Abu Dhabi's Moneyman
Bloomberg Markets|December 2019 - January 2020
For an emirati who’s not a member of Abu Dhabi’s ruling royal family, Khaldoon Al Mubarak is remarkably influential.
Nicolas Parasie, Mahmoud Habboush, And Matthew Martin

Photos of him with Barack Obama and Donald Trump decorate his desk. Around the time of our interview with him in October, he’d hosted Russian President Vladimir Putin and caught up with former U.S. Secretary of State John Kerry and retired U.S. Army General David Petraeus.

From a tragic childhood—his father was assassinated when he was 8 years old—Al Mubarak, who turns 44 in January, has risen to become one of the ruling Al Nahyan family’s most trusted advisers. He’s also chief executive officer of Mubadala Investment Co., a $229 billion state-owned holding company. His broad remit—it even includes the chairmanship of Manchester City Football Club—is particularly important now as Abu Dhabi seeks to reduce its dependence on oil and Mubadala works to diversify its investments.

Al Mubarak, wearing a traditional white ankle-length kandura, says his challenge is to navigate the transition. “A divorce from oil and gas is not going to happen,” he says. “This is always going to be a core part of our economy. How do you get the best out of that with a view to the future, while at the same time building the rest? My focus is on building the rest.”

Power in Abu Dhabi, the wealthiest of seven sheikdoms that make up the United Arab Emirates, flows from Sheikh Mohammed bin Zayed Al Nahyan, the U.A.E.’s de facto ruler and chairman of Mubadala. Al Mubarak, says Christopher Davidson, associate fellow of the Royal United Services Institute in London, “represents the new generation of savvy urbane technocrats the crown prince has sought to surround himself with.”

Abu Dhabi, with a population of about 2.9 million, is home to roughly 6% of the world’s oil reserves. As it adjusts to a less pericentric future, the emirate’s financial industry has begun a wave of consolidation that’s seen the megamerger of two of its largest banks and three of its four investment funds. Al Mubarak has been central to these efforts as chairman of the Abu Dhabi

Continue reading your story on the app

Continue reading your story in the magazine

MORE STORIES FROM BLOOMBERG MARKETSView All

Jonathan Kellner Has Big Money Backing His U.S. Stock Trading Startup

When he was handed a debit card with $70 million in the bank, Jonathan Kellner realized his startup was different. ¶ Members Exchange, known as MEMX, started as a protest by banks and market makers against the rising data and connectivity fees charged by U.S. stock exchanges. In the two years since Kellner, 52, signed on as chief executive officer, MEMX Holdings LLC has locked in more than $135 million in funding from 18 stock trading and investing heavyweights, including BlackRock, Citadel Securities, and Morgan Stanley. ¶ Since it went fully live in October, MEMX has clinched 1% of the U.S. market share. Kellner, previously the CEO of Nomura Holdings Inc.’s Instinet, spoke with Bloomberg Markets in February about launching during a pandemic and the surge in meme stocks.

5 mins read
Bloomberg Markets
April - May 2021

BINANCE'S CHANGPENG ZHAO: “I'm not using crypto to buy fiat, I'm not using crypto to buy houses. I just want to keep crypto ”

Changpeng Zhao, 44, has spent his life trying to overcome borders. As a child growing up in China, he waited for years until his family could win permission to see his father in Canada, then pursued a career (including a few years at Bloomberg LP) that took him around the world.

10+ mins read
Bloomberg Markets
April - May 2021

Big Oil's Secret World Of Trading

With the future of fossil fuels in doubt, some energy companies are counting on a hidden army of commodity traders to ride to the rescue

10+ mins read
Bloomberg Markets
April - May 2021

Who Should Set The Rules?

TWO OF THE MOST powerful women in finance are at odds over how to use their power.

6 mins read
Bloomberg Markets
April - May 2021

If You Want to Know What Stock Is Set To Skyrocket, There Are Options

WHAT DO NIKE INC., Raven Industries, and Fortinet Inc. have in common? They exemplify the predictive capacities the options market offers: Recent stock price spikes were preceded by certain telltale signs in the options market, according to data compiled by Bloomberg. Use the terminal to generate ideas for enhancing your portfolio and profit from ever-changing option trading trends.

3 mins read
Bloomberg Markets
February - March 2021

How Are You Doing? AID Provides the Answers

“HOW’M I DOING?” That’s a question asset managers, sales professionals, and all of us, for that matter, ask daily.

2 mins read
Bloomberg Markets
February - March 2021

Volatile Markets Reveal Interesting Credit Opportunities in Energy

OIL ROSE ALMOST 50% from the end of October 2020 through mid-January.

4 mins read
Bloomberg Markets
February - March 2021

Colonies of Retail-Investor ‘Ants' March On Korea's Stock Market

IN LATE JULY, 70-year-old Kim Kyung-rok began frantically sifting through his long-dormant stock brokerage account.

6 mins read
Bloomberg Markets
February - March 2021

Examine How Market Upheaval Is Affecting Company Results

The coronavirus pandemic sent huge waves of volatility through markets in 2020. How did that affect the financial results of companies that interest you?

3 mins read
Bloomberg Markets
February - March 2021

Get the Insider Scoop at Newly Public Health-Care Companies

Last year was a good year for at least one thing: initial public offerings in the U.S. With the frenzy of listings of special purpose acquisition companies, or SPACs, IPOs raised a total of $154 billion in 2020. That total was by far the largest of the past 10 years, and more than double the total from 2019, according to data compiled by Bloomberg.

2 mins read
Bloomberg Markets
February - March 2021