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Mubadala

The Exchange

A Investing and Business podcast

#185 in Investing · 🇪🇸
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About the show

How do long-term decisions actually get made? The Exchange is a podcast about the thinking behind investing, leadership, and institution-building at scale. Set inside Mubadala — a $385 billion global sovereign investor active in over 80 countries, from the energy transition to the AI revolution — the series goes beyond the headlines to explore honest conversations with leaders on how they navigate volatility, identify generational value, and build institutions designed to outlast the business cycle.

Newest episodes

Camilla Languille: Connecting the Dots: Investing for the Long-Term

36 min

Private equity can no longer depend on a higher multiple at exit. Creating value increasingly depends on what happens inside a business after the investment is made. In Episode 8 of The Exchange, Camilla Languille, Co-CEO of Private Equity at Mubadala, joins host Mustafa Alrawi to explain how private equity fits within Mubadala’s investment model and what it means to combine the flexibility of sovereign balance sheet capital with the agility and discipline of a private equity investor. Camilla discusses Mubadala’s approach of investing with “LP economics and a GP mindset,” and how active governance, strong management teams, digital transformation and AI can support value creation. The conversation also explores how geopolitical fragmentation, changing valuations and AI are influencing investment decisions, alongside the evolution of private markets and new opportunities in structured equity and women’s health. Drawing on Mubadala’s investment in PCI Pharma, Camilla reflects on the importance of having multiple options on the chessboard and being able to change direction when the original plan does not unfold as expected. She also shares a principle that has stayed with her throughout her career: generating returns is the ticket into the game, but how you play the game is up to you.  Listen to the full episode here: 🔗 Spotify - https://tr.ee/theexchangeonspotify 🔗 Apple - https://tr.ee/theexchangeonapple 🔗 YouTube - https://tr.ee/theexchangeonYT

H.E. Yousef Al Otaiba: Trust, Consistency and the Long Game

25 min

Strong relationships between nations are built over time, through consistency, trust and a clear sense of where you are going. In his first-ever podcast appearance, H.E. Yousef Al Otaiba, United Arab Emirates  Ambassador to the United States and Minister of State, joins Brian Lott, Chief Communications Officer at Mubadala, for an episode of The Exchange from Mubadala’s New York office. Reflecting on nearly two decades as Ambassador, H.E. Al Otaiba discusses how the UAE-US relationship has evolved beyond government-to-government ties into a broader partnership spanning investment, technology, healthcare, education, culture and people-to-people connections. He shares how investments such as GlobalFoundries helped turn commercial partnerships into a bridge between countries, why the UAE’s long-term economic strategy has remained anchored to a consistent North Star, and how diversification has expanded far beyond investment into tourism, culture, healthcare and services. The conversation also explores the craft of diplomacy: why there is no finish line to building relationships, why trust and respect matter across institutions, and the leadership lessons he has learned from listening, treating people with respect and understanding different perspectives. From arriving in Washington as an 18-year-old student to helping shape one of the UAE’s most important international relationships, this episode reflects on diplomacy, leadership and what it takes to build partnerships designed to endure. Listen to the full episode here: 🔗 Spotify - https://tr.ee/theexchangeonspotify 🔗 Apple - https://tr.ee/theexchangeonapple 🔗 YouTube - https://tr.ee/theexchangeonYT

Will Ahmed: The 1% Rule, Recovery, and Building WHOOP | Mubadala DC Open Special

25 min

Performance starts with understanding your body. In this special episode of The Exchange, recorded at the Mubadala DC Open in Washington, D.C., Brian Lott, Chief Communications Officer at Mubadala sits down with Will Ahmed, Founder and CEO of WHOOP, to discuss how continuous health monitoring is changing the way elite athletes, business leaders, and everyday consumers understand performance, recovery, and long-term health. The conversation explores Will’s journey from a Harvard student fascinated by physiology to building one of the world’s leading wearable technology companies. He reflects on the challenges of raising capital, building breakthrough technology, and evolving as a founder while creating a business that now serves millions of members across more than 200 countries. From recovery and sleep science to artificial intelligence, wearable technology, and the future of preventive healthcare, Will explains why better data leads to better decisions—not only for professional athletes competing at the highest level, but for anyone looking to improve their health and longevity. Recorded courtside during the Mubadala DC Open, the discussion also explores WHOOP’s growing partnership with Mubadala, the UAE’s ambition to become a global hub for innovation, and how technology can play a transformative role in improving public health across the region. Watch the full conversation to hear directly from Will Ahmed on why the future of health is built on continuous understanding—not occasional measurement. Listen to the full episode here: 🔗 Spotify - https://tr.ee/theexchangeonspotify 🔗 Apple - https://tr.ee/theexchangeonapple 🔗 YouTube - https://tr.ee/theexchangeonYT

Similar podcasts

All episodes

Camilla Languille: Connecting the Dots: Investing for the Long-Term

36 min

Private equity can no longer depend on a higher multiple at exit. Creating value increasingly depends on what happens inside a business after the investment is made. In Episode 8 of The Exchange, Camilla Languille, Co-CEO of Private Equity at Mubadala, joins host Mustafa Alrawi to explain how private equity fits within Mubadala’s investment model and what it means to combine the flexibility of sovereign balance sheet capital with the agility and discipline of a private equity investor. Camilla discusses Mubadala’s approach of investing with “LP economics and a GP mindset,” and how active governance, strong management teams, digital transformation and AI can support value creation. The conversation also explores how geopolitical fragmentation, changing valuations and AI are influencing investment decisions, alongside the evolution of private markets and new opportunities in structured equity and women’s health. Drawing on Mubadala’s investment in PCI Pharma, Camilla reflects on the importance of having multiple options on the chessboard and being able to change direction when the original plan does not unfold as expected. She also shares a principle that has stayed with her throughout her career: generating returns is the ticket into the game, but how you play the game is up to you.  Listen to the full episode here: 🔗 Spotify - https://tr.ee/theexchangeonspotify 🔗 Apple - https://tr.ee/theexchangeonapple 🔗 YouTube - https://tr.ee/theexchangeonYT

H.E. Yousef Al Otaiba: Trust, Consistency and the Long Game

25 min

Strong relationships between nations are built over time, through consistency, trust and a clear sense of where you are going. In his first-ever podcast appearance, H.E. Yousef Al Otaiba, United Arab Emirates  Ambassador to the United States and Minister of State, joins Brian Lott, Chief Communications Officer at Mubadala, for an episode of The Exchange from Mubadala’s New York office. Reflecting on nearly two decades as Ambassador, H.E. Al Otaiba discusses how the UAE-US relationship has evolved beyond government-to-government ties into a broader partnership spanning investment, technology, healthcare, education, culture and people-to-people connections. He shares how investments such as GlobalFoundries helped turn commercial partnerships into a bridge between countries, why the UAE’s long-term economic strategy has remained anchored to a consistent North Star, and how diversification has expanded far beyond investment into tourism, culture, healthcare and services. The conversation also explores the craft of diplomacy: why there is no finish line to building relationships, why trust and respect matter across institutions, and the leadership lessons he has learned from listening, treating people with respect and understanding different perspectives. From arriving in Washington as an 18-year-old student to helping shape one of the UAE’s most important international relationships, this episode reflects on diplomacy, leadership and what it takes to build partnerships designed to endure. Listen to the full episode here: 🔗 Spotify - https://tr.ee/theexchangeonspotify 🔗 Apple - https://tr.ee/theexchangeonapple 🔗 YouTube - https://tr.ee/theexchangeonYT

Will Ahmed: The 1% Rule, Recovery, and Building WHOOP | Mubadala DC Open Special

25 min

Performance starts with understanding your body. In this special episode of The Exchange, recorded at the Mubadala DC Open in Washington, D.C., Brian Lott, Chief Communications Officer at Mubadala sits down with Will Ahmed, Founder and CEO of WHOOP, to discuss how continuous health monitoring is changing the way elite athletes, business leaders, and everyday consumers understand performance, recovery, and long-term health. The conversation explores Will’s journey from a Harvard student fascinated by physiology to building one of the world’s leading wearable technology companies. He reflects on the challenges of raising capital, building breakthrough technology, and evolving as a founder while creating a business that now serves millions of members across more than 200 countries. From recovery and sleep science to artificial intelligence, wearable technology, and the future of preventive healthcare, Will explains why better data leads to better decisions—not only for professional athletes competing at the highest level, but for anyone looking to improve their health and longevity. Recorded courtside during the Mubadala DC Open, the discussion also explores WHOOP’s growing partnership with Mubadala, the UAE’s ambition to become a global hub for innovation, and how technology can play a transformative role in improving public health across the region. Watch the full conversation to hear directly from Will Ahmed on why the future of health is built on continuous understanding—not occasional measurement. Listen to the full episode here: 🔗 Spotify - https://tr.ee/theexchangeonspotify 🔗 Apple - https://tr.ee/theexchangeonapple 🔗 YouTube - https://tr.ee/theexchangeonYT

Derek Rozycki: What Makes a Better Investment Decision?

38 min

The best investment decisions often come from asking broader questions. In this epsiode of The Exchange, Derek Rozycki, Head of Responsible Investing at Mubadala, reflects on how investing has evolved over the past two decades, and why long-term performance increasingly depends on understanding a wider range of risks and opportunities beyond traditional financial metrics. Derek shares how Mubadala approaches responsible investing as part of a broader effort to make better investment decisions, build more resilient businesses, and identify new sources of long-term value. He discusses how environmental, social, and governance considerations can help investors develop a fuller picture of a business, from human capital and governance to climate, regulation, and shifting market expectations. The conversation explores how technology, societal change, and global transformation are reshaping investment frameworks, and why responsible investing is becoming a more rigorous and integrated part of how institutions assess resilience, competitiveness, and future growth. Drawing on his experience across finance, investment, and sustainability, Derek reflects on the relationship between responsibility and performance, and why long-term investors need both discipline and adaptability to navigate a changing world. From climate and energy transition to AI, governance, and human capital, this episode offers a thoughtful perspective on why responsible investing is ultimately about making better investment decisions. Listen to the full episode here: 🔗 Spotify - https://tr.ee/theexchangeonspotify 🔗 Apple - https://tr.ee/theexchangeonapple 🔗 YouTube - https://tr.ee/theexchangeonYT

Luca Molinari: How Smart Capital Stays Patient

34 min

Private equity today is shaped by a very different set of realities than it was a generation ago.  Our Co-CEO of Private Equity, Luca Molinari, reflects on how the industry has evolved from a model driven largely by transactions and financial engineering to one increasingly focused on operational partnership, long-term value creation, and resilience through cycles.  Luca shares how Mubadala approaches investing across sectors and geographies, and why flexibility has become a critical advantage in an environment defined by technological disruption, longer investment horizons, and growing global complexity. He also discusses the shift from isolated portfolios to more interconnected ecosystems, where collaboration across businesses can strengthen performance and adaptability. The conversation explores how artificial intelligence is reshaping industries and investment frameworks, and why understanding people, leadership, and culture remains central to navigating structural change. Drawing on his experience across Europe, Latin America, the Middle East, and Asia, Luca reflects on investing through cycles, adapting to different business environments, and maintaining a long-term perspective amid uncertainty and transformation.  From ecosystem-building and thematic investing to AI and global leadership, this episode offers a perspective on how private equity continues to evolve in a changing world. (00:00) Private equity’s evolution over three decades (02:16) Seeing through cycles with patient capital (03:31) Inside Mubadala’s private equity strategy (09:48) Why ecosystems matter more than portfolios (13:14) Selectivity, flexibility, and long-term thinking (16:32) The new reality of value creation (19:11) AI and the widening range of outcomes (22:41) The cultural side of global investing (25:33) Private equity’s rise into the mainstream (27:35) Patient, purposeful, and balanced investing Listen to the full episode here: 🔗 Spotify - https://tr.ee/theexchangeonspotify 🔗 A...

Carlos Obeid: Value Beyond Numbers

26 min

What does financial discipline look like when an institution scales from millions to hundreds of billions? In this episode of The Exchange, Carlos Obeid, Chief Financial Officer at Mubadala, shares how financial strategy evolves alongside institutional growth, and how the role of a CFO extends far beyond reporting into shaping capital allocation, governance, and long-term resilience.  Carlos explains why traditional planning frameworks often fall short in dynamic investment environments, and how agility, disciplined execution, and strong financial architecture become essential at scale. He reflects on Mubadala’s journey from a lean organization with a single mandate to a globally diversified sovereign investor, and the systems required to manage increasing complexity without losing clarity of purpose. Drawing on his experience since Mubadala’s early days, Carlos discusses how to build financial structures that support long-term investing, enable strategic flexibility, and maintain accountability across a growing global portfolio. From foundational decisions in the early years to navigating scale today, this conversation offers a practical perspective on embedding discipline, adaptability, and resilience into the core of an institution. Episode Chapters: (00:00) What does financial discipline look like at scale? (00:34) Mubadala’s origins and rapid growth journey (05:25) Scaling across sectors, geographies, and complexity (10:37) Why traditional financial models fall short (16:02) Building a global institution and partner of choice (26:42) Reflections on resilience and the future Listen to the full episode here: 🔗 Spotify - https://tr.ee/theexchangeonspotify 🔗 Apple - https://tr.ee/theexchangeonapple 🔗 YouTube - https://tr.ee/theexchangeonYT

Khaled Al Shamlan Al Marri: The Risk Castle - Discipline, Humility, and Long-Term Investing

33 min

What does disciplined investing look like when essential real assets and resilience sit at the heart of your strategy? In this episode of The Exchange, Khaled Al Shamlan Al Marri, CEO of Real Assets at Mubadala, explains how infrastructure and real estate serve as the stabilizer within a diversified global portfolio, delivering consistent returns through structured risk, cash flow visibility, and disciplined execution. Khaled introduces what he calls 'the risk castle': structuring investments around downside protection, alignment, and durability across cycles. He shares why real assets investors must stay grounded in fundamentals, especially during periods of hype driven by AI, digitalization, and decarbonization, and why conviction must always be balanced with humility and adaptability. Reflecting on a 20-year journey through Mubadala’s evolution, Khaled speaks about building institutions that endure, investing with a long-term mindset, and laying the right foundations for the generations that follow. From the summit push on Mount Kilimanjaro to building platforms that underpin everyday life, this conversation reflects on preparation over motivation, resilience under pressure, and the discipline to see things through.  Episode Chapters: (00:00) The role of real assets as a portfolio stabilizer (03:30) Infrastructure, essentiality, and long-term value (07:10) Building the “risk castle”  (12:40) Data, judgment, and building conviction (18:15) Investment process over individual talent (24:00) Future-proofing strategy and institutions (29:20) Mubadala’s evolution and economic diversification (35:45) Agility, humility, and staying the course (40:10) Leadership lessons from Kilimanjaro (44:30) Meaning, impact, and long-term legacy Listen to the full episode here: 🔗 Spotify - https://tr.ee/theexchangeonspotify 🔗 Apple - https://tr.ee/theexchangeonapple 🔗 YouTube - https://tr.ee/theexchangeonYT

Waleed Al Mokarrab Al Muhairi: How to Build a Conviction-led Investor

42 min

What does conviction-led investing look like when the responsibility spans decades, not quarters? Waleed Al Mokarrab Al Muhairi is Mubadala’s Deputy Group CEO and a key voice behind the institution’s long-term investment strategy. In today’s episode of The Exchange, he reflects on his journey alongside Mubadala’s evolution from its early foundations into a globally active investment institution. Waleed breaks down what conviction-led investing looks like in practice when responsibility spans decades, not quarters. He discusses how long-term purpose guides decision-making beyond short-term trends, why discipline and patience matter when deploying capital at scale, and how people, partnerships, and ideas act as Mubadala’s true capital multipliers — from Abu Dhabi to global markets. Episode Chapters: (00:00) Conviction-led investing (02:05) Long-term responsibility (05:10) Mubadala’s global evolution (09:30) Playing the long game (14:05) Discipline and patience at scale (18:40) Navigating market volatility (23:10) Partnerships and people (28:15) Leadership and trust (33:20) Building enduring institutions (38:40) Legacy and long-term impact Listen to the full episode here: 🔗 Spotify - https://tr.ee/theexchangeonspotify 🔗 Apple - https://tr.ee/theexchangeonapple 🔗 YouTube - https://tr.ee/theexchangeonYT

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