Fortress Investment Group, the US-based fund backed by Abu Dhabi's Mubadala Capital, has invested $100 million in British semiconductor company Imagination Technologies Group, expanding its footprint in the sector being fuelled by artificial intelligence.
The deal will grant Fortress access to Imagination's intellectual properties that are present in more than 13 billion devices globally, including in Apple products, Imagination said on Wednesday.
IPs held by Kings Langley-based Imagination – including for AI, graphics processing units, central processing units and ray tracing – serve key industries including automotive, data centres, consumer devices and the Internet of Things.
Fortress, which is 68 per cent owned by Mubadala Capital through a consortium, is structuring the deal as a loan, which over time will be converted to equity, the statement said.
The move is aimed at maximising the value of Fortress' portfolio in intellectual properties and technology, said Eran Zur, head of IP at New York-based Fortress.
“Imagination is exceptionally well-positioned to capture a greater share of the growth in technology, including in AI, given the burgeoning demand for ever-more efficient compute solutions across the global economy," he said.
Mubadala Capital is the asset management subsidiary of Abu Dhabi’s strategic investment arm, Mubadala Investment Company.
It has no role in moves made by Fortress, which remains an independent investment manager under the Fortress brand and has "full autonomy over investment processes and decision making, personnel and operations", according to the terms of the acquisition.
A request for comment from Fortress was sent outside its operating hours.
Companies and investors are racing to grab a share of the growing semiconductor market, which has been boosted by the surge of AI and in particular by its latest iteration, the red-hot generative AI market.
Generative AI, made popular by the emergence of OpenAI's ChatGPT, is expected to power the next technological revolution, influencing governments, societies and economies.
In the Middle East, the UAE and Saudi Arabia have been leading the charge in boosting tech capabilities in preparation for the economy of the future.
The global semiconductor IP market is projected to hit $11.2 billion by 2029, from $7.5 billion in 2024, at a compound annual growth rate of 8.5 per cent, data from research firm Markets and Markets shows.
The overall AI chip industry, on the other hand, is expected to become a trillion-dollar sector by 2030, according to both McKinsey and semiconductor industry tracker TechInsights.
Fortress' investment will be used "to support the continued development and growth" of technologies and IP, the statement said.
"This investment comes with a shared commitment to drive Imagination’s innovation ... and to help us accelerate growth [and] drive significant advancements," said Ray Bingham, executive chair of Imagination Technologies.
Imagination is owned by Canyon Bridge, a private equity firm registered in the Cayman Islands, which in turn is owned by investment firm China Reform.
The company was taken private and delisted from the London Stock Exchange in a £550 million ($709 million) deal in 2017.
Fortress, on the other hand, is a global investment manager with $49 billion of assets under management as of March across credit, real estate, private equity and permanent capital investment strategies.
With the joint ownership under Mubadala Capital, Fortress seeks to boost its strategy in the alternative investment space, with access to the former's global network and extensive portfolio of diversified assets.
Mubadala Capital began operations as a wholly owned asset management unit of Mubadala Investment Company in November 2021 as part of Mubadala's plans to “rigorously pursue” investment opportunities around the globe.
Since it started in 2011, Mubadala Capital has grown significantly in scale over the past decade, with offices around the world. It manages nearly $20 billion in aggregate across its own balance sheet investments and third-party capital vehicles across its private equity, solutions, venture capital and Brazil businesses.
Killing of Qassem Suleimani
Results
5pm: Maiden (PA) Dh 80,000 (Turf) 1,400m. Winner: Al Ajeeb W’Rsan, Pat Dobbs (jockey), Jaci Wickham (trainer).
5.30pm: Maiden (PA) Dh 80,000 (T) 1,400m racing. Winner: Mujeeb, Fabrice Veron, Eric Lemartinel.
6pm: Handicap (PA) Dh 90,000 (T) 2,200m. Winner: Onward, Connor Beasley, Abdallah Al Hammadi.
6.30pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown Prep Rated Conditions (PA) Dh 125,000 (T) 2,200m. Winner: Somoud, Richard Mullen, Jean de Roualle.
7pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 (T) 1,600m. Winner: AF Arrab, Tadhg O’Shea, Ernst Oertel.
7.30pm: Handicap (TB) Dh 90,000 (T) 1,400m. Winner: Irish Freedom, Richard Mullen, Satish Seemar.
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
The specs
Engine: 6.2-litre V8
Transmission: ten-speed
Power: 420bhp
Torque: 624Nm
Price: Dh325,125
On sale: Now
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
More from Rashmee Roshan Lall
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Cricket World Cup League Two
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Fixtures
Wednesday January 8 –Oman v Namibia
Thursday January 9 – Oman v UAE
Saturday January 11 – UAE v Namibia
Sunday January 12 – Oman v Namibia
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
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What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
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
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
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