Mubadala is one of the main ways Abu Dhabi puts capital to work.
It invests around the world. It also helps build companies and industries inside the UAE.
That mix is what makes Mubadala different. It is not only a pool of shares and bonds. It can invest in a global company, form a partnership with another large investor, grow a UAE business or help create a new industry at home.
The latest official results show the scale. Mubadala reported AED 1.414 trillion, or about US$385 billion, of assets under management at the end of 2025.
This guide explains what Mubadala is, who owns it, how it invests and which companies appear in its portfolio. I also explain why the portfolio page is not a simple list of wholly owned subsidiaries.
What is Mubadala?
Mubadala Investment Company is a sovereign investor owned by the Government of Abu Dhabi.
Its mandate has two connected parts.
The first is to earn sustainable, risk adjusted returns for its shareholder.
The second is to support economic growth by building strong companies, skills and industries in Abu Dhabi and the wider UAE.
I see the two parts as one model. A global investment can produce a financial return. It can also bring knowledge, capital and a useful business relationship into the UAE. A local investment can build an industry at home and later grow into a global company.
Mubadala says it now operates across more than 80 markets. Its investments cover public markets, private companies, real estate, infrastructure, credit and other alternatives.
Who owns Mubadala?
The Government of Abu Dhabi is Mubadala’s sole shareholder.
This is the clear answer to searches for the Mubadala owner or who owns Mubadala.
The Board of Directors approves the company’s strategy and business plans on behalf of the shareholder. His Highness Sheikh Mansour bin Zayed Al Nahyan is Chairman of the Board.
Khaldoon Khalifa Al Mubarak is the Managing Director and Group Chief Executive Officer. The Board delegates parts of its executive authority to him and to Mubadala’s Investment Committee.
This structure matters because Mubadala has a very long time horizon. The shareholder sets the mandate. The Board provides direction and oversight. The management team decides how to carry out the plan within that framework.
How Mubadala was formed
Mubadala’s present form comes from several stages of Abu Dhabi’s economic growth.
International Petroleum Investment Company, known as IPIC, was established in 1984. Its original role was to use Abu Dhabi’s petroleum wealth to support the emirate’s development.
Mubadala Development Company followed in 2002. It had a wider focus on economic diversification and the creation of new industries.
In 2017, IPIC and Mubadala Development Company combined to form Mubadala Investment Company.
In 2018, Abu Dhabi Investment Council became part of Mubadala. This added a large global portfolio and an endowment style investment approach to the group.
That history explains the range we see today. Mubadala includes global direct investments, large UAE businesses, an endowment arm and an international asset management platform.
How Mubadala invests
The 2025 annual review describes three main investment approaches.
| Approach | Main platform | What it does |
|---|---|---|
| Direct investment | Mubadala investment teams | Invests directly across private markets and works with global partners |
| Endowment approach | Abu Dhabi Investment Council | Invests across private equity, capital solutions, real assets, public markets and secondaries |
| Global asset management | Mubadala Capital | Manages alternative investment strategies and capital for Mubadala and outside investors |
This is a useful way to understand the group.
Mubadala can own or back a company directly. ADIC can place capital with specialist fund managers around the world. Mubadala Capital can manage funds and partnerships for other investors as well as for the parent group.
The strategy is organised around four large themes.
| Theme | What Mubadala is looking at |
|---|---|
| Technology disruption | Artificial intelligence, computing, automation, software, digital infrastructure, robotics and space |
| A fragmenting world | New trade routes, regional supply chains, security and strategic infrastructure |
| Climate transition | Energy systems, infrastructure, industrial change and carbon management |
| Demographic divergence | Healthcare, consumer demand, ageing markets and growing emerging economies |
These themes do not tell us which company Mubadala will buy next. They show the long term forces the investment teams use when looking for opportunities.
Mubadala portfolio by asset class
Mubadala published the following portfolio mix for the end of 2025.
| Asset class | Share of portfolio |
|---|---|
| Private investments | 42% |
| Public investments | 20% |
| Real estate and infrastructure | 17% |
| Alternatives | 16% |
| Credit | 5% |
The largest share is private investment. This fits Mubadala’s direct approach and its long time horizon.
Public investments still make up one fifth of the portfolio. Real estate, infrastructure, alternatives and credit add other sources of return and help spread risk.
The percentages add to 100 percent. They describe the whole portfolio by asset class, not the number of companies in each group.
Mubadala portfolio by geography
The 2025 geography mix was also clear.
| Geography | Share of portfolio |
|---|---|
| North America | 44% |
| United Arab Emirates | 24% |
| Europe | 15% |
| Asia Pacific | 13% |
| Multiple geographies | 3% |
| Latin America | 1% |
North America is the largest region. The UAE is second.
That balance tells us something important. Mubadala is a global investor, but the home portfolio remains a major part of the group.
The portfolio is not built around one country or one industry. It combines global diversification with a large UAE base.
Mubadala companies and portfolio examples
Searches for Mubadala companies often expect one clean list.
The official portfolio is more complex.
When I checked Mubadala’s live portfolio database in July 2026, it returned about 90 entries. These entries included companies, investment platforms, property assets, infrastructure projects, universities and other institutions.
This means the portfolio page should not be read as a list of 90 wholly owned subsidiaries.
Mubadala may own all of an asset, hold a minority stake, invest through a platform, share ownership with a partner or include an institution it helped build. The exact legal relationship must be checked company by company.
Here are selected examples shown in the official portfolio.
| Portfolio name | Main area | How to read it |
|---|---|---|
| Mubadala Capital | Financial services | The group’s global alternative asset management platform |
| Mubadala Energy | Energy | An international energy business in the portfolio |
| Emirates Global Aluminium | Materials | A major UAE industrial company in the portfolio |
| GlobalFoundries | Technology | A listed semiconductor company in which Mubadala has an investment |
| G42 | Technology | An Abu Dhabi artificial intelligence and technology company in the portfolio |
| Space42 | Technology | A listed space technology and satellite company in the portfolio |
| Aldar Properties | Real estate | A listed Abu Dhabi property company in the portfolio |
| Tabreed | Energy and utilities | A listed district cooling company in the UAE portfolio |
| Cleveland Clinic Abu Dhabi | Healthcare | A major healthcare institution developed in Abu Dhabi |
| Dolphin Energy | Energy | A regional gas and infrastructure company in the portfolio |
| Sanad | Industry | An aerospace engineering and leasing business in the UAE portfolio |
| Strata | Industry | An advanced manufacturing company based in Al Ain |
| Mubadala Bio | Life sciences | A life sciences platform launched as a new UAE national champion in 2025 |
This table is a guide to the portfolio, not an ownership register. Shareholdings can change. Public company stakes can also move through market sales or new issues.
For a legal ownership answer, I would check Mubadala’s latest disclosure and the latest filing from the company itself.
UAE investments
The UAE portfolio is where Mubadala’s investment mandate and development role meet most clearly.
In 2025, Mubadala said its UAE portfolio contributed AED 45 billion to gross domestic product and supported 98,000 jobs directly and indirectly.
It also said the portfolio contributed 5.7 percent of Abu Dhabi’s non oil gross domestic product. These are Mubadala’s reported impact figures.
The work covers many parts of the economy.
Technology investments include G42, Space42 and digital infrastructure. Industrial businesses include Emirates Global Aluminium, Sanad and Strata. Energy and utilities include Mubadala Energy, Dolphin Energy and Tabreed. Healthcare and life sciences include Cleveland Clinic Abu Dhabi and Mubadala Bio.
The point is not only to own assets. Mubadala uses capital, partnerships and operating skill to help build sectors that can last.
Mubadala Bio is a good recent example. It was launched in 2025 as a new national life sciences champion. Mubadala said the platform had a network of ten global facilities and had begun local production of eight essential medicines.
Another example is Al Maryah Island. Mubadala said it was working with Aldar on an expansion of more than AED 60 billion for Abu Dhabi’s financial district.
Global investments
Mubadala’s global portfolio gives Abu Dhabi access to companies, managers and markets around the world.
The 2025 annual review highlighted several investments and partnerships.
| 2025 example | Area | Official detail |
|---|---|---|
| Loscam | Industry and supply chains | Mubadala acquired a 30 percent stake |
| Nord Anglia Education | Education | Mubadala invested US$600 million for a stake |
| PCI Pharma Services | Life sciences | Mubadala reinvested to support growth in drug development and manufacturing |
| Rezolv Energy | Renewable energy | Mubadala committed about €300 million |
| Barings partnership | Real estate credit | A US$500 million global debt partnership was launched |
| Fortress partnership | Credit | The partnership aims to deploy US$1 billion from Mubadala |
| Ardian property venture | Real estate | Mubadala invested US$253 million in prime retail properties in Paris and New York |
These examples show the range of the portfolio. Education, healthcare, renewable energy, credit, property and supply chains can all sit inside one long term strategy.
They also show how often Mubadala invests with a partner. A large partner can bring local knowledge or specialist skill. Mubadala brings capital, a long horizon and a wide global network.
Mubadala Capital, ADIC and Mubadala Energy
Three names cause regular confusion.
Mubadala Capital
Mubadala Capital is the group’s global alternative asset management platform. It began in 2011 and uses a general partner led model.
It invests across private equity, credit, real assets and other strategies. It also manages capital for outside investors.
This means Mubadala Capital is part of the wider Mubadala group, but it has its own funds, clients and investment strategies.
The parent company’s AUM and the client assets managed or administered through Mubadala Capital and its partnerships should not be added together without checking for overlap.
Abu Dhabi Investment Council
Abu Dhabi Investment Council is known as ADIC. It became part of Mubadala in 2018 and acts as its indirect investment arm.
ADIC uses an endowment style model. Its five portfolios cover private equity, capital solutions, real assets, public markets and secondaries.
In 2025, ADIC deployed AED 70 billion, equal to about US$19 billion, with leading investment managers.
ADIC sits inside Mubadala. It should not be added to Mubadala as if it were a separate outside fund.
Mubadala Energy
Mubadala Energy is an international energy company in the portfolio.
It should not be confused with Mubadala Investment Company, the parent sovereign investor. Mubadala Energy operates in the energy sector. Mubadala Investment Company manages the much wider investment portfolio.
Mubadala 2025 results
Mubadala’s 2025 results provide the latest full official picture.
| Measure | 2025 result | What it means |
|---|---|---|
| Assets under management | AED 1.414 trillion | Capital managed across the portfolio at year end |
| Capital deployed | AED 143 billion | New and follow on investment during 2025 |
| Proceeds | AED 138 billion | Money received from sales, distributions and other realisations |
| Five year return | 10.7% | Annualised internal rate of return |
| Ten year return | 10.3% | Annualised internal rate of return |
| Gearing ratio | 10.3% | Mubadala’s reported balance sheet leverage measure |
AUM increased by 17 percent from AED 1.212 trillion in 2024.
Capital deployment and proceeds both reached record levels. This shows that Mubadala was buying new assets while also selling or receiving cash from mature investments.
The five year and ten year returns were both above 10 percent. Mubadala reports these long term measures because its mandate is built around performance across full investment cycles.
Since 2021, Mubadala has not published yearly figures such as revenue and net income. Its April 2026 results statement says the group uses multi year return measures to reflect the long term nature of the mandate.
I would therefore not use an unofficial revenue or profit estimate. The published AUM, returns, deployment, proceeds and leverage figures are the safer measures.
Mubadala compared with ADIA and ADQ
Mubadala, ADIA and ADQ are all owned by the Government of Abu Dhabi. They are not the same institution.
| Institution | Main job | Public size measure |
|---|---|---|
| ADIA | Invest government surplus funds globally for long term returns | Does not publish official AUM |
| Mubadala | Invest globally and build important companies and sectors in the UAE | AED 1.414 trillion AUM at the end of 2025 |
| ADQ | Own and develop major operating companies linked to infrastructure and supply chains | Publishes consolidated group assets rather than AUM |
The simple difference is purpose.
ADIA is mainly a long term financial investor. Mubadala combines financial returns with company and sector building. ADQ is closely connected to major operating businesses and supply chains in Abu Dhabi.
For the complete comparison, see my guide to UAE sovereign wealth funds.
For ADIA’s full asset allocation, return record and recent investment examples, read my guide to the Abu Dhabi Investment Authority.
Can an individual invest in Mubadala?
Mubadala itself is not publicly listed. A retail investor cannot buy shares in the parent company or open an account to buy units in it.
There are still indirect routes to parts of the portfolio.
Some portfolio companies are listed on public exchanges. Examples on the official portfolio include GlobalFoundries, Aldar, Tabreed and Space42. An investor must check the current market, company filings and Mubadala’s latest holding before making any decision.
Mubadala also has bond, commercial paper and sukuk programmes through group funding entities. Access depends on the security, market, minimum size and investor eligibility.
The important point is simple. Buying shares in a portfolio company or buying a group bond is not the same as investing in Mubadala’s full portfolio.
Readers comparing debt structures can also use my guide to sukuk and bonds.
How to read Mubadala figures
I use five checks when reading any Mubadala number.
- Is the number published by Mubadala?
- Is it AUM, company equity, market value or total assets?
- What date does it cover?
- Does it include client money or a partnership platform?
- Could the same asset appear inside another group figure?
These checks prevent the most common mistakes.
Mubadala AUM is not the same as Mubadala net worth. A portfolio entry is not always a wholly owned subsidiary. Mubadala Capital client assets should not automatically be added to parent AUM. ADIC should not be counted as an unrelated fund because it sits inside the group.
The official portfolio is also live. Investments can be added, sold or partly reduced. A permanent guide must show its review date and use the latest company disclosures.
Mubadala timeline
| Year | Official milestone |
|---|---|
| 1984 | International Petroleum Investment Company was established |
| 2002 | Mubadala Development Company was formed |
| 2017 | IPIC and Mubadala Development Company combined to create Mubadala Investment Company |
| 2018 | Abu Dhabi Investment Council became part of Mubadala |
| 2021 | Mubadala moved away from publishing yearly revenue and net income figures |
| 2024 | The group began publishing a ten year internal rate of return |
| 2025 | AUM reached AED 1.414 trillion, with record deployment and proceeds |
| 9 April 2026 | Mubadala published its official 2025 results and annual review |
| 19 July 2026 | This guide was checked against the official portfolio and governance pages |
My view
Mubadala is best understood as a connected investment system.
The direct investment teams can back companies and projects. ADIC can build a broad endowment portfolio. Mubadala Capital can manage specialist strategies for the group and outside investors. The UAE portfolio can turn capital into companies, jobs and industrial skill at home.
That is why the company list is so wide. It runs from semiconductors and artificial intelligence to energy, healthcare, property and aerospace.
For me, the strongest part of the model is the link between global investing and local capacity. Mubadala can learn from a global partnership, bring that knowledge home and help a UAE company reach a larger market.
The 2025 results show a large and active platform. The more important point is how the parts fit together. Mubadala has a clear shareholder, several investment approaches, a global portfolio and a long time horizon.
Monthly updates
This is a permanent guide. I review it each month and update it when Mubadala publishes new results, changes its portfolio, announces a major platform or updates its governance.
The update log at the top shows what changed and when.
I use Mubadala’s own reports and portfolio database first. If I cannot verify a holding, ownership percentage or financial figure, I leave it out rather than turn an estimate into a fact.
Update log
Monthly updates
Initial guide checked against official Mubadala records
I checked the 2025 AUM, returns, deployments, proceeds, asset mix, geography, leadership, history and current portfolio database. I also separated portfolio entries from wholly owned subsidiaries.
Clear answers
Frequently asked questions
What is Mubadala?
Mubadala Investment Company is a sovereign investor owned by the Government of Abu Dhabi. It invests globally and also helps build important industries and companies in the UAE.
Who owns Mubadala?
The Government of Abu Dhabi is Mubadala’s sole shareholder. The Board approves its strategy and business plans on behalf of the shareholder.
Is Mubadala a sovereign wealth fund?
Mubadala describes itself as a sovereign investor. It is government owned, invests public capital and has a long term mandate. It also builds companies and industries in the UAE, so its role is wider than that of a passive investment fund.
How much does Mubadala manage?
Mubadala reported AED 1.414 trillion, equal to about US$385 billion, of assets under management at the end of 2025.
What is Mubadala’s net worth?
Mubadala does not publish a figure called net worth. Its official 2025 size measure is AED 1.414 trillion of assets under management. AUM is not the same as equity, market value or personal net worth.
What companies does Mubadala own?
Mubadala’s official portfolio includes companies, investments, platforms and major assets across finance, technology, energy, healthcare, industry and real estate. Examples include Mubadala Energy, Mubadala Capital, Emirates Global Aluminium, GlobalFoundries, G42, Aldar, Tabreed, Space42, Sanad and Strata. The portfolio page should not be read as a list of companies that are all wholly owned.
Who is the CEO of Mubadala?
Khaldoon Khalifa Al Mubarak is Mubadala’s Managing Director and Group Chief Executive Officer.
Who is the chairman of Mubadala?
His Highness Sheikh Mansour bin Zayed Al Nahyan is Chairman of the Mubadala Board.
What is the difference between Mubadala and ADIA?
Both are owned by the Government of Abu Dhabi. ADIA mainly invests government surplus funds for long term returns. Mubadala combines global investing with the development of companies, sectors and economic capacity in the UAE.
Can the public invest directly in Mubadala?
Mubadala is not publicly listed and does not sell shares or fund units directly to retail investors. Investors may find indirect exposure through some listed portfolio companies or eligible bonds and sukuk issued within the group.
Primary material
Sources
- Strong performance by UAE portfolio drives Mubadala growth in 2025 Mubadala Investment Company, 9 April 2026
- Mubadala Annual Review 2025 Mubadala Investment Company, 2026
- Mubadala Annual Review 2025 PDF Mubadala Investment Company, 2026
- Mubadala portfolio Mubadala Investment Company
- What Mubadala does Mubadala Investment Company
- Mubadala history Mubadala Investment Company
- Mubadala Board of Directors Mubadala Investment Company
- Mubadala structure Mubadala Investment Company
- Mubadala investors overview Mubadala Investment Company
- Mubadala Capital Mubadala Capital
- Abu Dhabi Investment Council Abu Dhabi Investment Council