October 21, 2019 / 9:34 AM / 2 months ago

UPDATE 1-UAE's Mubadala to invest $250 mln in technology in Mideast, North Africa

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ABU DHABI, Oct 21 (Reuters) - Abu Dhabi’s state fund Mubadala Investment Company plans to invest $250 million through two funds in technology firms in the Middle East and North Africa, it said on Monday.

Abu Dhabi, capital of the United Arab Emirates, has set up a dedicated a hub to attract technology start-ups, called Hub71, and is encouraging other related investments as part of its effort to diversify the economy away from oil revenues.

The latest investments include a $150 million fund that will invest in other technology funds and $100 million targeted directly at early-stage companies, Ibrahim Ajami, head of Ventures at Mubadala Capital said.

“The MENA funds will drive the economic development of Abu Dhabi by stimulating tech investment activity,” Ajami told delegates at a Fintech event.

Under its $150 million fund, Mubadala Capital will also invest in San Francisco-based Data Collective Venture Capital, Middle East Ventures Partners and Global Ventures. The $100 million fund will focus on early stage tech companies that will be part of the Hub71 development. The fund aims to invest in a portfolio of 15 firms.

With offices in Abu Dhabi, London and San Francisco, Mubadala Ventures investments include a $15 billion investment in Softbank’s Vision Fund I. It manages the $400 million Mubadala Ventures Fund 1 in the United States and another $400 million fund in Europe. (Reporting by Stanley Carvalho; Editing by Edmund Blair)

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