(Bloomberg) -- Mubadala Investment Co. still sees the United States as a top investment destination, a top executive said, despite concerns over greater scrutiny from the Biden administration.

Abu Dhabi’s most active sovereign wealth fund has about $100 billion invested in the US, which translates to 42% of the firm’s portfolio, according to Waleed Al Muhairi, Mubadala’s deputy group chief executive officer. That makes the US Mubadala’s largest market, and Al Muhairi doesn’t see that changing in the next five years.

“Right now, from where I sit, the United States still represents the best risk-reward,” Al Muhairi said at the Milken Institute’s Middle East and Africa Summit in Abu Dhabi. “For us, the United States is still the best destination for capital.” 

The Committee on Foreign Investment in the United States is reviewing several multibillion dollar deals by Middle Eastern wealth funds this year as part of a broader pushback on entities perceived to have close ties with Beijing, Bloomberg News reported last month. The scrutiny is particularly acute for Abu Dhabi because decisions on national security, foreign policy and international investments are made by the same few royals, people familiar with the matter said last month.

Read more: Mideast Wealth Funds Draw Greater US Scrutiny Over China Ties

It’s increasingly likely the Federal Reserve will achieve a so-called soft landing in the US, Al Muhairi said, noting he believes the central bank will be able to avoid sending the US into a recession. 

Al Muhairi said the fund is seeking to deepen its investments across Asia, though some countries on the continent present challenges, he said. China, for instance, is clearly experiencing a slowdown, Al Muhairi said, adding that Mubadala would continue to invest “cautiously” in that country.

“China is imminently practical in the way that they manage the economic path forward,” he said. “That doesn’t mean there aren’t any bumps. But I think they’re imminently practical and, given enough time, they will sort out the things they need to sort out.”

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