Dec 10 (Reuters) – The chief executive of Abu Dhabi state investor Mubadala (MUBDEV.UL) said on Saturday that 2023 would be a tough year for the global economy, but that the fund would be focused on opportunities serving a longer horizon.

“If I look at the one-year horizon, yes 2023 is going to be tough… with more headwinds than tailwinds in most places around the world,” Khaldoon Al Mubarak told the World Policy Conference in Abu Dhabi.

“There’s going to be big adjustments on valuations, recessionary pressures in many places around the world… but I see it in the lens of opportunity” under a 5-10 year horizon, he added.

As a global investor, he said Mubadala would continue to follow an “agnostic” investment approach looking at growth patterns and long-term sustainable returns, and would continue to focus on sectors such as renewable energy and technology.

Reporting by Ghaida Ghantous; Editing by Alex Richardson

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