Mubadala boss hails best ever results after fourfold income jump 

Screengrab from the Mubadala Annual Review video showing CEO Khaldoon Khalifa Al-Mubarak. (Supplied)
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Updated 11 June 2020
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Mubadala boss hails best ever results after fourfold income jump 

  • CEO Khaldoon Khalifa Al-Mubarak said that the company is in a good position to deal with the extraordinary coronavirus impact

LONDON: Mubadala has reported a fourfold rise in total comprehensive income to 53 billion dirhams ($14.4 billion) for 2019 in what its CEO hailed as a “milestone benchmark year” for the Abu Dhabi government investment group.

In a video message to investors, CEO Khaldoon Khalifa Al-Mubarak said that the company’s strong balance sheet and diversified portfolio had put it in a good position to deal with the extraordinary impact of the COVID-19 pandemic.
“The results were the best results as a whole, for the whole group, that we have ever achieved,” he said.
Mubadala said it invested 68 billion dirhams over the year in sectors ranging from credit to technology, life sciences, health care, renewables, transportation and agribusiness.
Gulf economies are struggling to cope with the impact of the twin blow of the coronavirus pandemic and the collapse of oil prices which has led to thousands of job losses across the region as commercial activity ground to a near halt. 
This has complicated both the global and regional investment landscape for sovereign investment groups such as Mubadala.
“All of this happened in essentially a period of 60 to 90 days,” said Al-Mubarak. “The onus on us right now is to take the right decisions, before even talking about investments, before talking about where the world is going, our primary focus was to use all our facilities here in the UAE to support the community, the country and this fight against COVID.”
Mubadala said it generated some 63 billion dirhams from its mature assets and distributions from investments last year.
Assets under management stood at 853 billion dirhams at the end of the year, compared to 840 billion dirhams in 2018.
Mubadala’s investment portfolio spans 50 countries in both emerging and developed markets with 43 percent of it focused on private equity. A further 21 percent is in public markets and 11 percent in real estate and infrastructure.
Among its regional investments are two new MENA technology funds that will deploy $250 million in tech start-ups in the Middle East.

 


Saudia airline receives 27m tourists, visitors during 2025 

Updated 13 sec ago
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Saudia airline receives 27m tourists, visitors during 2025 

RIYADH: Collaboration between Saudi Arabia’s national carrier Saudia and the Saudi Tourism Authority in 2025 resulted in the Kingdom receiving approximately 27 million tourists and visitors from 24 countries on Saudia flights.

Khaled Tash, Group chief marketing officer of Saudia, praised the partnership with the STA, noting that it will contribute to reaching the target of 150 million tourists by 2030, following the achievement of the initial target in 2023. 

The announcement was made during the launch of a Saudia aircraft adorned with the “Spirit of Saudi” logo at Saudia Technic’s maintenance, repair and overhaul village in Jeddah. 

The launch forms part of the strategic partnership with the STA aimed at enhancing the Kingdom’s position as a global tourism destination. 

The aircraft will fly to 25 destinations worldwide during 2026, serving as a mobile promotional platform reflecting authentic Saudi hospitality and supporting Vision 2030 goals to attract visitors from around the world.   

In a statement to the Saudi Press Agency, Tash said the aircraft selected for the partnership is the Boeing B787-9, designed for long-haul flights to some of the Kingdom’s farthest destinations, including Jeddah–Washington routes, as well as East Asia and China. 

For his part, Abdullah Al-Dakhil, the official spokesperson for the STA, affirmed that air connectivity is a key pillar of the tourism sector. He pointed out that the aim of this partnership, utilizing the international Boeing B787-9 aircraft, which attracts visitors from around the world, is to make the aircraft, with all its amenities, a creative promotional platform for travelers during their journey to Saudi Arabia. 

This will allow them to experience authentic Saudi hospitality even before arriving in the Kingdom, where diverse destinations, seasons and international events await year-round. 

Saudi Arabia is investing billions of dollars as part of its Vision 2030 plan to diversify its economy away from fossil fuels, boosting its private sector, and enhancing connectivity, as well as solidifying its role in the global aviation industry.  

As part of the plan, the Kingdom aims to serve 330 million passengers across more than 250 destinations and transport 4.5 million tonnes of air cargo by 2030.