The battle to sketch the new face of global banking
Coverage of the unfolding crisis
Friday, September 2, 2011
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by Dominic O’Neill
Abu Dhabi state investment fund Mubadala is increasing its position in emerging markets, according to COO, Waleed Al Muhairi.He estimates the firms international portfolio will be weighted roughly equally between developed and emerging markets within the next five years. This moves away from the roughly 60% weighting in favour of developed markets today. Were quite well positioned in Western Europe and North America and were increasing our positions in the developing world. Theres no question that growth is going to come from that part of the world, says Al Muhairi. Meanwhile, as Gulf governments try more urgently after the Arab Spring to bring down unemployment among their nationals, Al Muhairi says Mubadala itself is looking to increase its proportion of local employees at head-office level. He says the firm wants to bring its proportion of national staff from 38% today to 45% over the next couple of years. Hiring local Emiratis remains an important part of [Mubadalas] recruiting according to Al Muhairi. Steady state, wed like to aim at 50/50 [local/expat employees] within the pool of the six or seven hundred people we have at the headquarters, at the corporate level, he says. Related coverage:Mubadala mulls media and pharma investments31 August 2011Mubadala unveils bank-relationship strategy1 September 2011For more, check out the September edition of Euromoney to hear from Mubadalas senior management about the firms evolution.
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