By Staff writer
"Technology and innovation are central to the UAE’s economic diversification strategy, helping to create entirely new economic sectors"
Abu Dhabi-based Mubadala Investment Company has confirmed it has made a $15 billion [AED55.05bn] commitment to the Softbank Vision Fund, a major technology and innovation focussed fund, alongside a consortium of leading investors.
The Softbank Vision Fund, managed by Softbank Group Corp, has announced it has become fully operational by raising more than $93bn in committed capital from investors including the Saudi Arabia’s Public Investment Fund, Apple, Foxconn, Qualcomm, Sharp Corporation and SoftBank Group Corp, according to state news agency WAM.
Khaldoon Khalifa Al Mubarak, group chief executive officer and managing director, Mubadala Investment Company, said: “Our participation in the SoftBank Vision Fund perfectly complements our strategy as a long-term global investor and partner to the technology sector’s high-growth companies. Technology and innovation are central to the UAE’s economic diversification strategy, helping to create entirely new economic sectors and career pathways. We believe the Vision Fund has the scale, expertise, and investors to deploy capital and support the growth of leading technology companies and entrepreneurs.
Mubadala’s position within the fund will be managed by Mubadala Capital, the financial investment arm of Mubadala Investment Company. The fund will acquire minority and majority interests in both private and public companies, from emerging technology businesses to established, multi-billion dollar companies requiring substantial growth funding.
Mubadala has invested in AMD, a developer of computer processors and related technologies; Global Foundaries, the second largest semiconductor foundry company in the world; Emirates Integrated Communications Company [du], Al Yah Satellite Communications Company [Yahsat] and has a joint venture with IBM Watson called Cognit.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.