Mubadala Taps SoftBank

Abu Dhabi’s state-owned Mubadala Investment plans to join Saudi counterpart PIF in investing in Japan’s SoftBank Group’s Vision Fund. Ibrahim Ajami, head of venture capital at Mubadala Capital, the sovereign wealth fund’s investment arm, said this week that Mubadala is expecting to invest $15bn in the fund.

He adds that the $95bn technology investment fund will be “wrapped up” in two to three weeks. The biggest investor is set to be PIF with $45bn ( MEES, 14 April ). Other linked firms include Apple, Qualcomm and Foxconn: Japan’s Sharp said this week it intends to invest $1bn.

Mr Ajami says the fund “is a significant opportunity for good financial returns.” Its net profit for the year ending in March 2017 tripled to ¥1,439bn ($12.5bn) from ¥474bn the previous year – it attributes much of this to the sale of an undisclosed number of its shares in Chinese online retailer Alibaba. (CONTINUED - 364 WORDS)