Apollo to invest more than $1 billion for minority stake in Mubadala Capital
Apollo Global Management announced Monday that it would take a stake of less than 10% in Abu Dhabi's Mubadala Capital. Other strategic investors are expected to participate, with anticipated commitments to the firm's overseas investment strategies reaching $5 billion.
Layla Haddad
An investment built on an established partnership
The American asset manager is investing more than $1 billion in Mubadala Capital, the alternative asset management subsidiary of Mubadala Investment Company. In an editorial, The National described the deal as an endorsement of the subsidiary's business and international growth prospects, as well as evidence of the value of the UAE's long-term financial relationships.
The relationship predates the stake purchase. According to CNBC, Apollo and Mubadala Investment Company established a multibillion-dollar partnership in 2022 and extended it in 2024. They also created a $2.5 billion joint venture in 2023, designed to invest together in private credit opportunities worldwide over five years.
Mubadala Capital says the assets it manages, advises on and administers exceed $755 billion. Its wholly owned core alternatives businesses separately manage and invest more than $60 billion. CNBC describes the company, led by CEO Hani Barhoush, as the region's only large-scale asset manager. Its overseas offices include London, New York, Rio de Janeiro and San Francisco.
Apollo's contribution is expected to extend beyond its investment. The National's editorial said the firm's expertise and international relationships could help Mubadala Capital reach more investors, especially in North America.
Regional risk and the UAE's investment appeal
The deal comes as the broader region remains embroiled in a military conflict approaching eight months. Asked by The National about concerns surrounding the ongoing Iran war, Apollo CEO Marc Rowan said: "Everyone has adapted to the situation. We now know what the outcome is. It doesn't mean there won't be continued hostilities, but in terms of the unknown, we have less risk today than we did a year ago."
Rowan leads a firm managing more than $1 trillion. The National's editorial interpreted his assessment as confidence in the UAE's stability and adaptability, suggesting that investors distinguish regional turmoil from the country's longer-term economic and financial prospects.
Geography is one part of that appeal. BlackRock senior managing director Mike Pyle said earlier this year that "the Gulf is really the linchpin" connecting the Middle East with South Asia and Southeast Asia. The editorial argued that location alone does not explain investment flows, citing the UAE's domestic stability, ambitions and long-term planning, reflected in the national budget presented the previous week.
Abu Dhabi Global Market reported that assets under management rose 57% in the first quarter of 2026. The number of asset and fund managers increased 24% to 179. Capital Group and State Street are among the global managers that have selected the UAE as a base, while capital and talent have continued to arrive despite the war.
The editorial's broader assessment was that the UAE's commercial partnerships and long-term investments are helping it prepare for future disruptions, even though no country can avoid such risks entirely.
A separate $30 billion infrastructure target
Apollo's investment follows another major partnership linking Abu Dhabi institutions with international asset managers. In May, L'imad Holding Company and Adnoc joined BlackRock subsidiary Global Infrastructure Partners and Singapore's Temasek in a consortium targeting $30 billion in infrastructure investment across the Gulf and Central Asia.
Reuters reported that the partnership will combine equity and debt financing to invest in both new and existing infrastructure, including energy, transportation and logistics assets. It will also consider selected opportunities elsewhere in the Middle East and North Africa. The partners have not disclosed either a fundraising schedule or how equity will be divided among the founding members.
Global Infrastructure Partners became part of BlackRock in 2024. According to Reuters, that acquisition valued the infrastructure specialist at approximately $12.5 billion.
L'imad's expanding portfolio
L'imad, Abu Dhabi's newest sovereign investment vehicle, launched in December 2025. International Finance reports that it now oversees about $300 billion in assets after absorbing ADQ's portfolio, which had exceeded $263 billion.
Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan was appointed chairman in January 2026. Jassem Al Zaabi serves as managing director and group chief executive. L'imad's holdings cover 25 investment companies and platforms and more than 250 subsidiaries, including TAQA, Etihad Airways, Abu Dhabi Ports, McLaren and Louis Dreyfus.
Its dealmaking extends beyond the infrastructure consortium. International Finance reports that L'imad acquired 42.54% of Abu Dhabi real estate company Modon Holding from International Holding Company. It also joined Saudi Arabia's Public Investment Fund and Qatar Investment Authority in the consortium pursuing Paramount's proposed acquisition of Warner Bros Discovery.
In June 2026, L'imad agreed to buy 2PointZero's stake in TAQA. Once approvals are complete, the transaction is expected to bring its ownership of the power and water utility to about 98.12%. In August, it announced plans to acquire the remaining shares of AD Ports Group.
