UAE wealth fund set to further diversify into technology

UAE wealth fund set to further diversify into technology

A major wealth fund in the UAE has confirmed their interest in diversifying their investment portfolio to include digital innovations based around fields such as artificial intelligence (AI) and virtual reality (VR), according to a recent article on CNBC.

The Abu Dhabi-based Mubadala Fund is seeking option to diversify away from il and towards new technology – in particular AI, VR and e-commerce, according to CEO Khaldoon Al Mubarak.

Known as the SoftBank Vision Fund, it has closed $93 billion in capital to date, with target of $100 billion by the end of 2017, which would make it one of the biggest tech funds in the world today.

CEO Khaldoon Al Mubarak said: “We have done more than 20 transactions since we entered into this partnership, all of which we are very excited about.”

Grace Century is based in UAE, in Ras Al Khaimah just north of Dubai, and President and Director of Research Scott Wolf commented  “Our local hosts have always had a keen eye on recognizing future trends and vision. The recent patents of our portfolio partner Quantum, and corporate rollouts in Medxiall and Blue Box, are located squarely in the sweet spot for tech funds such as this.”

Read the full article on CBNC here.