Mubadala, one of Abu Dhabi’s most visible state investment vehicles, is in the process of gaining a credit rating – virtually unknown among sovereign investment groups – as it seeks to reduce the cost of financing and pave the way for new deals while enhancing the company’s transparency.

Waleed al-Mokarrab al Muhairi, chief operating officer at Mubadala, which has stakes in Ferrari and Carlyle Group, as well as a burgeoning portfolio of investments in sectors ranging from energy to real estate to telecommunications, told the Financial Times the company was eight weeks into the ratings process and was working with more than one ratings agency.