Tech Mubadala commits $1bn to US tech lending platform By Pramod Kumar September 12, 2023, 5:03 AM Unsplash.com NYSE-listed Blue Owl is an alternative investment manager with $150bn in assets under management Abu Dhabi state investor Mubadala Investment Company has committed $1 billion to US-based Blue Owl Capital’s credit platform to initially focus on financing technology and software companies. New York Stock Exchange-listed Blue Owl is an alternative investment manager with $150 billion in assets under management. “Private credit has become an integral part of the financing solutions available to support corporate growth and there is an increasing demand for debt capital from well-established and high-growth software and technology businesses,” Mubadala’s head of credit investments Fabrizio Bocciardi said in the statement. Mubadala’s Beijing office to deepen UAE-China ties Mubadala buys minority stake in US data centre firm Gulf sovereign wealth funds vary recipes for success Doug Ostrover, co-CEO of Blue Owl said this mandate reflects the depth of its direct lending capabilities within the technology sector and ability to deliver differentiated solutions to meet investment objectives. The Abu Dhabi sovereign investor has been pursuing private debt investment opportunities since 2009, with its credit investment unit intensifying exposure to the Asia Pacific, although initially focusing on North America and Europe. UAE artificial intelligence firm G42, which counts Mubadala as an investor, in August launched a $10 billion fund to invest in late-stage technology companies. The fund will invest in computing, clean technology and renewables, digital infrastructure, life sciences, healthcare, new materials and fintech, among other areas. Mubadala led the $400 million Series D funding round for digital insurance startup Wefox in July, which will help drive German insurtech’s expansion.
Energy Sale of enriched uranium announced by Saudi Arabia Saudi Arabia intends to export enriched uranium, the country’s energy minister, Prince Abdulaziz bin Salman, said on Monday. The announcement is the latest indication of Saudi nuclear ambitions. Saudi Arabia has long expressed an interest in developing a nuclear power sector and has engaged in talks with the United States over nuclear cooperation, which were […] 3 hours ago
Business of Sport Qatar Airways signs $97m deal to sponsor new rugby tournament Qatar Airways has agreed a $97 million deal to sponsor the new World Rugby Nations Championship. The eight-year deal will cover the qualifying matches and finals for the first four editions of the rugby union tournament from 2026 to 2034. The agreement is the biggest title sponsorship in international rugby, according to The Guardian. The […] 3 hours ago
Economy Oman issues $460m in grants to support citizens Oman has provided funding of OR178 million ($460 million) to support more than 100,000 citizens in housing and businesses. Sultan Haitham bin Tariq, in a royal decree marking the fifth anniversary of his accession to the throne, increased the allocation for this year’s housing assistance programme, which provides housing to lower income families. The grants […] 2 hours ago
Employment Saudi Arabia plans cash pay-offs to cut public sector jobs Saudi Arabia is to offer cash incentives to encourage unproductive employees in the public sector to resign in a bid to tackle inefficiency. Saudi newspapers have reported that the government has earmarked nearly 12.7 billion riyals ($3.38 billion) for the three-year plan, which it dubs the ‘Golden Handshake’. While Riyadh has not clarified why it […] 2 hours ago
