With a mandate to develop and advance our knowledge and innovation economy, Mubadala has consistently delivered at the leading edge of national progress for over two decades. Mubadala’s ongoing impact remains fundamental to the UAE’s continuous growth and our global economic significance.

The company’s priorities for the coming decade underpin the continued expansion of the UAE’s globally connected economy. Through this expansion, Mubadala and its partners broke new ground over the past year in key sectors and geographies.

In 2023, the company’s leadership and investments in artificial intelligence, clean energy, life sciences, private credit, and advanced manufacturing were aligned with its strategy of focusing on opportunistic and future-oriented sectors.

Across all these areas, Mubadala continued to cement critical competitive advantages for the nation and, in doing so, delivered on national strategies to create global value chains that leverage and advance our position at the intersection of East and West, North and South. Central to Mubadala’s global portfolio is a dedication to partnerships and responsible investment, reflecting the UAE’s commitment to fostering international cooperation and driving global progress.

It is a point of pride that the company’s actions continue to create opportunities for future generations of Emirati nationals and the citizens of two hundred nationalities who have made their home in the UAE. Many accomplished individuals who began their careers with Mubadala now lead important public and private institutions, driving initiatives that shape our new domestic economy and leadership on global issues.

The human opportunity and global value created by Mubadala are perhaps the most potent measure of how the company represents the exceptional leadership of His Highness Sheikh Mohammed Bin Zayed, President of the United Arab Emirates, who also served as Mubadala’s founding Chairman.

Mubadala's achievements reflect and set benchmarks for the UAE’s future trajectory. I want to congratulate His Excellency Khaldoon Khalifa Al Mubarak, the Mubadala team, and our global partners for their focus and vision and for their unrelenting commitment to driving progress amidst complex global dynamics.

The Board of Directors is privileged to guide the company in this transformative period as the United Arab Emirates advances the extraordinary legacy of our founding father, the late Sheikh Zayed bin Sultan Al Nahyan.

Amidst the complexities that defined the global investment landscape in 2023, Mubadala accelerated its shift towards targeted investments that will shape the future economy of the United Arab Emirates.

We remained proactive and agile in seeking new opportunities and collaborating with partners to advance existing sectors and create value in new areas. Digital infrastructure, life sciences, artificial intelligence, future energy, and pioneering technologies are all enablers of global progress and, simultaneously, highly profitable sectors with significant growth potential.

As Mubadala's global presence continued to expand, we deepened our asset management expertise and broadened our private credit and international private equity platforms. This expansion created important pathways that strengthen the United Arab Emirates as a hub for the world’s best talent, ideas, and opportunities.

Strengthening our international teams through talent in major cities remains a priority as we scale investments in key regions, including the United States and Europe. Parallel to this growth, we are laying the foundations for significant capital deployment in Asia and South America in the coming years.

Our group-wide focus on responsible investing to deliver impact with key partners highlights the increasing role of sovereign funds as enablers of progress, not just asset allocators.

Our focus on industries of the future such as AI mirrors the proactive stance we took on renewable energy in 2006, which resulted in Masdar becoming one of the world's fastest-growing clean energy companies and an enabler of the energy transition for over seventy countries. We have already delivered AI investments and partnerships that offer profound benefits, particularly in the life sciences and primary care sectors.

We are now embarking on a new phase of responsible AI stewardship as a founding partner of MGX, where we are committed to harnessing cutting-edge technologies to forge new economic pillars for the nation and benefit society globally. Across all future industries with transformative impact, we are focused on strong collaboration between governments and investors on policymaking and developing shared opportunities. Mubadala's Board of Directors has encouraged the management team to foster partnerships that drive responsible, sustainable, and beneficial investment outcomes.

I want to thank our Founding Chairman, UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan, for his vision and leadership that set the trajectory for Mubadala since our inception. Over the years, we have experienced growth that is reflective of the aspirations of the United Arab Emirates.

I thank our Chairman, His Highness Sheikh Mansour Bin Zayed Al Nahyan, UAE Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, for his long-standing stewardship and strong leadership, which guides us as we embark on Mubadala’s most ambitious chapter yet.

On behalf of Mubadala, I thank our Board for their steadfast direction, our partners for their collaboration, and my colleagues for their dedication. We are committed to remaining a pioneer of responsible investing and partnership, driving the UAE’s progress, and making impactful contributions worldwide.