During 2022, Mubadala's technology investments, including Yahsat, made substantial progress, fostering innovation and economic growth. Notably, Yahsat secured a contract worth AED 28.3 million with the UAE government to deliver state-of-the-art communication services for public platforms.
G42, the leading artificial intelligence and cloud computing company, announced a AED 36 billion Expansion Fund in alliance with the Abu Dhabi Growth Fund (ADGF). This fund is designed to propel G42's global influence by allocating capital and providing portfolio companies with unique access to networks, management, and operational resources.
Since its launch in 2019, Hub71 has successfully onboarded over 200 startups and created more than 900 jobs in the Abu Dhabi economy. These startups have collectively secured AED 4.5 billion in funding and have generated AED 3.0 billion in revenue. Furthermore, Hub71 also facilitated 41 Proof of Concepts (POCs) for their startups with corporate and government entities in the UAE worth AED 160 million.
As we envision the next 50 years, Mubadala's strategic investments in the technology sector, such as Yahsat, Hub71, and G42, will play a crucial role in shaping the UAE's economic landscape. These investments not only generate economic opportunities and drive innovation, but also advance priority sectors crucial to the nation's progress as part of the UAE investments platform’s endeavors to invest in long-term growth opportunities that today’s megatrends create.
