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Bloomberg
Abu Dhabi’s Mubadala Investment Co. is weighing its first investment in Saudi Arabia together with
the kingdom’s sovereign fund
and started talks to invest in
US technology companies.
The sovereign fund is considering investing in technology, real estate and industrial sectors in Saudi Arabia, CEO Khaldoon Al Mubarak said. The kingdom is ‘a tremendous market’ and Mubadala is exploring investments with Public Investment Fund, he said.
Sovereign wealth funds in Arab states are looking at opportunities in new areas, such as technology, to lessen their reliance on volatile oil markets. Mubadala plans to invest $15 billion over five years in SoftBank Group Corp.’s Vision Fund. Mubadala last week said it was opening an office in Silicon Valley to manage this commitment.