Abu Dhabi's Mubadala co-leads $300m round for China's JD Industrials

Abu Dhabi’s sovereign investment arm Mubadala Investment Company co-led a $300 million series B funding round for China’s industrial supply chain technology company, JD Industrials, alongside global investment manager 42XFund.

“We are pleased to announce that we have closed our investment in JD Industrials, a leading industrial supply chain technology and service provider in China and a subsidiary of JD Group, one of China’s largest online retailers,” Mubadala said on Twitter on Wednesday.

The transaction was concluded through Mubadala’s China investment programme, it added.

Other investors in the round include UK-based asset management group M&G, BPEA EQT — the Asia-focused investment platform of global private equity company EQT, and existing shareholder, Sequoia China, JD Industrials said in a statement.

The proceeds from the round will be "mainly geared towards investing further in infrastructure and technology services, helping JD Industrials to develop more supply chain technology solutions to better serve its enterprise customers", it said.

Part of JD.com, China’s largest online retailer, JD Industrials seeks to become one of the world’s largest industrial technology providers.

"JD Industrials is at the forefront of JD Group’s wider initiatives to serve the real economy by becoming a global leading industry supply chain technology and service provider," it said.

The company aims to "improve the entire industrial supply chain by helping to lower costs, increase efficiency and enable greater operational flexibility", it added.

Once the transaction is completed, JD Group will remain the controlling shareholder.

Mubadala, which is at the centre of the UAE's efforts to diversify its economy, manages more than $284 billion in assets globally.

In recent years, it has stepped up its investment in health care, technology, mobility, clean energy and life sciences as it expands its portfolio.

Earlier this month, Mubadala, private equity company Stone Point Capital and other investors said they were buying a 20 per cent stake in US insurance broker Truist Insurance Holdings for $1.95 billion. The deal values the sixth-largest insurance broker in the US and a unit of Truist Financial Corporation at $14.75 billion.

Global technology growth fund 42XFund, which has been formed by Abu Dhabi’s artificial intelligence company G42 in partnership with Abu Dhabi Growth Fund (ADG), has a global presence in Shanghai, Singapore and Jakarta. It invests at the “intersection of deep technologies and industries of strategic importance to build a better future”, according to its website.

Key facilities

Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
Premier League-standard football pitch
400m Olympic running track
NBA-spec basketball court with auditorium
600-seat auditorium
Spaces for historical and cultural exploration
An elevated football field that doubles as a helipad
Specialist robotics and science laboratories
AR and VR-enabled learning centres
Disruption Lab and Research Centre for developing entrepreneurial skills

UAE WARRIORS RESULTS

Featherweight

Azouz Anwar (EGY) beat Marcelo Pontes (BRA)

TKO round 2

Catchweight 90kg

Moustafa Rashid Nada (KSA) beat Imad Al Howayeck (LEB)

Split points decision

Welterweight

Gimbat Ismailov (RUS) beat Mohammed Al Khatib (JOR)

TKO round 1

Flyweight (women)

Lucie Bertaud (FRA) beat Kelig Pinson (BEL)

Unanimous points decision

Lightweight

Alexandru Chitoran (ROU) beat Regelo Enumerables Jr (PHI)

TKO round 1

Catchweight 100kg

Marc Vleiger (NED) beat Mohamed Ali (EGY)

Rear neck choke round 1

Featherweight

James Bishop (NZ) beat Mark Valerio (PHI)

TKO round 2

Welterweight

Abdelghani Saber (EGY) beat Gerson Carvalho (BRA)

TKO round 1

Middleweight

Bakhtiyar Abbasov (AZE) beat Igor Litoshik (BLR)

Unanimous points decision

Bantamweight

Fabio Mello (BRA) beat Mark Alcoba (PHI)

Unanimous points decision

Welterweight

Ahmed Labban (LEB) v Magomedsultan Magomedsultanov (RUS)

TKO round 1

Bantamweight

Trent Girdham (AUS) beat Jayson Margallo (PHI)

TKO round 3

Lightweight

Usman Nurmagomedov (RUS) beat Roman Golovinov (UKR)

TKO round 1

Middleweight

Tarek Suleiman (SYR) beat Steve Kennedy (AUS)

Submission round 2

Lightweight

Dan Moret (USA) v Anton Kuivanen (FIN)

TKO round 2

Key findings of Jenkins report

Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."