Mubadala Investment Company is investing in Germany’s Rodenstock Group, an ophthalmic lens manufacturer, as it expands its global medical technology and life sciences portfolio.
Mubadala said on Sunday that it would take a minority stake in Rodenstock along with funds advised by British equity firm Apax Partners.
It did not disclose the size of the stake or financial details of the deal, which is subject to regulatory approvals and expected to close in the middle of this year.
Rodenstock has a “reputation for innovation and a consistent focus on offering a differentiated customer proposition”, said Mubadala's head of life sciences Camilla Languille.
“We see its highly customised biometric lenses as only one part of its growing pipeline of proprietary technology that will enable significant future growth.”
Based in Munich, the company’s portfolio includes lenses under the Rodenstock and Porsche Design brands.
It has patented “DNEye Pro” technology, which uses thousands of data points to measure the shape and size of each eye.
This enables the company to produce glasses integrated with biometric intelligence for the sharpest vision.
“Mubadala will work in partnership with Apax to support the Rodenstock management team’s vision of accelerating the company’s growth through innovation, commercial execution and digitisation, while continuing to deliver the highest level of service to clients and partners,” said Mina Hamoodi, senior vice president of life sciences at Mubadala.
Mubadala, which invests on behalf of the Abu Dhabi government, is boosting its life sciences and medical technology sector portfolio amid the coronavirus pandemic.
Last week, it signed a deal with the UK government to invest £800 million ($1.1 billion) into the life sciences sector over the next five years. The UK's Life Sciences Investment Programme will also invest £200m as part of the deal.
The partnership is expected to generate stronger links in research and education and deepen UAE-UK trade and investment ties that were worth £32bn in 2019.
Mubadala, which has an asset base of $232bn, has also invested in Europe’s life sciences and medical technology companies.
In October, Mubadala and Denmark-based Novo Holdings jointly invested €250m ($295m) in Evotec, one of the world’s top drug discovery companies that seeks to improve access to precise and effective medicines.
In November, Mubadala joined a consortium to invest in HealthTech company Envision Pharma Group.
The consortium, which was led by Mubadala, includes European healthcare investor Global Healthcare Opportunities, global private equity investment firm HarbourVest Partners and US financial services company Northwestern Mutual.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
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