The launch of Mubadala Investment Company in 2017 also led to the creation of a diverse and dynamic Aerospace, Renewables and Information & Communications Technology platform with companies across the aerospace, renewables, ICT, utilities and defense industries. Within the first year of our operations as a combined new team, we reached significant milestones across businesses, and achieved our financial and operational goals.

In aerospace, we continue to foster valued partnerships with globally renowned original equipment manufacturers (OEMs). Our focus on profitable and growing segments of the industry—be they in manufacturing, maintenance, repair and overhaul (MRO) services, or leasing—ensures that this division will continue to be the source of exciting developments.

Masdar, which spearheads our renewables strategy, has grown into a global leader in commercial-scale renewable energy projects. Today, it is pioneering sustainable urban development, advancing clean-tech innovation, and delivering world-class knowledge and industry platforms.

Over the past year, Masdar invested in, and worked closely with Statoil to launch, Hywind Scotland — the world’s first commercial floating offshore wind farm. In just three months, the project had already exceeded operational expectations.

Within ICT, Mubadala operates in a highly competitive and expanding global market. In 2017, our ICT businesses worked with many UAE government authorities on projects that utilized our advanced solutions and expertise.

This year, our advanced composites aerostructures manufacturer, Strata, signed a joint venture (JV) with Solvay, an international materials and chemicals company. The JV will help Strata move into advanced materials manufacturing, and become the UAE’s first supplier of pre-impregnated carbon fibers. This durable advanced material is used to manufacture composite structures for aviation applications, including Boeing’s latest generation aircraft, the 777X. Most importantly, this partnership will enable Strata to become one of four manufacturers in the world capable of producing such material.

In June, a Masdar-led consortium completed the financing for Phase 3 of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai. The 800-megawatt (MW) project is now the largest renewable energy project in the Middle East to receive Sharia-compliant financing, which is one of the fastest-growing segments of the global financial market.

In the utilities space, we successfully sold a 40 percent stake in Tabreed, our district cooling business, to ENGIE for AED 2.8 billion (approx. US $762 million). This partnership has led to closer relations, and we have subsequently begun collaborating globally with this French multinational leader to explore possible new projects in the power and renewables sector.

Injazat, part of our ICT business division, worked with Abu Dhabi’s Civil Defense authority to implement the Hassantuk project, a smart network that links fire safety systems across all buildings within the Emirate. Injazat is also working with the Ministry of Health to develop a comprehensive healthcare vertical database.

Abu Dhabi Ship Building (ADSB), our defense asset, also posted its second highest revenue in its 20-year history, an achievement that has allowed the company to expand beyond shipbuilding — into the oil and gas sector for the first time.

Our new strategy involves a focus on financial returns, furthering our shareholder’s strategic objectives of a globally integrated and diversified economy. Across the Aerospace, Renewables and Information & Communications Technology platform, we engaged in transactions in the region and around the world, and we achieved positive results. Our success is testament to the strength of Mubadala Investment Company’s new strategic agenda.

Looking ahead, our strategy will reflect Mubadala’s increasing maturity as a global investor.

We are already moving in the right direction. In aerospace, we have contracts in place with Boeing and Airbus to manufacture parts in Abu Dhabi; and an expanding MRO portfolio, managing US $1billion worth of engine components. In renewables, we are developing commercially viable solar and wind plants, and advancing sustainable real estate designs. In utilities, we are investing in conventional power, transmission, water and district energy within the GCC, and other emerging markets. In ICT, we are targeting minority investments in infrastructure-related areas, and other key growth technology segments, such as data centers, satellites and fiber optics.

There are common threads that unify our plans across all these sectors. In particular, we are looking at the most efficient ways to partner with organizations that align with our strengths. Ultimately, we will do what makes the most sense from both a strategic and financial perspective.