInvestments
PortoSudesteisamajoriron-oreportterminalinBrazil.
MubadalaDevelopmentCompany,alongsidetheleadingglobalcommoditiescompanyTrafigura,acquireda65%stakeinPortoSudestein2014.
RelatedCompanies CapitalInvestments
TheRelatedCompaniesisaNewYork-based,privatelyownedrealestatefirmwithofficesanddevelopmentsinmajorU.S.cities,AbuDhabi,London,SãoPaulo,andShanghai.MubadalaandGulfRelated,asubsidiaryofRelatedCompanies,havepartneredtodevelopmajorAbuDhabiinfrastructureprojects.TheseincludeTheGalleriaonAlMaryahIslandandAlMaryahCentral,a3.1millionsquarefootmixed-usedevelopmentontracktoopenin2018thatwillfeaturethefirstinternationalMacy’sdepartmentstoreandAbuDhabi’sfirstBloomingdale’s.lxxxviii
MubadalaDevelopmentCompanyisaninvestorintheRelatedCompanies.
RussianDirectInvestmentFundco-investmentfund
CapitalInvestments
TheRussianDirectInvestmentFundco-investmentfundpredominantlyfocusesonlong-terminvestmentopportunitiesacrossarangeofindustrysectors,actingasacatalystfordirectinvestmentintotheRussianmarket.lxxxix
InJune2013,MubadalaDevelopmentCompanyandtheRussianDirectInvestmentFund(RDIF)eachcommitted$1billionforthelaunchofthe$2billionco-investmentfund.
TheCarlyleGroup CapitalInvestments
TheCarlyleGroup,aU.S.-basedglobalprivateequityfirm,hasoperationsin19countriesandmanagesmorethan60fundsonbehalfofpensionfunds,institutions,andhigh-net-worthindividuals.
MubadalaDevelopmentCompanyisalong-termshareholderintheCarlyleGroup.
TheRaineGroup CapitalInvestments
TheRaineGroupisaspecialistmerchantbankthatfocusesoninvestmentopportunitiesintheglobalmedia,entertainment,andsportssectors.xc
MubadalaDevelopmentCompanyholdsaminorityequitystakeinTheRaineGroup.
UAE-ChinaJointInvestmentFund
CapitalInvestments
TheUAE-ChinaJointInvestmentFund,managedbyMubadalaCapital’sSovereignInvestmentPartnershipteam,enablestheU.A.E.andChinatojointlydeploycapitalinprojectsofstrategicandcommercialimportance.xci
MubadalaDevelopmentCompanyhaspartneredwithChinaDevelopmentBankCapitalandChina’sStateAdministrationofForeignExchangetoestablishtheUAE-ChinaJointInvestmentFund.ThisinitiativeisfundedequallybytheU.A.E.andChinesegovernments.
VernoCapital CapitalInvestments
VernoCapitalisdedicatedtoinvestinginthemarketsofRussiaandtheCISregion,advisingandmanagingassetsforinstitutionalinvestors.xcii
In2010,MubadalaDevelopmentCompanyinvested$100millioninVerno-managedfunds.ItalsoownsaminorityequitystakeinVernoCapital.
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