Mubadala is a government-owned investment firm that actively develops and diversifies Abu Dhabi's economy away from oil, operating as both a sovereign investor and domestic industrial development engine rather than focusing primarily on financial returns like traditional sovereign funds. Through Mubadala Capital, it combines sovereign anchor capital with third-party institutional capital to operate as a competitive, fee-earning investment manager across private equity, venture capital, and private credit—an uncommon model where a sovereign wealth affiliate manages external investor money alongside its own.