Plenary: “inspired vision, infinite possibilities”
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Since its inception in 1971, the UAE had seen unprecedented levels of growth unmatched anywhere else in the world. That growth continues to lead the UAE to play an important role in the region and as part of the global community, said HE Khaldoon Khalifa Al Mubarak, CEO of Mubadala Development Company and the Chairman of the Abu Dhabi Executive Affairs Authority.
HE Al Mubarak highlighted Mubadala’s many accomplishments since its establishment in 2002. He noted that Mubadala’s portfolio was currently valued at Dh206 billion, and is growing strongly.
“Mubadala plays an important role in diversifying the economy of the UAE,” said HE Al Mubarak, who also revealed that, as Abu Dhabi’s investment company, Mubadala had contributed to creating 15,000 jobs since 2002. “Mubadala today has the highest credit classification in the world,” he noted.
Mubadala Petroleum, another equally important branch of the Mubadala Group, is further strengthening its partnership with global leader General Electric, AL Mubarak revealed.
He said GE had invested heavily in the UAE. “At the same time, the UAE also forged a dollar-by-dollar partnership with the firm,” he said. “That portfolio is currently valued at Dh16.5 billion, and is projected to reach Dh30 billion soon,” he said.
Additionally, GE also provides Mubadala with the technical knowhow in maintaining aircraft and other machineries in the UAE using its generators, which include 200 aircraft.
HE Al Mubarak also highlighted the UAE’s leading role in providing satellite services in the region through Yahsat.
Yahsat’s two satellites currently cater to the military and more than a billion civilian population throughout the Middle East and Africa.
While the first launch in 2011 hit a snag, the second launch in Kazakhstan was a huge success, according to HE Al Mubarak, who recalled that, during the first time, the launch would actually take place in “two months not two hours.”
Emirates Aluminum, which is also part of Mubadala, is looking at increasing its production amid possibility of supplying more clients in the region and elsewhere.
More than 6,000 jobs have been created so far in this sector, but 30,000 more potential jobs would be created.
HE Al Mubarak who is also the Group CEO and Managing Director of Mubadala Development Company, a public joint stock company owned by the Government of Abu Dhabi is overseeing the establishment of a 2,000 student New York University campus in Abu Dhabi, and is a member of the New York University Board of Trustees.
“Our focus is to develop our country, our people, from Abu Dhabi, to Dubai to Sharjah and (the entire government is here to make that happen),” said HE Al Mubarak.
