Mubadala looks to step up tech investments in European countries and India

Mubadala Investment Enterprise, Abu Dhabi's strategic expense entity, is looking to intensify its investments in the technology sector across Europe, India and the center East, according to a senior enterprise executive.

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

“We are also worked up about beginning 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 development, said Mr Ajami, adding that the business happens to be looking at potential cash and high growth opportunities to purchase Israel.

“Exactly like we did 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 perspective.”

Mubadala has been doubling straight down on tech investments more than recent weeks. In March, the business joined up with a consortium that invested $2.25 billion in Waymo, the self-driving technology company owned by Google’s mother or father Alphabet. It has additionally dedicated $15bn to Softbank's first Eyesight Fund and has its own technology funds in the US, Europe and the center East.

The company in addition has diversified its geographical reach. Last month, Mubadala declared an expenditure of Dh3.1bn for a 1.4 % 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 is not merely about telecoms but Jio is enabling hundreds of smart businesses. Consider the potential of a huge selection of small businesses emerging out of the countries and their impact on the culture,” said Mr Ajami.

The Covid-19 pandemic has drastically 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 look at talent and exciting innovations emerging from different parts of the world that well-positioned us as a global investor.”

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

With 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 12 months for Mubadala. We've been trading in technology for many years and we setup our pillars and foundations in the right approach that enabled us to have one of our busiest and exiting years,” Mr Ajami said.

“We committed to technology around the globe … regardless of what’s happening on global area, we are witnessing the energy of the tech systems and we will continue to grow.”