 |
| Abu Dhabi is investing $ 150 million in Telegram |
The state-owned investment company Mubadala of Abu Dhabi and Catalyst Partners of Abu Dhabi, some of which are owned by Mubadala, announced on Tuesday that they have jointly invested $ 150 million in establishing the telecommunications company Telegram.
Mubadala invested $ 75 million in five-year convertible bonds ahead of the planned IPO, and Abu Dhabi Catalyst Partners invested an additional $ 75 million.
This strategic partnership aims to create new opportunities for cooperation and to support and enhance the integrated system of innovative technology companies in Abu Dhabi.
Faris Suhail Al Mazrouei, head of investment plans for Mubadala in Russia and the Commonwealth of Independent States, said: Telegram's user base has reached critical levels and has become one of the global tech giants. It is the role of the telegram. Global technology company.
“The company provides viable investment opportunities for Mubadala, and it will be an ideal addition to our portfolio of leading companies aimed at advancing the industry,” he added. Our investment in Telegram supports our strategy. The partnership has laid a solid foundation for efforts to strengthen Abu Dhabi's tech system and attract advanced talent and technical skills to the capital.
Due to privacy concerns related to Facebook-owned WhatsApp, Telegram, along with messaging app Signal, has seen a surge in user numbers this year.
According to Abu Dhabi Catalyst Partners, Telegram started in 2013 and has 500 million monthly users.
Mubadala said Telegram, which is based in the United Arab Emirates, would open an office in Abu Dhabi after the new investment.
Abu Dhabi's catalytic partner is a joint venture swap with the US investment firm Falcon Edge Capital.
Mubadala manages more than $ 230 billion in assets and is the second largest government investor in the United Arab Emirates after the Abu Dhabi Investment Authority.
Both companies invested in technology, and Mubadala contributed $ 15 billion to SoftBank's Vision Fund of $ 100 billion in 2017.
Mubadala last year bought Reliance Industries' 1.85% stake in the Indian platform Jio for $ 1.2 billion.