On April 20th, the U.S.-U.A.E. Business Council hosted His Excellency Waleed Al Mokarrab Al Muhairi,  who serves as Deputy Group CEO and Chief Executive Officer, Alternative Investments & Infrastructure, at Mubadala  Investment Company, for a video conference to discuss  important developments at Mubadala and in the U.A.E. surrounding Covid-19.

After welcome remarks by Mr. Danny Sebright, President of the U.S.-U.A.E. Business Council, His Excellency began by thanking healthcare professionals at Cleveland Clinic Abu Dhabi and all across the U.S. and the U.A.E. for their devotion, professionalism, and hard work in combating this pandemic. His Excellency also expressed his gratitude to U.S. and U.A.E. companies for providing vital services, support, and materials to fight Covid-19. He then praised the Business Council, of which he serves as Co-Chairman, for its continued engagement and advocacy efforts with key U.S. and U.A.E. businesses and stakeholders during these challenging times. 

H.E. Al Mokarrab Al Muhairi then spoke about the current business environment in the U.A.E. and how the pandemic has impacted Mubadala in the U.S. and U.A.E. markets as well as throughout the world. His Excellency stressed that Mubadala’s investments in future-focused sectors such as life sciences, medical technology, artificial intelligence, and agribusiness is unchanged, and in some cases has even expanded as a result of Covid-19. 

Relatedly, His Excellency discussed the efforts that have been undertaken by the sovereign wealth fund to mitigate the economic impacts of this global pandemic, including through its #WeAreDedicated campaign and announcement of a new healthcare fund due to launch next year. He also noted that GLOBALFOUNDRIES, which received a $15 billion Mubadala investment in its FAB 8 facility in upstate New York, announced a $1 million donation to provide support to the local community and has donated more than 15,000 cleanroom masks and 3,000 N-95 masks as well as other protective equipment.

Following his remarks, His Excellency heard questions from executives of member companies on  the U.A.E.’s stimulus packages and the latest developments pertaining to aviation and tourism as well as Mubadala’s involvement in the healthcare and life sciences sector.

In his closing remarks, His Excellency voiced optimism for the future and lauded the importance of the U.S.-U.A.E. bilateral relationship during this crisis.

The video call was attended by over 200 senior executives from leading American and Emirati energy, defense, healthcare, logistics, finance, and technology companies as well as by U.S. and U.A.E. government officials.

Mr. Sebright concluded the call  by thanking H.E. Waleed Al Mokarrab Al Muhairi and attendees for their participation, and their shared commitment to supporting the U.S.-U.A.E. bilateral relationship in this unprecedented time.