Mubadala’s deputy CEO calls India increasingly vital for Abu Dhabi capital

The latest:

India is becoming a priority destination for Abu Dhabi’s $385 billion sovereign investor Mubadala, Deputy Group CEO Waleed Al Muhairi said at the Bloomberg New Economy Forum in New Delhi this week. He pointed to the country’s market size and a large infrastructure build-out drawing tens of billions of dollars. Al Muhairi described global fragmentation as the new normal for the next five to 15 years.

Details:

• The remarks: Al Muhairi said India is increasingly important for Mubadala’s capital, tying that judgment to the scale of the Indian market and a government infrastructure program he said is pulling tens of billions of dollars into the world’s most populous country. He did not name specific sectors or transactions.
• The fund: Mubadala manages roughly $385 billion on behalf of Abu Dhabi, making it one of the Gulf’s largest state investors. Al Muhairi spoke in his capacity as deputy group chief executive, the second-ranking executive position at the fund.
• The portfolio: Asia-Pacific currently represents 13% of Mubadala’s holdings, well behind North America at 44%. That gap frames the comments as a statement of direction rather than of current exposure, since any meaningful shift toward India would require moving capital away from the fund’s dominant region.
• The worldview: Al Muhairi characterised global fragmentation as “a new normal for the next five, 10, or 15 years,” and said that conviction is guiding Mubadala’s investment decisions. He did not set out how the fund defines fragmentation or which markets it expects to lose out.
• The trade base: Trade between the United Arab Emirates and India topped $100 billion in the 12 months to March, the second consecutive year above that threshold. The two governments are targeting double that volume by 2032, a goal that would require sustained growth across the rest of the decade.
• The venue: The comments were made at the Bloomberg New Economy Forum held in New Delhi, an annual gathering of investors, executives and policymakers. The setting placed the remarks directly in front of an Indian audience at a moment when New Delhi is courting Gulf capital.
• What was not said: Al Muhairi did not disclose a target allocation for India, a timeline for raising Asia-Pacific’s share of the portfolio, or whether specific deals are under consideration. No figure was attached to Mubadala’s existing Indian holdings.

Background:

The UAE and India signed a comprehensive economic partnership agreement in 2022 that cut tariffs across most traded goods. Gulf sovereign funds have since expanded their Indian exposure, with infrastructure, logistics and energy among the most active areas.

Between the lines:

The distance between a 13% Asia-Pacific allocation and 44% in North America is the real measure of how early this shift is. Al Muhairi’s framing of fragmentation as a 15-year condition suggests Mubadala is positioning for a world of regional blocs rather than making a tactical bet on Indian growth. The $100 billion trade relationship gives Abu Dhabi an existing channel most rival investors lack.

What’s next

Watch whether Mubadala discloses new Indian transactions or an updated regional allocation breakdown, and whether UAE-India trade data for the year to March 2026 keeps the $200 billion target on track.