Mubadala Investment Co. deployed 89 billion dirhams ($24.2 billion) last year into a range of sectors including private credit and artificial intelligence, an area where Abu Dhabi is seeking to make greater inroads.

The wealth fund, which ranks as the emirate’s second-largest sovereign investor, reported a five-year rate of return of 10.3%, according to a statement. Performance was better than the 8.5% for the period to 2022, though the latest figure included 99 billion dirhams of divestments.