ABU DHABI — Waleed Al Muhairi, Deputy Group CEO of Mubadala Investment Company, provided a rare window into the decision-making of one of the world's most influential sovereign wealth funds.
Al Muhairi described the current global investment environment as increasingly "noisy," cautioning that short-term market fluctuations often obscure the "signals" of long-term value. For Mubadala, which manages a portfolio of approximately $330 billion, the directive is clear: ignore the headlines and focus on secular megatrends.
Al Muhairi emphasized that the primary challenge for institutional capital today is the discipline to maintain conviction. He noted that while political cycles and interest rate speculation dominate daily news, Mubadala remains anchored in sectors with decades-long growth runways.
"We look for the signal," Al Muhairi said. "The noise is constant, but the structural shifts in technology, energy transition, and healthcare are where the generational returns lie."
A significant portion of the discussion focused on the "hardware" of the future. Al Muhairi reaffirmed Mubadala’s deep conviction in semiconductors and digital infrastructure. Rather than chasing software hype, the fund is prioritizing the physical backbone required for the artificial intelligence revolution.
He pointed to Mubadala's established legacy in chip manufacturing as a blueprint for 2026, suggesting that the scarcity of high-performance computing power makes infrastructure a high-conviction bet.
On the energy front, Al Muhairi discussed a "pragmatic transition." Through its renewable energy arm, Masdar, Mubadala is scaling green hydrogen and utility-scale solar across 40 countries. However, he stressed that energy security and economic reality must be balanced with decarbonization. The fund's strategy involves building localized energy hubs that are resilient to supply chain shocks.
As traditional banking liquidity tightens, Al Muhairi identified private credit as a critical growth engine. Mubadala has been expanding its footprint here, recently entering partnerships with firms like Apollo and Goldman Sachs to provide flexible capital to mid-market firms. This move signals a shift toward yield-producing assets that can withstand volatile public market cycles.
While the U.S. remains a core market, Al Muhairi noted a "calculated expansion" into high-growth corridors in Asia. The fund is increasingly looking at localized industrial leaders that can serve as regional champions, diversifying away from over-concentrated Western markets.
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