A worldwide expansion of ground-breaking electronic technology by a British company has taken a major step forward after significant investment from Abu Dhabi.
Paragraf, one of Britain’s most promising private technology businesses, which produces semiconductors made of graphene, has benefited from the Mubadala sovereign wealth fund contributing $35 million.
Graphene’s unique properties enable a host of devices to perform faster, more accurately and with lower energy consumption than silicon-based alternatives.
The input of $55 million in total funding, which includes a 12.8 per cent stake in the company acquired by Mubadala, will enable Paragraf to expand production of “faster, more energy-efficient technologies to the scale required by major commercial opportunities”, said Dr Simon Thomas, the company’s co-founder and chief executive.
“This investment is a strong signal of confidence in Paragraf. We’ve attracted strong interest and are pleased to have secured the backing of both new and existing partners who share our vision for transforming electronics with graphene.”
The Cambridgeshire company’s graphene molecular system can be used to produce liquid and gas sensors for the early detection of disease.
But they are especially useful in extreme environments, including cryogenic systems in quantum computing and in a range of high-temperature and high-radiation applications across industries.
Paragraf will now set up subsidiaries in the Middle East, China and the US. The company said it had a “vision to transform electronics” by being the first global company to use graphene for quantum computing, electric vehicles, energy storage and chemical testing, as well as helping to develop new cancer drugs.
The semiconductor company came within weeks of running out of money after the UK’s six-month national security checks delayed the foreign investment, Dr Thomas said. Paragraf was “pushed to the wire" in obtaining the funding.
Philip Harwood, Middle East regional director for the UK government’s office for investment, said Paragraf exemplified “the best of British innovation, research and technology”.
“This investment demonstrates the UK’s capacity to attract global capital for transformative industries,” he added.
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Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
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