Remarks from Mubadala

[Music] good morning everyone I was told to speak very close to the mic it sounds like everybody can hear me now so I think we're in good shape your excellencies ladies and gentlemen good afternoon it's an honor to be here today for the Abu Dhabi economic forum and the beginning of of course ababi Finance week which is has become one of the Region's most important and influential gatherings I want to express my gratitude to His Highness sh B Muhammed bin Z Alan Crown Prince of Abu Dhabi and chairman of the abudhabi executive Council for bringing us all together I'd also like to thank his Excellency Ahmed JM zabi chairman of the abudhabi global market for hosting what I'm sure will be an incredible Gathering ladies and gentlemen the pace of growth and progress achieved by the UAE over the last 53 years is well known throughout the world and the region but it's worth reflecting on the remarkable Journey that adgm has experienced in less than a decade in just nine short years it has grown from a handful of companies to today over 2,000 including nearly 250 Financial Services institutions assets under management for organizations based in the hub have continued to soar and there today are more than 12,000 daily workers on Al Maria Island and of course more to come with the geographical expansion into Island just right next door the range and caliber of the guests and leaders that we have in the room today really are an indication that abui has emerged as a global destination for Capital business and commerce with the capacity to bring together people from all around the world events like Finance week exemplify abu's commitment to fostering meaningful dialogue and the exchange of knowledge trade and commerce key pillars that underpin development prosperity and progress and an era marked by polarization and fragmentation in both political and economic discourse it feels more important than ever to embrace the multilateral forward-thinking approach that Finance week exemplifies an approach that is not only constructive but it Champions collaboration and provides practical steps to deliver a future we want our children and grandchildren to live in but what does this require from us today it requires action and it also requires a long-term commitment to partnership it requires a union of capital and ideas it also requires a willingness to change course Embrace Innovation and take calculated risk but it also requires pragmatism prudence and patience dedication towards working to a vision of a world that we desire while being rational about external forces and events that invariably hinder and create volatility along the way these are the issues and challenges that we regularly debate at madra at our investment committee even now more so given that we're a global organization spanning six continents with interests across multiple asset classes and sectors as a sovereign with one shareholder the government of ababi we're blessed with the ability to take a long-term perspective and see our convictions through to their optimal conclusion so when we think about managing our portfolio we ensures that it has the resilience and diversification to account for globalization becoming more fragmented with reason with regions growing at different speeds and Supply chains becoming increasingly reorganized at the same time we have to ensure that we capitalize on breakthroughs in things like artificial intelligence and other technological innovations that transform sectors and offer Solutions to Global challenges at the beginning of this decade we stated our ambition to double the size of our portfolio over a 10-year period this aspiration has required us to Target sectors offering the potential to deliver strong and sustainable Financial returns as we near the halfway point of the 2020s I'm pleased to report that we remain well on track to meeting this OB objective of course we recognize and we also appreciate that can also this can only be achieved with the support of an extensive network of Partners and Friends however the belief in forging worldclass Partnerships is ingrained and engraved in our DNA and will play a key role in influencing when and where we deploy Capital going forward from Asia and the strong cooperation have with our partners there like the Korea Development Bank kdb to North America and the long-standing relationships we hold with a a bevy of major institutional investors the likes of which Black Rock Apollo and others it's very clear that a culture of partnership will remain at the heart of what we will do going forward the same principle is seen here at home as as we look at our UAE collaborations such as with group 42 as we create a pioneering health care company m42 that combines worldclass clinical expertise with cuttingedge artificial intelligence and datadriven Technologies space 42 which operates at the Forefront of geospatial intelligence and satellite Telecom or mgx which will accelerate the Innovation and scale of transformative AI Technologies through investment in AI infrastructure globally the common theme is that we will always be stronger as an institution when we work together with Partners this is the tenant that has enabled muad to achieve what it has and which has also enabled budabi to become the thriving financial and business Hub that it is today Abby Finance week itself is an excellent representation of that message and more widely the government of abu's vision and commitment to build an integrated outward-looking future focused economy that supports private sector businesses and delivers societal benefit I am certain that this year's edition of ababi Finance week will facilitate an exchange of ideas will help Galvanize new Partnerships and deliver significant and enduring outcomes to you all thank you very much [Music]