Mubadala looks to intensify tech investments in European countries and India

26 Nov 2020 10:16 AM
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Mubadala Investment Business, Abu Dhabi's strategic purchase entity, is seeking to step up its investments found in the technology sector across Europe, India and the center East, according to a senior provider executive.

“We are worked up about the Silicon Valley [in the US]. We will continue to be worked up about the Silicon Valley … but we are as well looking at European countries, Middle East, India … we are also very lively in China,” Ibrahim Ajami, brain of ventures at Mubadala, advised a panel at FinTech Abu Dhabi on Wednesday.

“We are also worked up about opening of dialogue with Israel and opportunities there … there happen to be incredible entrepreneurs,” he added.

The UAE is seeking to strengthen investment ties with Israel, with which it normalised relations in September by signing the Abraham Accord.

Mubadala is creating the proper infrastructure found in Abu Dhabi to aid Israeli companies’ regional expansion, said Mr Ajami, adding that the company happens to be looking at potential money and high growth chances to invest in Israel.

“Exactly like we did found in Europe, Asia and the US … [we will] just head out and find which is the better to spouse [with] and have a long-term view or point of view.”

Mubadala has been doubling down on tech investments above recent a few months. In March, the business joined a consortium that invested $2.25 billion in Waymo, the self-driving technology company owned by Google’s mother or father Alphabet. It has also committed $15bn to Softbank's first Eyesight Fund and features its own technology cash in the US, Europe and the center East.

The company has also diversified its geographical reach. Last month, Mubadala announced an investment of Dh3.1bn for a 1.4 per cent stake in India’s Reliance Retail Ventures. This implemented on the heels of a $1.2bn investment in Jio Systems this year.

“We made a significant investment in Jio ... it really is not simply about telecoms but Jio is enabling a huge selection of smart businesses. Consider the potential of a huge selection of small businesses emerging out of the countries and their effect on the contemporary society,” said Mr Ajami.

The Covid-19 pandemic has considerably accelerated the pace of tech innovations in 2020 and has led to the emergence of new technology hubs all over the world, he added.

“Covid-19 has demonstrated and confirmed that innovation can occur from anywhere, we can hook up from anywhere. We find talent and exciting innovations emerging from different parts of the globe that well-positioned us as a worldwide investor.”

Mubadala’s investment portfolio covers the aerospace, information and communications technology, semiconductor, metals and mining, petrochemicals, renewable energy, and coal and oil industries.

Using its $232bn asset base spanning six continents, it really is looking to supercharge its investments in the technology sector since it diversifies its portfolio.

“2020 is a vintage calendar year for Mubadala. We've been trading in technology for many years and we setup our pillars and foundations in the right approach that allowed us to have among our busiest and exiting years,” Mr Ajami explained.

“We committed to technology around the globe … no matter what’s happening on global part, we are discovering the energy of the tech platforms and we will continue steadily to grow.”