UAE's Mubadala looking at Asia investments

Abu Dhabi investment fund Mubadala is looking at investment possibilities in Asia, including China, India and Vietnam, a director of the fund told Reuters on Monday.

"We have a balanced portfolio, we look at opportunities in the UAE (United Arab Emirates) and outside," Nasser Ahmed Alsowaibi told Reuters on the sidelines of an investment forum.

"China is on the agenda of course. I would say India, Malaysia, Indonesia, even Vietnam."

Alsowaibi declined to be more specific on industry sectors or companies.

"We look at opportunities in all sectors."

Mubadala said last month its assets under management grew 46 percent to 79.4 billion UAE dirhams ($21.62 bn) in the six-month period to end-June 2009.

Sovereign wealth funds in the Middle East have focused their attentions more on local markets and less on developed market firms in the past two years, to lessen the domestic impact of the global economic crisis.

Alsowaidi, who is also the chairman of the Abu Dhabi department of economic development, earlier told the forum that growth was modest in the UAE in 2008 and 2009.

"We had double digit growth in the past, we wanted to send the message we don't have double digit growth now," he told Reuters.

Abu Dhabi is one of seven emirates in the UAE.

Alsowaidi said the UAE was likely to see stronger growth next year.

"I am an optimist. Looking at the UAE in particular, the stock market, the real estate -- I like the story."