Prioritizing
Deputy Group CEO and Chief
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Our success is only possible through a culture and set of values that have been core to our business since our inception. Accountability, Integrity, Inspiration and Partnership, define not only what we do but how we do it.
It is these values that have been central to our collective response to the challenge posed by COVID-19 this year. In the face of the global fight, we have stood side-by-side with the UAE government and international community as we collectively respond to the pandemic.
There has never been a more important moment for business and government to come together and help employees, communities, health organizations and agencies tackle the critical challenges society is facing. With our deep roots in the community, we are uniquely positioned to leverage our scale, breadth and expertise to make a real difference, locally and abroad.
The first phase of our response strategy has seen us support the UAE and the international communities where we have operating assets. As part of this, we launched WeAreDedicated - our effort to coordinate these initiatives comprehensively to ensure efficient delivery of support.
Right here in the UAE, our healthcare assets have been at the forefront of our response, with the National Reference Laboratory expanding its testing capabilities of COVID-19 to 5,000 tests per day. At the same time, our real estate portfolio provided an AED 420 million in economic relief to its partners.
Internationally, Minesa has distributed 2,000 food kits to vulnerable families in its community in Colombia, while GlobalFoundries has donated US $1 Million to the communities where it operates across the globe.
We are continually developing new ways of deepening our response, including creating long-term strategies to help the world recover from COVID-19.
This response is closely aligned with our approach to responsible investing. Through our business operations in 2019, we continued to find ways of leveraging our scale and global presence to drive positive change, taking a long-term perspective and remaining committed to the communities where we deploy capital.
The same commitment and dedication helped make 2019 memorable in other ways too. One of the most inspiring moments of the year was our proud involvement in the world's largest sporting and humanitarian event, the Special Olympics World Games Abu Dhabi. Through our volunteering efforts, our staff devoted over 2,300 hours to supporting the events, helping make the Games a huge success for Abu Dhabi.
This positive mindset, agility and collective effort have come to define Mubadala and our people over the years. It has enabled us to activate our response to the challenges we face today effectively. As we look to the future, we are confident that by working together, we will emerge collectively stronger.
Mubadala since its founding has been a company driven by a set of values, endorsed by our Board of Directors and represented by our management team.
At the core of our activity is a commitment to being a responsible investor. We believe this commitment is aligned with the overall vision of the United Arab Emirates as a forward-looking and conscientious nation dedicated to tolerance, community and a sustainable future.
As a commercially-minded entity, we invest to generate long-term financial returns while making a positive, lasting impact on the communities where we deploy capital.
Responsible Investing in Action:
Aerospace, Renewables & ICT Platform
As a responsible investor we not only ensure our business decisions are aligned to a strategy focused on sustainable financial returns and furthering our shareholder’s strategic objectives to position Abu Dhabi as a globally integrated and diversified economy, but we also integrate Environmental, Social and Governance (ESG) considerations into our investment decisions, management processes and ownership practices.
There are many examples across the Aerospace Renewables & ICT platform of our contribution to tackling some of society’s greatest challenges responsibly. Among the most significant is our contribution to ensuring people in remote or under serviced areas of the world have access to essential supplies and services such as electricity, clean water and connectivity.
One such example is our Al Taweelah Reverse Osmosis (RO) Plant desalination project that is under development and upon completion will have a maximum capacity of 909,200 cubic meter of water per day, making it the world’s largest RO desalination project. The facility is located 45 kilometers north of Abu Dhabi city, and aims to meet the growing water demands of 350,000 homes as well as numerous Taweelah’s industries in its surrounding area.
The project will also utilize the lowest amount of energy per gallon of desalinated water — equivalent to 3 kilowatts of energy per hour for every cu/m of water — making it the most energy and cost-efficient RO plant globally. The Al Taweelah Reverse Osmosis (RO) Plant is also equipped with 50 megawatts of onsite solar power generation, in line with the plant’s environmental sustainability targets.
When finished the plant will play a key role in the UAE’s vision of reducing its carbon footprint, in addition to lowering gas consumption by decoupling power and water production during the winter and summer seasons.
Another of our RO desalination plants is Al Naqaa, located in Umm Al Quwain, it is the leading water producer for the Northern Emirates. In response to growing water demand, Mubadala along with Saudi Arabia’s Utilities developer ACWA Power and the Federal Electricity and Water Authority of the UAE are developing the 682,000 m3/day desalination plant 200 km north of Abu Dhabi.
Utilizing RO technology and being one of the largest RO plants in the world, Al Naqaa, upon completion will also contribute to reducing the UAE’s carbon footprint by decreasing the amount energy required to produce a gallon of water.
Through projects such as these we are investing to ensure a sustainable future of the people and industries of the UAE.
Responsible Investing in Action:
Petroleum & Petrochemicals Platform
Through our portfolio companies engaged in the production of polyolefins, Mubadala is embracing and supporting the development of the circular economy, in line with our strategy of responsible investing.
The circular approach involves a steady shift from hydrocarbon feedstock for the production of polyethylene and polypropylene towards one based on an increasing proportion of recycled and renewable sources. One in which plastics are, for the most part, reused and recycled – never wasted.
Borealis is a global provider of innovative plastic solutions and a leading player in the development of the circular approach in the sector. With two plastics recycling operations in Germany and Austria, the company aims to have increased the volume of its recycled plastic solutions to 350,000 tons per year by 2025.
In 2019, they partnered with OMV to explore potential synergies between its production operations and OMV's ReOil innovation project. With this cooperation, both companies aim to utilize chemical recycling of plastic waste as feedstock for polyolefin solutions.
Borealis also launched its new Borcycle™ brand delivering pioneering circular plastic solutions, particularly within household appliances, automotive components and consumer products. They also announced further strategic co-operation with Neste to produce polypropylene from renewable feedstock.
By 2025, Borealis aims to ensure that 100% of its consumer products are recyclable, reusable, or produced from renewable sources.
In 2017, Borealis partnered with Systemic to launch Project STOP or “Stop Ocean Plastics” and have subsequently been joined by NOVA Chemicals and Borouge from within the Mubadala Group, as well as a range of other companies and organizations.
Project STOP is establishing circular infrastructure in Southeast Asia where the rates of plastic leakage to the ocean are the highest in the world. As a founding and strategic participant, Borealis and its partners in Project STOP have earmarked nearly EUR 14 million for investment by 2025 for the design, implementation, and scaling-up of circular economy solutions to be implemented in partnership with local stakeholders.
We are actively supporting the companies in our portfolio in driving a more sustainable, circular approach to the production, reuse and recycling of plastics.
Responsible Investing in Action:
Technology, Manufacturing & Mining Platform
Guided by a set of values that are core to how Mubadala does business, we inspire our portfolio companies to make positive and lasting impacts in their communities.
Through our aluminium company, Emirates Global Aluminium (EGA), we have been supporting communities in Guinea for more than six years. EGA's US $1.4 billion bauxite mining project, Guinea Alumina Corporation (GAC), is one of the largest greenfield investments in the country in the last 40 years.
Through this project, we make a direct, indirect and induced contribution of some US $700 million each year to Guinea's economy, boosting GDP by 5.5 percent. At steady state, GAC generates more than 3,000 direct and indirect jobs – the majority of which are filled by Guinean nationals.
To date, GAC has invested US $14 million in various social and environmental projects.
This includes developing people in mining skills to boost their employability in the industry; partnering with the Boké Vocational Centre to train more than 1,000 people to give them the skills to start their own businesses; and creating ‘GAC Skills' - a program to develop high potential Guineans for permanent roles in the organization.
As a mining operation, safety is a paramount priority. GAC has delivered over 41,000 safety trainings on-site, with a rate of recordable safety incidents at less than one-third of global mining benchmarks. There were zero fatalities upon construction completion.
As part of its commitment to being a responsible and environmentally conscious investor, GAC's rehabilitation efforts include replanting vegetation from its own nursery, focusing on threatened flora species and those useful to wild animals. GAC's nursery is expected to produce 1 million plants annually while employing people from local communities.
Other examples of community investments made by GAC include supporting local education by building 12 schools, currently attended by 5,600 children and sponsoring an adult literacy program for 1,500 people. The company also built eight health facilities and delivered health awareness campaigns which reached over 100,000 people, addressing critical issues such as malaria and HIV-AIDS.
GAC supports local farmers in boosting their rice production by 430 percent by protecting 1,000 hectares of land from saltwater intrusions, and providing 600 solar pumping devices and watering systems to local communities.
Operating as a responsible investor is part of Mubadala's DNA and we are committed to creating a positive impact in full partnership with all of our local communities.
Responsible Investing in Action:
Alternative Investments & Infrastructure Platform
In 2019, Mubadala Healthcare's newly acquired asset, Amana Healthcare, initiated an ambitious project to establish the UAE's first purpose-built, specialized, long-term-care hospital for pediatric patients in Al Ain.
Amana had been acquired in that same year as part of Mubadala Healthcare's mission to create a network of world-class specialist medical facilities to address the nation's most pressing healthcare requirements and to reduce the need to travel overseas for complex treatments.
Amana has provided an invaluable solution for extending the continuum of care by offering post-acute care and rehabilitation for patients who have received treatment at its sister facilities, as well as taking in patients from other acute hospitals to offer them more appropriate specialized care.
It has had a major impact on the community through its facilities, which are designed to provide patients and their families with the highest standard of medical care, to maximize their quality of life, and get people back home, or back to work, as soon as possible.
Among Amana's facilities is an 80-bed long-term-care and rehabilitation hospital for adults and children with complex medical needs that opened in Al Ain in 2013. It soon became apparent that the number of children in need of specialized long-term care at this facility was steadily increasing.
Amana realized that building a new facility focused only on newborns and children would cater for this growing segment, while also allowing for the customization of facilities and therapy to meet the needs of children and their families.
A key challenge was balancing the need for advanced medical care comparable to that available at general hospitals and top international pediatric hospitals, with a home-like, family-friendly atmosphere. Many of Amana's patients come from intensive care units in acute hospitals and are on long-term life support. Hence, a highly skilled clinical team, dedicated therapy areas, and state-of the-art medical equipment are essential.
In addressing patients' social needs, Amana put a great deal of care into designing cultural elements such as majlis and special family areas with appropriate privacy, and access to nature and fresh air. The recruitment of over 40 young UAE Nationals under Mubadala's Train For Work program proved very helpful as many of these professionals have been instrumental in building strong relationships with the patients and their families.
The need for advanced medical care is covered through the latest technology and equipment, supported by specialized caregivers and services such as pediatric therapy and an in-hospital education program. These elements are not available at acute-care hospitals, and received very positive feedback, with 100% of those patients offered a place at Amana, accepting it.
When the facility opened in March 2020, it was met with a final challenge in the form of the COVID-19 crisis. The team found creative communication solutions to issues such as non-visit policies and facility lockdowns, while also supporting the wider Abu Dhabi COVID-19 effort by admitting a large number of children from government hospitals to increase those hospitals' ICU bed capacity. Amana continues to grow its capacity in a financially disciplined manner with efficiency and cost control. During these uncertain times with the COVID-19 pandemic, Amana's financial discipline remains highly relevant.
As a global investor, we stand side-by-side with the UAE government and international community as we collectively respond to COVID-19.
There has never been a more important moment for business and government to come together, and help employees, communities, health organizations and agencies tackle the critical challenges society is facing.
In 2020, our efforts focused on supporting the UAE and the international communities where we have operating assets. As part of this, we launched #WeAreDedicated to coordinate and raise awareness of these initiatives in a comprehensive way to ensure efficient delivery of support.
Our integrated response harnesses the reach of our portfolio both at home and abroad and aims to support businesses, individuals and communities in this global effort.
Across Mubadala's business platforms and sectors, a number of initiatives have already been put in place to help address the current challenge and provide support to people in need.
Click here to learn about all the initiatives that have been launched across the group in response to the COVID-19 pandemic.
Our COVID-19 Response
In an effort to support the response to the COVID-19 pandemic, Mubadala Healthcare introduced various initiatives across its assets in cooperation with the Ministry of Health and Prevention, Department of Health in Abu Dhabi and the Dubai Health Authority.
To date, over 220,000 COVID-19 tests have been administered throughout the UAE with Mubadala Healthcare's National Reference Laboratory (NRL) working around the clock and processing over 25,000 of those tests. Each day 1,000 tests are processed, with the NRL eventually expanding its testing capabilities to 7,000 tests a day.
Mubadala Healthcare's facilities also launched critical medication delivered directly to patients' homes across the UAE. There have been over 3,750 critical prescriptions delivered to date.
Additionally, a COVID-19 drive-through testing site was launched at Healthpoint, which is screening on average 270 patients daily.
Patient calls have increased by 2,000 percent at the Abu Dhabi Telemedicine Centre since March due to the COVID-19 pandemic. The center has expanded telecare operations and increased staff members to handle the growing volume of calls from patients, regardless of their insurance coverage.
Mubadala Healthcare is also providing flexible payment plans across its network for patients that are not insured.
Our COVID-19 Response
Mubadala Real Estate and Infrastructure (MREI) rolled out support measures in response to the pandemic with AED 420 million in economic relief across retail, residential, office leasing and hospitality sectors.
MREI allocated up to AED 200 million in rental support and assistance for existing and future retail tenants, including deferred rental payments and reduced operating expenses.
Within residential properties, up to AED 150 million in rental payment flexibility plans and waived fees were rolled out, and up to AED 70 million allocated in flexible rental payment plans or service charges for office tenants.
Our COVID-19 Response
In response to the impact of the COVID-19 outbreak, GlobalFoundries, which is headquartered in the United States with operations worldwide, took steps to help some of the most vulnerable members in the communities where it operates.
GlobalFoundries was designated as an essential manufacturer during the pandemic by the State of New York, as its semiconductors are supporting technology needs in the healthcare, communications and infrastructure sectors
GlobalFoundries donated more than US $1 million to its communities and has increased its matching employee donations two-to-one on a local, national and international level.
At each of its sites (in Germany, Singapore, New York and Vermont), GlobalFoundries has offered donations of Personal Protective Equipment to healthcare workers, and also donated more than 15,000 cleanroom masks, 3,000 N-95 masks, and more than 500,000 gloves, as well as boot covers and medical suits. The company will also be making an additional 40,000 cleanroom masks and 14,000 N-95 masks available for its communities and has recently launched an employee donation campaign called “GlobalGives.”
Our COVID-19 Response
A number of our Petroleum & Petrochemicals assets have been designated as strategic businesses in their respective countries, and are implementing various initiatives in response to the impact of the COVID-19 outbreak, including enhancing the resiliency of supply chains.
NOVA Chemicals and Borealis have adjusted polyolefin production to reinforce the supply of materials central to the manufacture of healthcare and diagnostic equipment, including COVID-19 test kits, ventilators, personal protective equipment, as well as food packaging, which extends the shelf life of fresh food and enhances food safety.
In addition, fertilizers and technical nitrogen products produced by Borealis are vital to maintaining Europe's food production sector.
NOVA Chemicals and Borealis are in close contact with their customers and service suppliers, to ensure operations are undertaken in accordance with relevant guidelines issued by local authorities and are taking all possible measures to ensure the health and safety of everyone involved in the supply chain.
Cepsa Foundation has offered hundreds of fuel cards worth €50,000 at its service stations, to support medical and other essential public services. It has also contributed to the costs of urgent medical transportation in the country, where 100 ambulances were mobilized in two months.
Cepsa Foundation also partnered with the Spanish Food Banks Federation (FESBAL), a non-profit association, to donate 480,000 Kilograms of basic food items to be distributed among food banks in the vicinity of the company's main locations in Madrid, Huelva, Campo de Gibraltar, Las Palmas and Tenerife. This is helping to meet the urgent need for basic food products among the groups most disadvantaged due to the coronavirus pandemic.
Cepsa has also donated Personal Protective Equipment that includes surplus goggles, gloves and masks to Andalusian Health Service, and provided 5,000 blankets to hospitals in Madrid.
Our COVID-19 Response
In collaboration with the Department of Health - Abu Dhabi, Injazat Data Systems developed a 'Remote Healthcare' app for smartphones that allows users easy and safe access to preliminary medical diagnostic services, information and guidelines.
The app provides essential medical support to people with chronic diseases, the elderly, and those in need of medical prescriptions who do not want to visit hospitals, as well as those who have been infected with COVID-19 and are in home isolation.
The app also features an Artificial Intelligence-driven tool for examining symptoms and diagnosing non-emergency cases, as well as a system for booking appointments and remote consultations with doctors via voice or video calls or texts, and medical prescriptions and logistics services.
Our COVID-19 Response
Minesa, our fully-owned Colombian gold mining company that is currently in the process of applying for its operational license, committed to supporting people impacted by the effects of the COVID-19 outbreak, especially within its local community of Soto Norte.
The company's numerous efforts have focused on increasing the capacity of the healthcare system within its area of influence.
Minesa implemented a home working policy and guaranteed the income and employment of its 252 employees during the outbreak. It paid a solidarity bonus to support local contractors and distributed 2,000 food kits to vulnerable families in the area.
Minesa also provided medical kits to Soto Norte's municipalities and created a Wi-Fi platform that allows home learning for the pupils of its local schools.
