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MUBADALA-
Mubadala’s assets under management rose 9.5% y-o-y to AED 1.11 tn in 2023, making it the second largest state fund in Abu Dhabi, after the Abu Dhabi Investment Authority, it said in its annual report (pdf). Mubadala racked up AED 99 bn in proceeds during the year, down 6.6% y-o-y on the back of “divestments of certain legacy assets and capital recycling into priority investment areas.” The state investor’s portfolio split remained relatively stable, with 38% in private equity, 25% in public markets, and 16% in real estate and infrastructure.
Mubadala logged a five-year rate of return of 10.3%, up nearly two percentage points from 8.5% in the previous year. Some AED 30 bn were issued to refinance maturing debt and support the investor’s growth plans, including an inaugural USD 750 mn green bond issuance last October, which was 9.1x oversubscribed.
Mubadala is expected to take a credit hit due to loans to Signa: Mubadala’s Mamoura Diversified Global Holding expects a AED 1.16 bn credit hit on the back of loans issued to the Austrian Signa real estate conglomerate, which filed for insolvency at the end of last year following recent turmoil in European property markets, according to Mamoura’s financials (pdf). Mubadala had filed claims for EUR 713 mn against Signa and its founder, Rene Benko, but the claims were rejected in arbitration proceedings.
The fund shelled out AED 89 bn in sectors including AI, technology, digital infrastructure, life sciences, clean energy, and private credit. Mubadala earmarked USD 2.5 bn to its newly established JV with Apollo Global Management, and USD 1 bn to its JV with Ares Management. It also invested in leading pan-Americas data center company Aligned, in a strategic bid to steer investments towards North America, Asia, and Europe.
TAKAFUL EMARAT-
Takaful Emarat posted a net loss of AED 8.9 mn in 1Q 2024, according to the company’s financial statements (pdf). The ins. company’s revenues increased 77% y-o-y to AED 84 mn, according to the statement.
The company attributed its 2024 net loss to several factors, including struggling margins and high medical claims expenses in the medical ins. portfolio, lower investment returns, unsuccessful tech investments, the termination of a planned merger with Salama, asset revaluations, and bad debt write-offs, a DFM filing (pdf) reads.
ICYMI- Takaful Emarat has kicked off a capital restructuring that will see it increase its capital by AED 185 mn. It has already received in-principle approval from the Central Bank of the UAE.
