Mubadala CFO Carlos Obeid confirmed the Abu Dhabi sovereign wealth fund's strategy at the Milken Institute Asia Summit in Singapore on 7 October 2026: maintain annual investment of around $39bn on an AUM base of $385bn, and lift Asia's share of the portfolio from 10% three years ago to about 13% today, with plans to go further.
What the Mubadala CFO said
At the Milken Institute Asia Summit in Singapore on 7 October 2026, Mubadala Investment Company CFO Carlos Obeid publicly reaffirmed the operating parameters of the Abu Dhabi sovereign fund's strategy:
- target annual investment pace — $39bn (around 10% of the portfolio);
- total assets under management — $385bn;
- Asia's share of the portfolio — 13%, up from 10% three years ago, with an explicit intention to go further;
- country focus — China, South Korea, India and Japan.
"We've been trying diligently over the last few years to increase our exposure to Asia. Three years ago, the share of the portfolio invested in Asia was about 10 per cent, it is now about 13 per cent, and we want to do more," Obeid said in Singapore.
Where the money is actually going
Large recent deals back up the stated rotation:
- $1bn stake in Chinese coffee chain Luckin Coffee (announced September 2026) — a bet on resilient Chinese domestic consumption;
- an investment in India's Reliance Jio, the subcontinent's largest digital-and-telecom player;
- a 20% stake in Bahrain-based Investcorp, giving Mubadala an additional route into Indian private equity.
Thematically the fund names cross-cutting themes it pursues on six continents: renewable energy, mobility, advanced technology, AI and life sciences, alongside the energy transition, global supply-chain restructuring and shifts in consumer behaviour.
Why it matters for the UAE
Mubadala is not a private investor. It is one of the two major Abu Dhabi sovereign wealth funds (alongside ADIA) and a key lever for the emirate's economic diversification. Raising Asia's share from 10% to 13% translates into a concrete redirection of capital flows: a slice of dollar inflows that used to end up in the US and Europe is now at work in Shanghai, Seoul, Mumbai and Tokyo.
For the UAE macroeconomic outlook for 2026 there are two direct effects:
- Diversification of currency and geopolitical risk. With recession anxiety rising in the US and Europe, Asia exposure acts as a hedge.
- Strengthening UAE–Asia corporate ties already formalised through trade agreements — India, Indonesia, South Korea, Cambodia, Thailand. See our UAE CEPA overview — Mubadala is moving in sync with state-level trade policy and reinforcing it on the financial side.
What it means for UAE-based businesses
Three practical implications for firms in the UAE:
- Asia ↔ UAE deal flow accelerates. This is a tailwind for investment bankers, M&A advisers, cross-border lawyers and infrastructure operators (banks, custodians, KYC and AML services).
- Logistics chains. Mubadala's supply-chain restructuring theme maps directly onto DP World and ADPIC strategy — port expansions, industrial zones and free-zone logistics in Abu Dhabi and Dubai.
- Technology sector. AI and life sciences are flagged among the main themes — a signal to startups and late-stage players in those niches that Abu Dhabi sovereign capital is open to deals, directly or via partner funds.
Context: what Mubadala is
Mubadala Investment Company is a global investment holding fully owned by the Government of Abu Dhabi. It was formed in 2017 through the merger of International Petroleum Investment Company (IPIC) and Mubadala Development Company; Abu Dhabi Investment Council was integrated in 2018. The fund invests across sovereign debt, private equity, infrastructure, real estate, venture capital and direct corporate stakes. Assets under management stand at about $385bn (per the CFO's statement on 7 October 2026).
Mubadala is one of the engines behind Abu Dhabi's "from oil to knowledge economy" strategy: together with ADQ and ADIA it forms the emirate's financial belt, operating through ADGM and direct corporate transactions.
Based on Carlos Obeid's public remarks at the Milken Institute Asia Summit in Singapore on 7 October 2026, coverage by The National (7 October 2026) and Mubadala Investment Company public statements. Editorial piece by Garant.consulting; not investment advice. For structuring Asia-related deals through the UAE, consult your dedicated cross-border M&A adviser.
