Mubadala ready for major transport push but global opportunities scarce

Abu Dhabi’s sovereign investor Mubadala is keen to make a strategic shift towards global transport infrastructure, but regulatory bottlenecks and limited availability of high-quality opportunities remain constraints, a senior executive said.

Khaled Al Marri, chief executive of real assets at Mubadala, said the fund was “ready to deploy a large amount of capital” into transport assets once clear, long-term traffic and predictable regulatory frameworks are in place.

“We are short of opportunities today, not capital,” he told The National at Abu Dhabi Finance Week.

“We're looking at a lot of airports, but finding that airport opportunity where there is stability in the traffic volume [is difficult]. Looking at the past 10, 20 years – you don't see a lot of swings.”

Khaled Al Marri, chief executive of real assets at Mubadala, at Abu Dhabi Finance Week. Antonie Robertson / The National

His comments reflect the broader global contrast between rising infrastructure needs and investment constraints.

Private participation in infrastructure (PPI) investment grew 16 per cent annually to $100.7 billion last year, the World Bank found in its latest report.

For Mubadala, the size of its broader investment portfolio has been climbing. The firm reported assets under management of about $326 billion in 2025, reflecting a steady expansion in sectors such as technology, manufacturing and digital infrastructure.

Mubadala’s growing real assets platform has invested in transport, energy and digital infrastructure in multiple countries.

Slower transport deals

Mubadala’s pursuit of airport assets reflects a wider market dynamic that infrastructure investment is increasingly constrained by policy uncertainty and regulatory complexity across major economies.

In much of Europe, where a significant portion of major airports are privately owned, institutional capital has historically been stronger, supported by concession and ownership frameworks that attract long-term capital, according to Airports Council International Europe’s 2024 industry manifesto. This is driven in part by supportive government frameworks.

Dr Sadek Wahba, founder and managing partner of independent global infrastructure investment manager I Squared Capital, said Europe’s model had been “relatively successful”, but when you look at other emerging markets or the US, the criteria are different.

“You need to be able to have an opportunity set with a regulation that makes sense, that you can invest in. You may have an amazing history of traffic, but then regulation doesn't work for you,” he said.

Sadek Wahba of I Squared Capital said Europe’s model has been “relatively successful”. Antonie Robertson/The National

About 75 per cent of passengers use privately owned airports in Europe, 66 per cent in Latin America and 47 per cent in Asia Pacific, according to a September report by ACI.

Regulatory change can open doors, said Dr Wahba, who suggested that there might be future shifts in the US. But policy evolution will require the rewriting of long-standing regulatory frameworks that will not happen soon, he said.

“Deregulation is on its way but it's going to be a journey,” he said.