May 1, 2018 / 7:54 AM / 21 days ago

Mubadala to set up Abu Dhabi tech hub in 2019 -exec

ABU DHABI, May 1 (Reuters) - Mubadala Investment Company will establish a technology hub in Abu Dhabi next year in a bid to attract leading tech companies to the oil-rich emirate, its venture capital head said on Tuesday.

Abu Dhabi’s state investor, which has committed $15 billion to the SoftBank Vision Fund, has said it is looking at new investment opportunities and will invest in companies that operate out of the tech hub.

“We also have to invest in tech companies not just bring them here,” Mubadala Head of Venture Capital Ibrahim Ajami said at an Abu Dhabi conference.

Mubadala’s ventures investment team is also looking at possible investments in European and Middle East companies, he said.

“There’s good innovation coming from European entrepreneurs.”

Mubadala set up its venture capital arm in late 2017 to oversee and manage the $15 billion commitment to the SoftBank Vision Fund. (Reporting by Stanley Carvalho, writing by Alexander Cornwell; editing by Jason Neely)

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