Abu Dhabi Investor Targets U.S. Tech Spending, Saudi Deals - Bloomberg

Abu Dhabi Investor Targets U.S. Tech Spending, Saudi Deals - Bloomberg:

"Abu Dhabi’s government-owned development fund is betting on U.S. technology in a multi-billion dollar spending plan that will see it partnering with Saudi Arabia and competing against other oil-rich neighbors like Qatar.

Mubadala Investment Co. wants to expand investments in technology companies in the U.S. after opening a Silicon Valley office last week, Chief Executive Officer Khaldoon Al Mubarak said in an interview with Bloomberg TV in Riyadh on Tuesday. The office, which Mubadala opened just six months after deciding it needed a U.S. base, represents a break with the company’s strategy to center operations in Abu Dhabi.

“It became very clear to us that we needed to go deeper,” Al Mubarak said. “And to go deeper we needed to be closer to the market. We needed to be in San Francisco at Silicon Valley.”"



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