Mubadala Investment Company, Abu Dhabi's strategic investment firm with US$127 billion in assets, said on Wednesday it had set up a venture capital arm that will oversee its US$15bn commitment to Japan's Softbank Vision Fund and two other funds.
Mubadala agreed this year to co-invest in Softbank’s $100bn technology fund, alongside the Public Investment Fund, Saudi Arabia’s sovereign wealth fund, Apple, Foxconn and Qualcomm, among others.
“Mubadala’s venture capital business intends to become an active member of the ventures community, leveraging Mubadala’s global scale and power,” said Ibrahim Ajami, head of the ventures unit at Mubadala.
“Our differentiators include a long-term partnership mindset, access to Mubadala’s portfolio of global assets across 13 sectors and our strategic partnership with SoftBank.”
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Read more:
[ Exclusive: Mubadala explores investment options in Saudi Arabia ]
[ Mubadala swings to Dh4.2bn profit in the first half of 2017 ]
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The company's venture capital arm, which will be based in the US and will be the company's first office in the country, will also oversee Mubadala Ventures Fund I, a $400 million early growth venture capital vehicle with two main investors, Mubadala and Softbank, that will aim to have a portfolio of 25 companies in North America and Europe.
The second $200m Fund of Funds will invest in established and emerging fund managers, with investments ranging between $50m to $70m a year in US and European venture capital funds.
"We are excited to partner with Mubadala and invest in their first venture capital fund," said Rajeev Misra, chief executive of the SoftBank Vision Fund. "Mubadala is a strategic partner to SoftBank, and this initiative will be an important part of the Vision Fund's ecosystem of companies and entrepreneurs. Mubadala's approach to venture capital and their San Francisco office indicates a long-term commitment to the technology community."
The venture capital unit will be part of Mubadala Capital, the company's financial investment arm that manages more than $10bn in assets across its portfolio.
This is not Mubadala’s first foray into technology.
It began investing in the sector in 2007 with an investment in semiconductor maker Advanced Micro Devices.
Its other tech investments include GlobalFoundries, a semiconductor manufacturer, satellite company Yahsat, and a stake in Dubai telecom operator du.
“We are looking at companies that will transform major industries around the globe. In line with our company’s values and our portfolio strategy, we want to be a real partner to entrepreneurs and founders as they grow their companies globally,” said Mr Ajami. Mubadala, which has merged with strategic firm International Petroleum Investment Company (Ipic), swung to a profit in the first half of this year on the back of strong operating income, gains from financial investments and favourable currency movements.
The company, which reported its first independent interim results after the merger, said the first-half profit stood at Dh4.2bn compared with a loss of Dh4.7bn a year earlier.
Kill
Director: Nikhil Nagesh Bhat
Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal
Rating: 4.5/5
ROUTE TO TITLE
Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2
THE DETAILS
Director: Milan Jhaveri
Producer: Emmay Entertainment and T-Series
Cast: John Abraham, Manoj Bajpayee
Rating: 2/5
Confirmed bouts (more to be added)
Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez
Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.
COMPANY PROFILE
Name: N2 Technology
Founded: 2018
Based: Dubai, UAE
Sector: Startups
Size: 14
Funding: $1.7m from HNIs
Results
5pm: Al Falah – Maiden (PA) Dh80,000 (Turf) 1,200m; Winner: Bshara, Richard Mullen (jockey), Salem Al Ketbi (trainer)
5.30pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 1,400m; Winner: AF Musannef, Tadhg O’Shea, Ernst Oertel
6pm: Al Dhafra – Maiden (PA) Dh80,000 (T) 1,600m; Winner: AF Mualami, Antonio Fresu, Abubakar Daud
6.30pm: Al Khaleej Al Arabi – Handicap (PA) Dh80,000 (T) 1,600m; Winner: Hawafez, Adrie de Vries, Abubakar Daud
7pm: Al Mafraq – Handicap (PA) Dh80,000 (T) 1,600m; Winner: JAP Almahfuz, Royston Ffrench, Irfan Ellahi
7.30pm: Al Samha – Handicap (TB) Dh80,000 (T) 1,600m; Winner: Celestial Spheres, Patrick Cosgrave, Ismail Mohammed
The Specs
Engine: 1.6-litre 4-cylinder petrol
Power: 118hp
Torque: 149Nm
Transmission: Six-speed automatic
Price: From Dh61,500
On sale: Now
The Comeback: Elvis And The Story Of The 68 Special
Simon Goddard
Omnibus Press
MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
Huddersfield Town permanent signings:
- Steve Mounie (striker): signed from Montpellier for £11 million
- Tom Ince (winger): signed from Derby County for £7.7m
- Aaron Mooy (midfielder): signed from Manchester City for £7.7m
- Laurent Depoitre (striker): signed from Porto for £3.4m
- Scott Malone (defender): signed from Fulham for £3.3m
- Zanka (defender): signed from Copenhagen for £2.3m
- Elias Kachunga (winger): signed for Ingolstadt for £1.1m
- Danny WIlliams (midfielder): signed from Reading on a free transfer
UAE currency: the story behind the money in your pockets
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)
Sreesanth's India bowling career
Tests 27, Wickets 87, Average 37.59, Best 5-40
ODIs 53, Wickets 75, Average 33.44, Best 6-55
T20Is 10, Wickets 7, Average 41.14, Best 2-12
'The Woman in the House Across the Street from the Girl in the Window'
Director:Michael Lehmann
Stars:Kristen Bell
Rating: 1/5
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
UAE v IRELAND
All matches start at 10am, and will be played in Abu Dhabi
1st ODI, Friday, January 8
2nd ODI, Sunday, January 10
3rd ODI, Tuesday, January 12
4th ODI, Thursday, January 14