Mubadala’s buying spree expands Abu Dhabi fund’s tech portfolio

Mubadala’s buying spree expands Abu Dhabi fund’s tech portfolio

Abu Dhabi’s Mubadala Investment Co. has taken advantage of tumbling tech firm valuations to make a series of investments in small- to mid-sized tech companies worldwide this year.

Formed in 2017 after the merger of Abu Dhabi’s state-owned International Petroleum Investment Co. (IPIC) and Mubadala Development Co., Mubadala invests both at home and abroad. In December 2021, it had assets under management (AUM) of 1.05 trillion dirhams ($284 billion). Other sovereign funds based in the UAE capital include the Abu Dhabi Investment Authority (ADIA) and ADQ.

“While other Gulf economies like to keep everything under the same umbrella, Abu Dhabi likes to have separate funds under different chairmanships; it is not a one-size-fits-all solution,” said Diego López, Managing Director at Global SWF.

Mubadala is targeting various sectors including technology, life sciences, renewable energy and fintech, and these priorities are reflected in Mubadala’s recent spending spree, Chief Strategy & Risk Officer Ahmed Saeed al-Calily told Global SWF.

Last month, Mubadala led a $400-million fundraising round for Wefox that valued the Berlin-based insurtech firm at $4.5 billion; it also participated in a $800 million financing round for Swedish fintech Klarna.

In June, a Mubadala consortium agreed to buy Stockholm-based biopharmaceuticals transportation firm Envirotainer for €2.8 billion. In