Mubadala to Double Down on Tech After $1.2 Billion Jio Stake - Bloomberg

Mubadala to Double Down on Tech After $1.2 Billion Jio Stake - Bloomberg:

Mubadala Investment Co. is preparing to double down on its exposure to the technology sector, setting its sights on Asia, after the Abu Dhabi fund took a $1.2 billion stake in India’s Jio Platforms.

Technology, in particular the venture space, medical technology, life sciences and artificial intelligence, is “the place to go,” Chief Executive Officer Khaldoon Al Mubarak said during the Bloomberg Invest Global virtual conference on Monday. “That’s the arena for us to build experiences and expertise in and to deploy significant capital.”

The $232-billion fund is looking at India, China and Southeast Asia for potential investments. “We are, from a relative perspective, under-invested in Asia,” he said. “So you’ll see us grow our portfolio in Asia and expect us to do more in the med-tech space, artificial intelligence, life sciences, agribusiness. These are spaces we like.”

Mubadala is among Gulf sovereign funds plowing their oil and natural gas wealth into technology to lessen their reliance on crude and help transform their economies. The firm this month joined regional and global marquee investors in pouring billions of dollars into the telecommunications and digital services business controlled by Indian billionaire Mukesh Ambani. Mubadala, which has offices in San Francisco, New York and Moscow, made a $15 billion commitment to the SoftBank Vision Fund and launched a number of tech funds in the U.S. and Europe.