"Roberto's going to do a wonderful job for us for many years," Mubarak told Manchester City's official website.
"Roberto is our manager. He's done an excellent job coming in mid-season, organising the team. I'm very happy, and [owner] Sheikh Mansour's delighted with the way he's organised the team."
Mubarak added: "We believe he is definitely the right manager for this club for many years. What he needs this summer is time to prepare and really organise ourselves.
It's a relief to hear this. This has been the fourth consecutive season when, going into the final corner, there have been serious doubts over the manager's position. Stuart Pearce and Sven-Goran Eriksson were sacked at the end of the 2006/07 and 2007/08 seasons respectively, while Hughes and Mancini have survived.
Interestingly enough, the circumstances are almost identical to the confirmation Hughes' position last year. It came after a narrow loss to Spurs, again the penultimate game of the season as City missed out on the European competition we were aiming to qualify for. There was some uncertainty over the future but the day after the game Khaldoon came out and said Hughes was staying. And you know the rest.