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Mubadala looks to long-term goals as it forecasts ‘tough’ 2023

Mubadala CEO Khaldoon Al Mubarak said its main investment flows were changing, with less emphasis on the US and Europe

The chief executive of Abu Dhabi state investor Mubadala said on Saturday that 2023 would be a tough year for the global economy, but that the fund would be focused on opportunities serving a longer horizon.

“If I look at the one-year horizon, yes 2023 is going to be tough… with more headwinds than tailwinds in most places around the world,” Khaldoon Al Mubarak told the World Policy Conference in Abu Dhabi.

“There’s going to be big adjustments on valuations, recessionary pressures in many places around the world but I see it in the lens of opportunity” under a five to 10 year horizon, he added.

As a global investor, he said Mubadala would continue to follow an “agnostic” investment approach looking at growth patterns and long-term sustainable returns, and would continue to focus on sectors such as renewable energy and technology.

In November, Brazilian soccer league LIBRA said it is in talks to sell a stake to UAE’s Mubadala Capital.

“After a competitive process managed by Banco BTG Pactual and Codajas Sports Kapital, an assembly of LIBRA on November 7th approved exclusive negotiations with Mubadala Capital”, the league said.  

One person with knowledge of the matter said Mubadala is expected to pay around 5 billion reais ($971 million) for a 20 percent stake. The source asked for anonymity to disclose private talks details.