DUBAI, Dec 10 (Reuters) – 2023 will likely be a troublesome 12 months for the worldwide financial system, however the fund will concentrate on alternatives that serve an extended horizon, the CEO of Abu Dhabi state investor Mubadala (MUBDEV.UL) mentioned on Saturday. . .
Talking on the World Coverage Convention in Abu Dhabi, Khaldoon Al Mubarak mentioned: “If I take a look at the one-year horizon, sure 2023 will likely be robust with extra winds than tailwinds in lots of elements of the world.”
“There will likely be huge changes in valuations, there will likely be recessionary pressures in lots of elements of the world… however I see it via the lens of alternative over a 5-10 12 months horizon,” he added.
In keeping with an investor presentation, it had $284 billion in belongings on the finish of final 12 months beneath the administration of Mubadala, Abu Dhabi’s second-largest state wealth fund.
Mubarak mentioned that as a worldwide investor, Mubadala will proceed to comply with an “agnostic” funding method that appears at development patterns and long-term sustainable returns, and can proceed to concentrate on sectors resembling renewable vitality and expertise.
He mentioned that whereas Europe presents a “difficult image”, India with its large inhabitants, rising center class and financial trajectory is “an image the place you see development”.
By way of sectors, expertise and vitality transition continued to be broad subjects for Mubadala.
Mubarak mentioned that the OPEC oil producer United Arab Emirates, which is able to host the COP28 local weather convention subsequent 12 months, is searching for a balanced portfolio in vitality manufacturing, together with renewable and traditional sources.
Abu Dhabi introduced on Thursday a brand new construction for its flagship clear vitality firm Masdar, wherein state oil firm ADNOC, public utility Taqa and Mubadala are companions, with Mubadala holding a 33% stake.
Mubadala has a goal of reaching no less than 100 GW of renewable vitality capability, largely wind and photo voltaic, by 2030.
As reported by Ghaida Ghantous; Fiction by Alex Richardson and Jason Neely
Our requirements: Thomson Reuters Trust Principles.
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