UAE Firm Multiply Group With $900 Million in Cash Turns Cautious on Tech Deals - Bloomberg
Multiply Group, the Abu Dhabi holding company with investments ranging from Getty Images to Rihanna’s lingerie firm, is taking a break from pure technology investments to focus on less volatile sectors.
“We are pausing a little bit of the enthusiasm we had on tech companies at the beginning of the year in favor of more solid income-recurring sectors, such as utilities,” Chief Executive Officer Samia Bouazza said in an interview.
The firm, which has a 3.24 billion dirham ($882 million) warchest, will still look at companies in the wellness and beauty, utilities and media sectors that use technology to run their business. “We don’t go for old-fashioned brick and mortar stuff,” she said.
Over the past year, Multiply has snapped up shares in two of the biggest listings in the United Arab Emirates. It invested in Dubai utility DEWA’s landmark $6.1 billion IPO, as well as in chemicals firm Borouge, which raised $2 billion in Abu Dhabi.
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