Mubadala Investment Company, Abu Dhabi's strategic firm with US$127 billion in assets, has always been a savvy investor. Once again it has proved that it has its finger on the pulse. The tech pulse, that is.
This May, Mubadala announced a $15bn commitment to the $100bn Softbank Vision fund, the high-profile tech investment brainchild of Japan's Softbank Group, which has already secured investment commitments from other high profile names including Saudi Arabia's Public Investment Fund (PIF), Apple, Qualcomm and Taiwan's Foxconn.
On Wednesday, Mubadala took its tech-investment strategy a step further, with the announcement of a venture capital arm based in San Francisco.
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Read more:
Mubadala sets up VC arm to oversee $15bn Softbank tech investment, two funds
Exclusive: Mubadala explores investment options in Saudi Arabia
Mubadala swings to Dh4.2bn profit in the first half of 2017
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In addition to overseeing and managing Mubadala's commitment to Softbank's Vision fund, a dedicated ventures investment team will also oversee the Mubadala Ventures Fund, a $400 milion collaboration with Softbank, and a $200mn fund of funds.
The new venture capital arm will fall under Mubadala Capital, the financial investment arm of the company that manages more than $10bn in assets across its portfolio.
Mubadala is already a seasoned global investor, with stakes in companies such as private equity firm the Carlyle Group, British energy major BP and EMI Music publishing. Its further push into the venture capital world is the latest extension of its technology strategy, one that is shared by many regional peers.
Saudi Arabia's PIF has invested $3.5bn in ride-hailing app Uber, while Saudi Arabian billionaire Prince Alwaleed bin Talal owns 5 per cent of Twitter.
Technology investments are not just clever moves. They also help transfer technology to local economies, which falls within the mandate of Mubadala.
The Abu Dhabi strategic investor has already been successful in attracting big names to the UAE to develop local industries that need technology. These include Al Ain-based aerospace company Strata, a unit of Mubadala which is manufacturing parts for Airbus and Boeing aircraft through contracts that will generate Dh16n in work up to 2030.
Mubadala may be a global investor but it is also a national champion that will develop industries aimed at creating jobs and new revenue streams for the UAE, which has an ambitious diversification agenda.
Investing in technology is the right tool for an economy that wants to be a leader in emerging industries and Mubadala is leading the way.
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Picture of Joumblatt and Hariri breaking bread sets Twitter alight
Mr Joumblatt’s pessimism regarding the Lebanese political situation didn’t stop him from enjoying a cheerful dinner on Tuesday with several politicians including Mr Hariri.
Caretaker Culture Minister Ghattas Khoury tweeted a picture of the group sitting around a table at a discrete fish restaurant in Beirut’s upscale Sodeco area.
Mr Joumblatt told The National that the fish served at Kelly’s Fish lounge had been very good.
“They really enjoyed their time”, remembers the restaurant owner. “Mr Hariri was taking selfies with everybody”.
Mr Hariri and Mr Joumblatt often have dinner together to discuss recent political developments.
Mr Joumblatt was a close ally of Mr Hariri’s assassinated father, former prime minister Rafik Hariri. The pair were leading figures in the political grouping against the 15-year Syrian occupation of Lebanon that ended after mass protests in 2005 in the wake of Rafik Hariri’s murder. After the younger Hariri took over his father’s mantle in 2004, the relationship with Mr Joumblatt endured.
However, the pair have not always been so close. In the run-up to the election last year, Messrs Hariri and Joumblatt went months without speaking over an argument regarding the new proportional electoral law to be used for the first time. Mr Joumblatt worried that a proportional system, which Mr Hariri backed, would see the influence of his small sect diminished.
With so much of Lebanese politics agreed in late-night meetings behind closed doors, the media and pundits put significant weight on how regularly, where and with who senior politicians meet.
In the picture, alongside Messrs Khoury and Hariri were Mr Joumbatt and his wife Nora, PSP politician Wael Abou Faour and Egyptian ambassador to Lebanon Nazih el Nagari.
The picture of the dinner led to a flurry of excitement on Twitter that it signified an imminent government formation. “God willing, white smoke will rise soon and Walid Beik [a nickname for Walid Joumblatt] will accept to give up the minister of industry”, one user replied to the tweet. “Blessings to you…We would like you to form a cabinet”, wrote another.
The next few days will be crucial in determining whether these wishes come true.
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