The U.S.-U.A.E. Business Council hosted a luncheon in honor of His Excellency Khaldoon Al Mubarak, Mubadala Investment Company’s Group Chief Executive Officer and Managing Director, on October 7th 2021, at the Ritz Carlton Hotel in Washington, D.C. Please see here for a recording of the discussion.
Abu Dhabi government-owned Mubadala is one of the largest sovereign investors in the United States and worldwide.
Mubadala Investment Committee member and Deputy Group C.E.O., Waleed al Mokarrab al Muhairi, who is also Co-Chair of the U.S.-U.A.E. Business Council, introduced His Excellency Al Mubarak to assembled guests, with Business Council President Danny Sebright then hosting a fireside chat.
In opening remarks, His Excellency Al Mubarak expressed confidence in a post-pandemic economic recovery.
“With business activity accelerating and now rebounding above pre-pandemic levels, we are committing billions more in new investment in the U.S. and around the world.”
Updating Business Council Members on Mubadala’s U.S. priorities, H.E. Al Mubarak, commented: “For Mubadala, this means a relentless focus on investing, partnering, and creating value across new and transformational industries in the U.A.E. and across our fifty international markets that are shaping and positively impacting the world.”
With U.A.E. FDI in the U.S. valued at $44.7 billion in 2020, His Excellency reinforced the U.A.E.’s view that developing global investment links based on strategic priorities and shared value is one of the world’s fastest routes to sustainable economic recovery.
“From protecting public health or pioneering medical advances, to decarbonizing economies or preparing the workforce for this wave of innovation which is disrupting and transforming entire industries, there is an urgent requirement for governments and global business to collaborate more closely on an interconnected set of global strategic imperatives,” said H.E. al Mubarak.
His Excellency then spoke of U.A.E. economic priorities as the nation prepares to mark its 50th anniversary in December; “Our nation is embarking on the next phase of economic growth and development where we see a significant opportunity to accelerate trade and investment links between the U.A.E. and the U.S. – energy transition, life sciences, digital economy, and advanced manufacturing are major opportunity areas.”
His Excellency explained how long-term U.S. partnerships and investments remain at the core of Mubadala’s operations following its strategic pivot in 2019 to ready the business for global growth across ‘tailwind’ industries, aligned with the U.A.E.’s innovation and knowledge economy roadmaps;
“We are activating new investment and economic partnerships across future-focused industries while also expanding existing relationships.”
His Excellency also highlighted the importance of Mubadala offices opened in New York and San Francisco to be co-located and more closely aligned with U.S. partners and investments.
He also highlighted specific Mubadala Ventures investments in U.S. companies like V.I.R. Biotechnology, Recursion Pharmaceuticals, Color Genomics, PCI Pharma, and Innovaccer as these have been at the forefront of the global COVID response:
“Mubadala has always pioneered the principle of responsible investment and shared value. Many of our investments in the U.S. today are working on solutions to support COVID recovery, prepare for future pandemics and improve global health, which exemplifies our commitment to high impact value creation in the U.S.,” said Al Mubarak.
The U.S. is Mubadala’s single largest overseas market. In this regard, His Excellency noted that portfolio company GlobalFoundries is home to one of the world’s most sophisticated manufacturing facilities, Fab 8, located in Saratoga County, New York, and employs 3,000 people and supports 15,000 indirect jobs in the region.
Closing the discussion, U.S.-U.A.E. Business Council President Danny Sebright asked H.E. Al Mubarak to explain the role that Expo 2020 (which opened on 1 October in Dubai) plays in showcasing the growing position of the U.A.E. at the center of global dynamics serving as a crucial trade and transport hub link between Asia, Africa, Europe, and North and South America.