Khaldoon Al Mubarak, Group CEO and Managing Director of Abu Dhabi’s Mubadala Investment Co., said the sovereign wealth fund sees growing opportunities in India, China and the global transition from carbon-based fuels.

Speaking on a panel at the World Governments Summit in Dubai on Monday, Al Mubarak said the two most populous countries have tremendous infrastructure and energy needs that are attractive investments for Mubadala.

India “is one of the most digitalized economies in the world,” Al Mubarak said. “It’s an “interesting economy that one has to keep a very close eye on and infrastructure is going to be a key driver to growth there.”

China’s economic slowdown and huge infrastructure needs make its companies especially ripe for investment, the Mubadala chief said. “It’s actually quite cheap and I think for an investor that’s looking at a 5, 10-year horizon, there’s an interesting opportunity for sure there.”

Noting that the UAE is one of the biggest investors in solar, wind and other renewable power sources, Al Mubarak said fossil fuels will remain a crucial part of world energy requirements. Particularly power-hungry are data centers dealing with artificial intelligence, he said.

“The world is big,” Al Mubarak said, recommending that investors look beyond the U.S. market. “It depends what your investment appetite is, what your risk appetite is, when you’re looking at growth and when you’re looking at innovation. You have to, I think, be open minded to both east and west, and north and south.”