تدريب Shadowing: Watch CNBC's full interview with Mubadala's CEO Khaldoon Al Mubarak - تعلم التحدث بالإنجليزية عبر الفيديو

Before we look ahead, I wanted to take a moment just to look back a little bit.

Right now, Mubadala is one of the world's largest sovereign wealth funds.

It is a very sophisticated international investor.

It is an engine of growth for the UAE.

What are the metrics that you use to measure success?

Well, the best one, performance.

Over the last 20 years, we've worked hard in Mubadala to establish a global investment fund.

And when I look at this journey over the last 20 years, we started with AUM of $50 million.

And now we're going to close the year in 2024.

We've reached almost $330 billion.

So it's been a great journey in terms of AUM development and growth.

But more importantly, it's performance returns. And

when I look at our biggest success is our ability to diversify our portfolio from predominantly an energy investment firm

when we first started to now a quite diverse global investment company.

And today, when I look at our returns, our 10-year returns, our 5-year returns, and our returns in 2024, I'm very proud.

I think we are a high-performing investment institution with returns that are highly competitive with our peers.

And that really is how we look at ourselves and how we compare ourselves with peers and other investment institutions.

So what type of returns did you see in 2024?

And as you assess the global macroeconomic backdrop now from the lens of Davos, what should we expect in 2025?

So 24 was a good year, was a positive year, I think, for the markets.

When I gave this interview, the same interview at the beginning of 2024 in Davos,

I was asked, what do you expect 24 is going to look like?

And I was cautiously optimistic.

I think I would take out the word cautiously now.

I think optimistic was the right word for 2024.

And it's played out accordingly.

I think if you look at the markets both east and west, the U.S market was very, very strong.

We're very happy with the performance of our investments in the U.S market.

Asia has been positive also across the board.

And many of the European markets have performed very well in 2024.

So it's been a very good year.

When you assess the backdrop of how markets have been performing, this outperformance has taken place against the backdrop of sticky inflation, perhaps higher for longer interest rates,

and of course at the same time a very complex and challenging geopolitical environment as well.

When you assess the risks to the outlook, what sits on top of that list at the moment? With everything there's risk.

There's a lot of risk.

The markets have been I mean

if you look at the last five years it's been a

quite a unique period of time in the history of the world in terms of the geopolitical challenges

that the world have faced in terms of the cataclysmic events

that have happened from COVID to war in Europe to war in the Middle East.

quite an incredible period that passed over the last five years

that put a lot of risk into all markets and almost every sector out there.

Having said that, the world recovered and the world managed to deal with these risks.

As an investment institution that's global, we've got to learn how to deal with these risks.

We have to learn how to mitigate these risks and find always the silver lining and find where the growth is.

I think we've done a decent job in that over the last 10 years, particularly over the last five years.

I see that in the performance of the portfolio.

And I think going forward, we continue to be close in terms of assessing these risks,

mitigating these risks, pivoting where we find these risks too challenging to overcome,

and most importantly, always, always looking for where we can find growth and upside.

And that's what we're focusing on.

growth upside and market dislocation as well.

So from a 2025 perspective, looking at sectors and geographies, what excites you the most?

I remain very, very excited and committed to the technology space.

We are a technology heavy investment institution that's always been, particularly over the last 10 years, our ethos in investing.

technology is revolutionizing everything we do.

Obviously in the age of AI, we're entering a period right now that is probably one of the most profound periods in the history of mankind.

It is an immensely challenging but also an immensely exciting period.

And being investors in technology heavy investors in technology with I

think I think we've taken a preemptive view on AI very early on

which made us I think as an institution more averse in terms of understanding

that space investing in that space and

and really taking a view of how we're gonna invest

or how are we gonna go continue to invest so technology AI remains a very very big focus area for us.

Healthcare, healthcare and health tech I think again is another area

that we've been very very active in and I like a lot

and we will continue to be quite focused on that space.

Digital infrastructure and the infrastructure space the world is undergoing another big infrastructure build out be it in energy,

be it in digital technology infrastructure, data centers etc And again, that is an area we like.

We've been heavily invested in.

We will continue to invest in going forward.

Financial services and again with with the technology overlay continues to be also another area that I'm very excited about.

There's a lot of competition in this space right now as well for deals and deal flow, particularly when it comes to AI technology and chips, for example.

Take a look at what Mabatala is doing here

because your companies like G42 and MGX are making very big moves in AI.

G42 partnering with Microsoft to secure these advanced American chips.

MGX also a very significant investor in OpenAI as well.

So how much are you actually willing to spend here to take on PIF, to take on QIA, to take on the other big sovereign wealth funds of the world who also want a slice of that pie?

Well, I think first on, I mean, we're not taking on anyone.

We're continuing down a path that is our focus.

That's the path that we've been undergoing or going through for years.

And I think we will continue down that path.

This is with conviction and with the right partners.

And the key to the success, in my view, in investing in that space is partnership and having the right partnership and then having the platform,

the right platform from within that's able to execute on

that space in terms of investing in that space and establishing the right partnerships in that space.

You mentioned two of our key companies within our portfolio, G42 and of course MGX.

These are core in that investment strategy of ours.

G42 has been, I think, a world leader in that space.

MGX, we've just formed it last year in 2024.

And we've started with a very, very strong management team, a very strong set of deal flow.

You mentioned MGX investing in OpenAI, but they're also invested in Anthropic and Databricks and XAI.

So they are investing in a very diverse way with the right partners and with the right platforms.

So it's an area which I'm very confident in

because of the partnerships we have and because of us being able to use the platforms we've created to really move very,

very fast in these areas.

And I think the key, as everything with technology, is access to the right deal flow.

And I think we have good access to that to the right deal for and our track record shows that

Walk me through how you're reading this race as it stands.

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Correct me if I'm wrong It seems as if the United States, Europe, Asia, even in the Middle East They're all taking part in what seems to be an AI arms race right now.

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Valuations are skyrocketing as well This is certainly not a risk-free environment to be investing in. So

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So what is the strategy here and what is the biggest red flag for you

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when you assess exactly what's happened in 2024, where valuation stands?

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What worries you the most at the moment about this space?

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Well, I think before I talk about what worries me, let's talk about what actually what excites me.

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I think the demand is so strong.

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So let's start with that.

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The demand is going to be profoundly high in terms of the enablement of that technology.

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So the AI enablement, which is the infrastructure side of it, be it energy, be it transmission,

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be it energy being green, but also all forms of energy technology that's going to help fuel this huge demand.

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I would also add to

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that data center build out chip build out these are all areas

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that I think in terms of infrastructure and in terms of investability Because of the demand being so strong.

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I'm pretty confident in you know Wherever you when you look at a 10 year horizon, which is how we look at these investments We don't look at a one year

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or two year look at the next 510 20 years

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And I think the growth in that demand is so strong even if you take a conservative view, there's an overwhelming growth coming in that space.

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That's what gives me a lot of confidence.

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And I think that's where I see and we see the opportunity.

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I think in terms of the risks, of course, I mean, this is a technology

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that no one today really appreciates truly the level of disruption that's going to create affecting everything from our lives,

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our businesses, human capital, employment.

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Every sector is going to be disrupted by it.

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And I think that, while there's a lot of opportunity, also presents a significant amount of risk,

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which is today unclear because the technology is moving so fast and we're all trying to catch up as much as as possible.

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So managing that risk and understanding it and being able to,

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particularly for investors like Mubadala that have a huge globally diversified portfolio,

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inevitably will have aspects of its portfolio that is going to be disrupted by that technology.

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Being able to understand that, manage to mitigate these risks or not,

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or pivot away, I think these are the sort risks that we are constantly grappling with every day.

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Still trying to understand the full impact, I guess.

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Yeah, I mean the full impact changes, by the way, every day.

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Every day because of the power of how this technology is evolving and developing on a daily basis.

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I think for me, I see Mubadala taking a frontier approach in terms of our investment in

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that space AI technology as a sovereign as a sovereign fund

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but also on the frontier side of it in terms of implementation of

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that technology within the way we operate today you know we've been doing a lot of work in

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that space in terms of how do we bring in AI

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in terms of the ethos of how we operate how we

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take decisions how we invest how we deploy how we divest and and I think we've gone a long way.

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And I see us particularly 2025 in a very I would

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say critical year for us as we transition significantly as an AI powered investment institution in the way we think

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and the way we invest.

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Let me ask you about the politics as well.

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This week President Donald Trump returns to the White House.

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I want your take on how you're reading what this means from a global geopolitical level a global macroeconomic level as well.

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Are you positive, neutral or negative on Trump 2.0 and why?

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I'm positive.

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I think I'm positive

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because a lot of what we're seeing in terms of everything

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I've said till this minute in terms of the spaces we're focusing on seem to be areas

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that this use this new U.S government is going to be spending a lot of time on and encouraging and supporting.

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So I think from that sense I see opportunity, particularly the market that is significantly one of the biggest markets we are exposed to, the U.S market.

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I see a period over the next four years where in

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the spaces I've described I think there's going to be positive tailwinds.

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We all hope for better stability globally.

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stability I think is good for growth it's good for peace

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and stability and that's ultimately good for business and good for investing

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so I think there's enough signs right now

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that I think give me optimism to what's coming what's different

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about Trump 2.0 particularly for the Middle East I think this

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is a bit different Middle East than than maybe in the

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first Trump administration the Middle East has changed I think we

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have an opportunity now in this in this modern Middle East

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to really you know you talk about Trump 2.0 let me talk about Middle East maybe 2.0 3.0

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or 4.0 this is a great opportunity for the Middle East

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right now to really reach its potential reach its potential through stability reach its potential to through peace reaches stability

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so its potential through economic prosperity.

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And I think we have a chance now in the Middle East to really push forward in all these areas.

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And I think that's great.

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That would be great.

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So again the optimist that I am I feel good about what's what's ahead

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and and hopefully it'll be great for the world.

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Peace and prosperity.

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Good for markets.

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Good for business but also for mankind.

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Right.

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Definitely.

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Definitely.

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Let me ask you about the international footprint as well, focusing specifically on China.

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Do you think China is investable in the Trump era, particularly if we saw more trade barriers coming back,

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new tariffs, for example, already lots of concerns about the state of the Chinese economy right now.

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What's your read?

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I remain, I remain, I would say, committed to investing in China.

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I think China is, I mean, let's look at the basics when you look at the Chinese economy.

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It's the second largest economy in the world.

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You have a population of 1.4 billion people.

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You have a significant middle-income population that's growing.

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You have a growth in GDP consistently.

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So I think these are all, let's say, the basic frameworks of how we look at China.

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And I think if you look at the 2024 markets in China, if you look at Shanghai and Hong Kong,

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both had double-digit returns as markets for 2024.

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I think the Chinese government, particularly in the fourth quarter of 2024, came in and gave a positive boost to the markets.

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I think on the consumer side, China has a lot to offer, and I think we'll continue to provide good opportunities on the consumer side in China, which we find very interesting.

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No doubt, I think a lot of the challenges you've outlined, tariffs, trade wars for whatever word you want to use.

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I think these are all challenging, I think not just for China, I think for the world.

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But I feel at the end of the day, there's enough out there for pragmatic,

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reasonable, soft landings that would generate, I think, an optimal outcome for all.

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Hopefully that's kind of the direction this ends up going.

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But ultimately, I think it doesn't change my view.

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I think China remains an interesting place to invest, and I think there are opportunities for sure that we continue to see.

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Do you think policymakers need to do more to firm up the domestic economy, though?

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Yes.

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I think the domestic economy is obviously crucial, particularly given the way the trade or the global trade situation has evolved.

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And anything to help continue to boost the Chinese consumer market, I think, is a positive signal to the markets.

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What about India and the emerging markets? any opportunities that you see?

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So India is another very, very interesting country, very interesting market, largest population in the world today, 1.4 billion people.

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I mean, I had an interesting data point, a couple of data points about India that just kind of tells you an interesting story.

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India has about 480 million people under the age of 18.

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That's larger than the population of the the United States.

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That's larger than the combined population of Europe.

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That's larger than the combined population of South America.

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That's larger than the combined population of the Middle East.

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Young folks under the age of 18.

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So it just shows you the demographics in India.

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Large population, young demographics, economy growing at a 7%, 8% GDP growth.

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It's a very, very, very interesting economy and country in India.

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We have obviously a great relationship given the distance between India and the UAE.

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Great history, great legacy of a relationship.

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And I think for us as investors, we've been investing in India for years

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and we continue to work on building our portfolio in India and really getting into that wave that it's started already.

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But it will continue in my view going forward.

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I wanted to ask you about the strategic focus from this point on as well.

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You mentioned at the start of our conversation that Mubadala's AUM is around 330 billion USD today.

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How do you see your investment mandate evolving in the next five years and what does that number look like by 2030?

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I can't say what the number is going to look like in 2030

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but what I can say with a high level of confidence built on the record, our track record over the last 20 years is we will grow substantially.

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We will continue to grow

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because I'm very confident first of all in what we've achieved

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over the last 20 years to get us to where we are today.

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But I'm also more confident in how what I see is going to be the next 10 years, given where we are today and given the sectors

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that we are focusing on and given the partnerships that we have in place all over the world.

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I think we're very well positioned to continue to grow positively.

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We are very well positioned to continue to outperform from a return perspective.

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and I look forward, honestly, to be sitting with you in 2030 and looking back at what we've accomplished from 2025 to 2030

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and hopefully we will outperform what we've accomplished from 2020 to 2025.

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التظليل الصوتي (Shadowing) تقنية تعلم لغة مدعومة علمياً، طُورت أصلاً لتدريب المترجمين الفوريين المحترفين. الطريقة بسيطة لكنها قوية: تستمع لصوت إنجليزي أصلي وتكرره فوراً بصوت عالٍ — كظل يتبع المتحدث بتأخير 1-2 ثانية. تُظهر الأبحاث تحسناً كبيراً في دقة النطق والتنغيم والإيقاع وربط الأصوات والاستماع والطلاقة.

تدريب Shadowing: Watch CNBC's full interview with Mubadala's CEO Khaldoon Al Mubarak - تعلم التحدث بالإنجليزية عبر الفيديو

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