The chief executive of Abu Dhabi state investor Mubadala (MUBDEV.UL) said on Saturday that 2023 would be a tough year for the global economy, but that the fund would be focused on opportunities serving a longer horizon.
« If I look at the one-year horizon, yes 2023 is going to be tough… with more headwinds than tailwinds in most places around the world, » Khaldoon Al Mubarak told the World Policy Conference in Abu Dhabi.
« There’s going to be big adjustments on valuations, recessionary pressures in many places around the world… but I see it in the lens of opportunity » under a 5-10 year horizon, he added.
Mubadala, Abu Dhabi’s second-biggest sovereign wealth fund, had $284 billion in assets under management at the end of last year, according to an investor presentation.
Mubarak said as a global investor, Mubadala would continue to follow an « agnostic » investment approach looking at growth patterns and long-term sustainable returns, and would continue to focus on sectors such as renewable energy and technology.