ABU DHABI—Government investment vehicle Mubadala is reviewing its lucrative PR roster to better support rapid global growth.
The review comes as the Abu Dhabi-owned company's overall portfolio of assets grows to $61bn, driven by international investment across a range of industries.
Mubadala wields one of the Middle East's largest public relations budgets, much of which is spent with Edelman. The independent PR firm is currently Mubadala's key corporate PR partner, and also handles PR duties for specific business units, alongside a roster that also includes APCO and Hill+Knowlton.
It is understood that a number of global PR firms with Middle Eastern capabilities are taking part in the review.
“Mubadala is reviewing its agency needs in line with our expected global growth across numerous sectors and geographies," said Mubadala executive director of communications Brian Lott. "The mandate for group communications has grown, and as we look at our next phase as a business what we need from our agency partners needs to evolve as well."
In addition to boosting returns on Abu Dhabi's oil income, Mubadala is also charged expanding and diversifying the emirate's economy.
Accordingly, the company's portfolio includes investments in GE, AMD and the Carlyle Group, along with ownership of numerous assets in such sectors as aerospace, healthcare, mining, energy and utilities.
Lott added that the review would complete by the fourth quarter of this year. "Mubadala has grown significantly in the past few years and we are looking at agency partners who can help us support the Mubadala business as it continues to expand around the world."