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How Middle East sovereign funds are cementing their global dominance
VCCircle
·
1y ago
Medial
In 2023, sovereign wealth funds from Middle Eastern countries, including Saudi Arabia, increased their investments globally, surpassing state-backed investors from Singapore and Canada. The Public Investment Fund (PIF) of Saudi Arabia led the way in deploying capital. This trend showcases the growing dominance of Middle East sovereign funds and their role in global investments.
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US' Golub Capital to set up base in Abu Dhabi
VCCircle
·
8m ago
Medial
US lender Golub Capital is set to open an office in Abu Dhabi, joining a growing list of firms looking to expand their business in the region and form ties with wealth funds. The company, which has more than $70bn of assets under management, has received preliminary approval for a licence to operate out of the Abu Dhabi Global Market centre. The move follows the decision by sovereign wealth funds to invest in the Middle East and the presence of an attractive regulatory environment.
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China is quickly eroding America’s lead in the global AI race
Livemint
·
1m ago
Medial
Chinese companies are rapidly challenging America's dominance in the global AI sector by developing popular large language models. Institutions worldwide, including banks and universities in Europe, the Middle East, Africa, and Asia, are increasingly opting for AI solutions from Chinese firms like DeepSeek and Alibaba over American alternatives like ChatGPT. This trend indicates a shift in the global AI landscape, with China closing the gap and intensifying competition in AI technology development.
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Elon Musk's AI startup seeks to raise up to $6 billion
Economic Times
·
1y ago
Medial
Elon Musk's AI startup, xAI, is reportedly in discussions to raise up to $6 billion from global investors, potentially valuing the company at up to $20 billion. Musk, known for emphasizing AI safety, launched xAI's chatbot "Grok" to compete with OpenAI's ChatGPT. The fundraising efforts include talks with family offices in Hong Kong, sovereign wealth funds in the Middle East, and investors in Japan and South Korea. Last month, xAI filed with the SEC to raise up to $1 billion. Musk has stressed the need for more voting control at Tesla to pursue AI development.
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ADQ, Oman Investment Authority float VC fund to make bets in buzzing MENA startup market
VCCircle
·
1y ago
Medial
Gulf sovereign wealth investors, ADQ and Oman Investment Authority, have launched a venture capital fund to support high-growth startups in the Middle East and North Africa (MENA) region. The fund aims to capitalize on the increasing interest from VC players in the MENA startup market. ADQ is based in Abu Dhabi, while the Oman Investment Authority is the sovereign wealth fund of Oman.
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Saudi's Jada FoF strikes another LP-style bet for tech SMEs in MENA, Asia
VCCircle
·
1y ago
Medial
Saudi Arabia's Jada Fund of Funds (Jada FoF), backed by the Public Investment Fund, has made its fifth investment in the past six months. This investment aims to provide funding support to technology small and medium-sized enterprises (SMEs) in the Middle East and North Africa, China, India, and Southeast Asia. Jada FoF was established by Saudi Arabia's sovereign wealth fund four years ago and continues to actively invest in the tech SME sector in various regions.
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South Korean sovereign fund KIC names India head, opens Mumbai office
VCCircle
·
1y ago
Medial
South Korean sovereign wealth fund, Korea Investment Corporation (KIC), has opened an office in Mumbai and appointed an India head. The office will aid KIC in research, deal sourcing, and networking with local investment managers. KIC's Mumbai office will focus on private equity, venture capital, real estate, and infrastructure investments. This move follows the trend of global pension funds and sovereign wealth funds expanding their presence in India. KIC's other overseas offices are located in New York, London, Singapore, and San Francisco.
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Abu Dhabi’s Mubadala overtakes Saudi Arabia’s PIF as world’s top wealth fund spender
Livemint
·
7m ago
Medial
Abu Dhabi's Mubadala Investment Company became the top spender among sovereign wealth funds in 2024, surpassing Saudi Arabia's Public Investment Fund, with an investment of $29.2 billion. The increase reflects a broader Gulf region trend, with Abu Dhabi, Qatar, and Saudi Arabia investing a record $82 billion. Sovereign funds focused significantly on digital infrastructure and AI, marking $27.7 billion in investments. Overall, sovereign wealth assets reached $13 trillion, highlighting their growing global financial impact.
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Why global SWFs are turning towards India, eyeing debt investments
VCCircle
·
1y ago
Medial
A new survey by Invesco has shown that India has become a top priority for sovereign wealth funds and the most attractive destination for debt investments among emerging market economies. Global central banks also view India as the most attractive emerging market to increase their exposure. The survey highlights India's large domestic market, growing middle class, and increasing global competitiveness as factors attracting significant investor interest. The survey further reveals that India leads the race as the most attractive emerging market for debt exposure in 2024, followed by Indonesia, South Korea, and China.
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Medical tourism company Global Care raises $3 Mn
Entrackr
·
11m ago
Medial
Non-hospital medical tourism company Global Care has raised $3 million in Series A funding round led by 35North India Discovery Fund – II. The funds will be used to build clinical excellence through strategic consulting and facilitating convenient access to patient care, Global Care said in a press release. Launched in 2016 by Rajeev Taneja, Global Care offers cutting-edge medical care across specialties in India, Turkey, Dubai, Egypt, Germany, and Thailand. It aims to bridge healthcare divides worldwide. The company intends to expand healthcare services internationally and create a global ecosystem of clinical services as healthcare consultants covering aspects like building clinical corridors while supporting patients who cannot be treated in their home country. According to Global Care, it will focus on Eastern Africa, Francophone Africa, the Middle East, Central Asia, SAARC nations, South-East Asia, as well as the Middle East, and North Africa for its expansion. India Discovery Fund – II has backed companies like SpeedLabs (Teevra Edutech), Nukleus Office Solutions, Cloud Tailor, Stupa Analytics, Big Bang Boom Solutions, Aatwri Aerospace and Defence, HomePecked, and Beshak.
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Nvidia’s new sales booster: The global push for domestic AI champions
Livemint
·
1y ago
Medial
Countries around the world, including those in Asia, the Middle East, Europe, and the Americas, are investing heavily in domestic computing facilities for artificial intelligence (AI). These countries are boosting their budgets and providing incentives to encourage the development of AI through the construction of data centers and the use of specialized computer chips, primarily from Nvidia. The motivations behind these investments include a desire for strategic self-reliance, protection of local culture and national security, and concerns about tensions between the US and China. Nvidia expects sovereign AI efforts to bring in nearly $10 billion this year.
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