Khaldoon Al Mubarak, CEO of Abu Dhabi government investment firm Mubadala, said today Saturday that 2023 will be a difficult year for the global economy, but the fund will focus on opportunities that serve longer-term goals.

“If you look at the yearly horizon, yes, 2023 is going to be tough. In most places around the world, there will be more headwinds than tailwinds,” Al Mubarak added at a global policy conference in Abu Dhabi.

He continued: “There will be significant adjustments in estimates and recession pressures in many places around the world, but I’m looking at this with an eye to exploiting opportunities” in a period of 5 to 10 years.

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