(Bloomberg) — Mubadala Investment Co., an investor in SoftBank Group Corp.’s technology fund, spent about $19 billion last year as the Abu Dhabi wealth fund expanded into more industries.

The fund invested additional and recycled capital across its existing sectors including technology, aerospace, commodities and financial services, as well as in new areas such as medtech, pharma and agribusiness, according to a statement. At the same time, Mubadala monetized assets for about $15 billion.

Mubadala is part of Abu Dhabi’s efforts to diversify its economy by turning oil revenue into profitable investments while also attracting expertise and jobs. The firm merged with International Petroleum Investment Co. in 2017 and absorbed Abu Dhabi Investment Council last year, making it the world’s 13th-largest fund, according to the Sovereign Wealth Fund Institute.

“The addition of the Abu Dhabi Investment Council was a transformational step, strengthening our position as an international investor across different sectors,” Group Chief Executive Officer Khaldoon Khalifa Al Mubarak said. “Technological disruption is creating the potential for value across all sectors, which is an opportunity for us to deepen our position as a major global investor.”

Highlights:

• Assets under management 841 billion dirhams ($229 billion) in 2018 vs 469 billion in 2017
• Total comprehensive income* 12.5 billion dirhams vs 10.3 billion
  • *AUM and TCI increases include contributions from the Abu Dhabi Investment Council
• New offices opened in Moscow and San Francisco, adding to the network of offices spanning Rio De Janeiro, and a joint venture office in Hong Kong. Mubadala in early 2019 opened an office in New York City
• Launched a new Ventures tech fund, targeting founder-led and high-growth tech companies in the United Kingdom and continental Europe
• Reduced its corporate debt through a combination of repayments, new issuances and favorable foreign exchange movements