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Khaleej Times
20-05-2025
- Business
- Khaleej Times
Mubadala's assets under management grew to Dh1.2 trillion in 2024
Mubadala Investment Company, the Abu Dhabi–based sovereign investor, on Thursday reported that its assets under management grew 9.1 per cent year-on-year in 2024 to Dh1.2 trillion, with annualised returns of 10.1 per cent over five years. Capital deployed grew 33.7 per cent year-over-year to Dh119 billion. Proceeds, including monetisations, grew 10 per cent year-over-year to Dh109 billion. Mubadala's portfolio mix remained broadly consistent year-over-year: 40 per cent in private equity, 23 per cent in public markets, and 17 per cent in infrastructure and real estate. The company raised Dh30.5 billion through a range of capital market instruments, including the world's first AA-rated sovereign sukuk, a bond with the tightest credit spread ever issued in emerging markets, Mubadala's first dirham-denominated global sukuk and the first Euro-denominated 6- and 7-year corporate facilities in the EMEA region. 'This year marked two decades of disciplined financial performance as an investor central to the UAE's long-term competitiveness. Our 2024 results and portfolio growth reflect Mubadala's focused and resilient strategy, with risk-adjusted returns in sectors where we have conviction,' said Khaldoon Khalifa Al Mubarak, Managing Director and Group CEO. 'Our portfolio has been constructed to navigate market cycles and scale future-focused sectors—from AI and clean energy to life sciences, semiconductors, and advanced manufacturing—all aligned with our national priorities. A growing number of best-in-class investors also continued to partner with Mubadala across key geographies and sectors, reflecting confidence in our approach and long-term strategy. We will work to deepen these partnerships, invest in advancing innovation and create new entities in Abu Dhabi and around the world.' 'Mubadala's 10.1 per cent return over the last five years reflects our disciplined capital allocation strategy, resilient execution and consistent focus on long-term value creation,' said Carlos Obeid, Group Chief Financial Officer. 'We continue to grow and diversify across sectors and geographies, supported by a strong balance sheet, a low cost of debt, and a conservative gearing ratio of 7.8 per cent, which positions us well for future investments.' In 2024, Mubadala continued to be a key driver of innovation, economic diversification, and job creation in the UAE, reinforcing the country's position as a global hub for capital and future-focused industries. Mubadala's portfolio continued to expand across North America, Europe, and Asia, guided by long-term investment horizons and aligned with global growth trends and Abu Dhabi's economic vision. Mubadala Capital, now managing $30 billion (Dh110.2 billion), two-thirds on behalf of global investors, grew its international footprint by acquiring Fortress Investment Group and establishing a $1 billion (Dh3.6 billion) partnership with Silver Rock Financial. Mubadala's private credit portfolio grew to US$20 billion (Dh73.5 billion), supported by deep, trusted partnerships with institutions including Apollo, Ares, Carlyle, Goldman Sachs, and KKR. Since 2021 the company has not disclosed annual financial figures such as revenue or net income but has disclosed its rolling 5-year IRR and, in 2024, has begun publishing its 10-year rolling IRR which in 2024 was 8.7 per cent.
Al Etihad
08-05-2025
- Business
- Al Etihad
Mubadala Investment Company reports 2024 financial results
8 May 2025 12:42 ABU DHABI (ALETIHAD)Mubadala Investment Company, the Abu Dhabi–based sovereign investor, on Thursday reported strong performance in its 2024 financial results, reinforcing the focus and resilience of its strategy. Assets under management grew 9.1 percent year-on-year to Dh1.2 trillion, with annualised returns of 10.1 percent over five Khalifa Al Mubarak, Managing Director and Group CEO, said, "This year marked two decades of disciplined financial performance as an investor central to the UAE's long-term competitiveness. Our 2024 results and portfolio growth reflect Mubadala's focused and resilient strategy, with risk-adjusted returns in sectors where we have conviction.""Our portfolio has been constructed to navigate market cycles and scale future-focused sectors—from AI and clean energy to life sciences, semiconductors, and advanced manufacturing—all aligned with our national priorities," he Mubarak further commented, 'A highlight of 2024 was the creation of MGX by the Artificial Intelligence and Advanced Technology Council - the new AI investment champion for Abu Dhabi - with G42 and Mubadala as co-founding partners," Al Mubarak said."A growing number of best-in-class investors also continued to partner with Mubadala across key geographies and sectors, reflecting confidence in our approach and long-term strategy. We will work to deepen these partnerships, invest in advancing innovation, and create new entities in Abu Dhabi and around the world," the top official financial highlights from Mubadala's 2024 results underscored its continued success as a trusted guardian of the nation's company delivered a five-year rate of return of 10.1 percent. Assets under management grew by 9.1 percent year-over-year to Dh1.2 trillion, while capital deployed increased by 33.7 percent to Dh119 billion. Proceeds, including monetisations, rose by 10 percent year-over-year to Dh109 portfolio mix remained broadly consistent year-over-year, with 40 percent in private equity, 23 percent in public markets, and 17 percent in infrastructure and real raised Dh30.5 billion through a range of capital market instruments. These included the world's first AA-rated sovereign Sukuk, a bond with the tightest credit spread ever issued in emerging markets, Mubadala's first dirham-denominated global Sukuk, and the first Euro-denominated 6- and 7-year corporate facilities in the EMEA region."Mubadala's 10.1 percent return over the last five years reflects our disciplined capital allocation strategy, resilient execution and consistent focus on long-term value creation," said Carlos Obeid, Group Chief Financial Officer."We continue to grow and diversify across sectors and geographies, supported by a strong balance sheet, a low cost of debt, and a conservative gearing ratio of 7.8 percent, which positions us well for future investments," Obeid added. Mubadala focuses on long-term value creation and, in line with its sovereign investment mandate, reports multi-year performance metrics that reflect the nature of its strategy. Since 2021, the company has not disclosed annual financial figures such as revenue or net income but has disclosed its rolling 5-year IRR, and has begun publishing its 10-year rolling IRR, which was 8.7 percent in 2024 .
Khaleej Times
27-01-2025
- Automotive
- Khaleej Times
Car review: EXEED TXL is a chic crossover SUV
Seeking a feature-packed, affordable runabout? Meet EXEED, a luxury sub-brand of Chery Auto positioned above its mainstream vehicles. This isn't just a namesake luxury brand — it delivers the real deal, and that too in four distinct models. In the spotlight today is the TXL, a midsize crossover SUV that slots below the larger VX (and RX), and above the smaller LX. It was first launched in 2022 and now benefits from a mid-cycle refresh. Recently, we drove the 'Luxury' variant of the revamped TXL, priced at a very reasonable Dh109,000 and that's a compelling proposition. Here's why: Design and aesthetics In terms of styling, think 'Vanilla'. It isn't a flavour that packs a tasty punch, but it is comfort food, pairs well with other flavours, and is loved by many. The TXL is much the same. It's a safe design with clean lines, is well put together and looks presentable. The front features a dominant lower grille with four slats, flanked by vertical LED fog lamps. However, the simplistic LED headlamps lack the grille's robustness — a missed opportunity. The profile view, though, is my favourite, with its sculpted bodywork and pronounced wheel arches. At the rear, again, it's a play on minimalism with the horizontal one-bar LED lights stretching across—something we've seen on other Chinese models. The spaced 'EXEED' lettering is a nice touch, as are the multi-spoke 19-inch alloy wheels. The interior architecture, which it shares with the pricier RX model, is a standout in its segment and trumps most European designs. It features a two-tone brown and black cabin with a giant 24.6-inch curved digital display (dual 12.3-inch high-definition LCD screens), three centrally placed knurled controls with embedded buttons (for the A/C and drive modes), and leather-padded surfaces throughout. The stylish metallic speaker covers add visual texture to the space too. However, the controls on the two-spoke flat-bottom steering wheel feel unresponsive and require firm input. The front seat offers six-way power adjustability, making it easy to find your ideal driving position. Surprisingly, despite being a smaller midsize crossover, there's ample rear legroom thanks to the 2,800mm wheelbase. The panoramic sunroof, standard across the range, brightens the interior when the shade is drawn back. Powertrain and performance The base Comfort variant is powered by a 1.6L Turbocharged Gasoline Direct Injection engine paired with a 7-speed dual-clutch transmission. The Luxury and Flagship models share the same turbocharged 2.0L engine and 8-speed automatic transmission as the RX. This setup delivers a healthy maximum output of 261 PS and 400 Nm of peak torque, which is sent to the front wheels. For those seeking all wheel drive grip, an additional Dh10K will upgrade you to the Flagship variant. On the road, the TXL delivers a good amount of power, which is easily accessible despite the slight hesitation during kickdown and minor turbo lag. This makes it easy to drive both in the city and on the highway, unlike the temperamental nature of other turbocharged engines. And despite its front-wheel drive layout, it isn't swayed by torque steer and manages to hold the intended line during quick lane changes and sweeping curves. It also maintains a quiet interior and handles bumps and humps with ease, enhancing cabin comfort. It brakes quite confidently too. All of this, relative to being a midsize SUV, makes its road dynamics commendable. Keeping with its affordable pricing is its very optimistic 16.6 km/l. However, it tries to keep its promise by delivering a frugal 11 km/l or better (with a light foot) in the real world. Features and functionality The A/C system manages to throw a decent draft and cools well — having rear vents help. It also features an intelligent air purification system, but seat heating/cooling functions are reserved for the RX and VX siblings. There's no shortage of storage inside the TXL. In addition to the regular spots, there's also an under-console shelf with USB-A and USB-C ports, and behind the power tailgate, there's a decent 420-litre boot, expandable further by dropping the rear seats. It also comes with a power socket and space-saver spare, adding some practicality. Both 12.3-inch screens have lively animations, are customisable, and the in-built navigation works as expected. However, by utilising the Apple CarPlay and Android Auto functions, you can make things easier. Phone pairing is decent, though getting to play Bluetooth audio music was a hassle — the UX could improve. Besides that, there are two phone pads (one with quick 50W charging function) and a 14-speaker sound system from a little-known brand called Lion Melody in the audio-visual arena, but it offers a good mix of bass and treble, and gets the party started. The highlight, however, are the 23 advanced driver assistance systems (ADAS) functions. I experienced the best combination of adaptive cruise control and lane-keeping assist going from Dubai to Khor Fakkan. It went the furthest with the least prompts for steering inputs than any other vehicle I've tested before. Beyond ADAS, it also comes with ISOFIX points for anchoring child seats, TPMS, Hill Descent Control, and a clear 360-degree camera making it well prepped in terms of safety. Verdict The EXEED TXL gets the blue tick for value and luxury from me. It is a modern and well-rounded crossover SUV, featuring pleasant exteriors that wrap around to a chic, spacious, and well-appointed interior. Its potent powertrain, in combination with its well-balanced chassis and ADAS, provides adequate oomph and road dynamics, making it both a comfortable city cruiser and a long-haul traveller. As with every new vehicle, while reliability and residual value have yet to be determined, EXEED makes a good case by providing its customers with a reassuring seven-year/200,000km warranty. Business
