(Corrects spelling of deputy CEO's name to al Muhairi from al
By Stanley Carvalho
ABU DHABI, March 4 Abu Dhabi investment fund
Mubadala Development Co plans to focus more on U.S.
and European markets this year as those economies slowly
recover, its deputy CEO said on Tuesday.
Mubadala, which has stakes in General Electric and
private equity firm Carlyle, shifted some of its focus
to emerging markets such as Brazil, Russia, China and Indonesia
after the global financial crisis hit the United States and
"We are seeing 2014 as a time of significant growth for
Mubadala's international portfolio as we move ahead our
footprint in markets where we see long-term potential," Waleed
al Muhairi told Reuters.
"We're of course looking at emerging markets, but also to
markets like the U.S. and Europe in particular, as recession is
being replaced by signs of recovery," he said without
Mubadala's assets totalled 204 billion dirhams ($55.5
billion) in June 2013; it has yet to announce its end-2013
The fund's investments have included mines, ports and
oilfields around the world, but it also has a mandate to boost
Abu Dhabi's local economy. It plans to focus on domestic areas
such as real estate, healthcare, infrastructure and finance over
the next five years, al Muhairi told a conference on Tuesday.
"You are likely to see increased activity in those areas,"
Abu Dhabi, capital of the UAE, sits on 10 percent of global
oil reserves and accounts for 90 percent of the UAE's oil
output, making it one of the world's wealthiest economies.
(Reporting by Stanley Carvalho, editing by Andrew Torchia/Ruth