Abu Dhabi's Mubadala said to mull up to $15bn investment in tech fund

Mubadala Development Co is reportedly considering a commitment of $10-15bn in the SoftBank Vision Fund
Abu Dhabi's Mubadala said to mull up to $15bn investment in tech fund
By Staff writer
Fri 06 Jan 2017 07:19 PM

Abu Dhabi-based Mubadala Development Co is reportedly mulling plans to commit up to $15 billion to partner with a new fund to invest in global technology.

Bloomberg reported that Mubadala is looking to partner with SoftBank Group Corp and Saudi Arabia’s Public Investment Fund in the SoftBank Vision Fund which is set to close in January and will be capped at $100 billion, citing people familiar with the matter.

The report said no agreements have been reached, and Mubadala hasn’t made a final decision on the amount it will invest, adding that a spokesman for Mubadala declined to comment.

SoftBank, a Japanese internet firm, announced in October that it planned to invest at least $25 billion into the fund over the next five years, while the lead partner, Saudi Arabia’s Public Investment Fund, is putting in at least $45 billion.

Apple confirmed on Wednesday its plans to invest $1 billion in the fund.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.