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View of Abu Dhabi skyscrapers, United Arab Emirates.
Lower oil prices have been “very opportunistic because it helped us move faster down the diversification strategy,” Al Mubarak said.
Mubadala, the fourteenth largest sovereign fund in the world according to the Sovereign Wealth Fund Rankings, has approximately $125 billion assets under management. With investments across sectors including technology, aerospace and chemicals, it has been a key player in the emirate’s move away from oil dependence.
Mubadala estimates 48 percent of Abu Dhabi’s total gross domestic product is now non-oil and gas related, while foreign direct investment in the province is increasing, having grown 8 percent in 2016 to top $25 billion.
Today, the government is also investing heavily in tourism. The Louvre Abu Dhabi, a collaboration between the iconic French museum and the Emirate, opened earlier in November.
Al Mubarak said that museum, an example of Abu Dhabi’s economic story of diversification, sends a “message of tolerance” to the world. “We all have, as Emiratis, high confidence” that Abu Dhabi will be successful, he said.