2019 Financial
Highlights

2019 was a strong year for Mubadala as our diversified and global portfolio of assets continued to deliver positive returns. Total Comprehensive Income attributable to the owner for the year reached AED 53 billion, compared to AED 12.5 billion in 2018.

A key driver of Mubadala's 2019 results has been the performance of our public equities portfolio and our funds, which registered significant gains, as well as the continued growth of our assets across various sectors.

In line with our investment strategy, we monetized some assets and received distributions from investments amounting to AED 63 billion throughout the year, both locally and abroad, while redeploying AED 68 billion into funds and sectors ranging from technology to renewable energy - further strengthening our position as a diversified global investor of significant scale across multiple asset classes.

With AED 853 billion of Assets Under Management, our portfolio spans a range of investments in numerous sectors in more than 50 countries, in both emerging and developed markets. Today, directly or indirectly, 43 percent of our portfolio is in private equity, with 21 percent in public markets and 11 percent in real estate and infrastructure, among others.

In October 2019, we took advantage of historically low cost of funding to approach the debt capital market. We issued U.S. dollar-denominated multi-tranche bonds in aggregate size of $3.5 billion as part of our Global Medium-Term Note Programme. The issuance was three times oversubscribed, with strong demand across the three tranches.We successfully accessed new pockets of liquidity and for the first time issued our 30-year bond with a Formosa component, a first for Mubadala and for any corporate in MENA region.

Some of the drivers behind the market's confidence in Mubadala is our robust balance sheet, with our strong cash position and low leverage. Today, our corporate debt-to-equity ratio stands at 11.8 percent, which we consider a prudent (and healthy) level for an organization such as ours.

Looking at 2020, the year will present significant challenges, as we navigate the societal and economic impact of the COVID-19 pandemic. As a global investor, we will continue to focus on the wellbeing of our employees and their families, as well as our partners and the communities in which we invest around the globe.

As an organization, we are very well-positioned to withstand the current economic climate, and are confident of our ability to source new investment opportunities that create long-term value across our portfolio.