Mubadala’s industrials chief, Zouhir Regragui, says the Abu Dhabi‑based fund will chase non‑discretionary assets that demand hands‑on execution, viewing AI as a tool to enhance customer value rather than cut costs.

Regragui highlighted recent stakes in Service Logic, a Charlotte‑based HVAC firm, and a minority share in European facility manager Apleona. These moves underscore a strategy to build businesses that remain resilient when AI reshapes markets.

The focus on physical, execution‑intensive sectors signals a shift away from pure tech bets. Investors watching Mubadala’s portfolio should note that this approach could cushion the firm against rapid automation, preserving long‑term cash flows.

Ultimately, Mubadala’s stance positions it to capture stable returns in industries where human expertise still dominates, offering a counter‑balance to the AI‑driven wave sweeping other PE portfolios.