Abu Dhabi funds invest $150 million in Telegram messaging app
March 23, 2021, 10:24 am

Abu Dhabi funds invest $150 million in Telegram messaging app

In this Jan. 16, 2011 file photo, people visit the Masdar Institute campus, part of Masdar City, a Mubadala company, in Abu Dhabi. (File photo: AP)

Abu Dhabi state fund Mubadala Investment Co and Abu Dhabi Catalyst Partners, part-owned by Mubadala, said on Tuesday they had invested a combined $150 million in messaging app Telegram.

Mubadala invested $75 million in five-year, pre-initial public offering (IPO) bonds of Telegram, while Abu Dhabi Catalyst Partners invested a further $75 million.

“Telegram’s user base has reached a critical mass that places it amongst global tech giants,” Mubadala executive Faris Sohail Faris al-Mazrui said in a statement.

“Telegram is well-positioned for an inflection point that will transform it into a leading global technology company.”

Telegram, along with messaging app Signal, have seen an increase in users this year amid privacy concerns with larger rival Facebook-owned WhatsApp.

Launched in 2013, Telegram has 500 million monthly users, according to Abu Dhabi Catalyst Partners.

Telegram, already headquartered in the United Arab Emirates, will open an office in Abu Dhabi following the new investment, Mubadala said.

Abu Dhabi Catalyst Partners is a Mubadala joint venture with U.S. investment company Falcon Edge Capital.

Mubadala, which manages more than $230 billion in assets, is UAE's second-biggest state investor after Abu Dhabi Investment Authority.

Both have invested in technology, with Mubadala contributing $15 billion to SoftBank's $100 billion Vision Fund in 2017.

Mubadala last year bought a 1.85% stake in Reliance Industries' digital unit, Jio Platforms, for $1.2 billion.

source: Reuters

Image source: AP

Levant

Hungary’s PM says economy can only reopen when all registered over 65s are vaccinated UAE records 2,172 new COVID-19 cases, six deaths in 24 hours

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has announced its sponsorship of the “Innovation and Sustainable Technology Solutions Competition (GU - IST Solutions), hosted by Gulf University at its main campus.
This strategic sponsorship reflects BENEFIT’s active role in advancing technological innovation and fostering sustainable solutions to future challenges. It also seeks to empower Bahraini youth by enhancing their skills, capabilities, and competitiveness in innovation and solution development—contributing meaningfully to the broader goals of sustainable development across all sectors.
As part of BENEFIT’s active involvement in the competition, the company has announced that Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication, will serve on the competition’s supervisory committee. Her upcoming participation reflects BENEFIT’s forward-looking commitment to championing academic and professional excellence.
Commenting on the occasion, Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication at BENEFIT, said, “We are privileged to support this pioneering initiative, which aligns seamlessly with BENEFIT’s enduring commitment to fostering innovation and nurturing the potential of Bahrain’s youth. Our participation is rooted in a deep sense of social responsibility and a firm belief in the pivotal role of innovation in shaping a sustainable future. Through such platforms, we seek to empower the next generation with the knowledge, skills, and foresight required to develop impactful solutions that address future challenges, in line with the United Nations Sustainable Development Goals 2030.”
Dr. Aseel Al Ayash Dean of the College of Engineering in Gulf University commented, “We extend our sincere gratitude to BENEFIT for their generous sponsorship and support of the Innovation and Sustainable Technology Solutions Competition. This contribution plays an instrumental role in helping us achieve the strategic goals of this initiative, namely, cultivating a culture of innovation and sustainability, encouraging efforts that address the imperatives of sustainable development, and enhancing the practical and professional capabilities of our students and participants.”
The event will bring together a diverse spectrum of participants, including secondary school students, university undergraduates, engineers, industry professionals, entrepreneurs, academic researchers, and subject matter experts representing a wide range of disciplines.
The competition seeks to inspire participants to develop and present innovative, sustainable technologies aimed at addressing pressing environmental, social, and economic challenges. It encourages the formulation of business models that integrate advanced technological solutions with core principles of sustainability. Moreover, it serves as a platform for emerging leaders, entrepreneurs, and innovators to contribute to the advancement of the Sustainable Development Goals, promote the ethos of responsible technology, and demonstrate its transformative potential across various sectors.
Attendees will have the opportunity to view a series of project presentations submitted by participants, covering diverse areas such as eco-friendly product design, smart and sustainable innovations, renewable energy technologies, water conservation and management, waste minimisation and recycling, green architectural solutions, and sustainable transportation systems. Outstanding projects will be formally recognised and awarded at the conclusion of the event.