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Abu Dhabi Exec Quits Mubadala for AI Startup Fund
28 Oct
Summary
- Ibrahim Ajami leaving Mubadala to launch Noha fund.
- New fund targets $500mn, will focus on US tech startups.
- UAE aims to boost AI infrastructure and reduce energy dependence.
Ibrahim Ajami, a prominent venture investor at Mubadala Capital, is set to depart the Abu Dhabi sovereign wealth fund next year. He plans to launch a new venture fund called Noha, with a fundraising target of around $500 million.
Noha will focus on early-stage technology companies, primarily in the United States, aiming to replicate the success of major tech firms. The new venture will receive initial seeding from Mubadala and will also co-invest with other UAE-based capital groups.
Ajami's departure coincides with the UAE's significant efforts to bolster its presence in the technology sector, particularly in artificial intelligence. The country is investing heavily in AI infrastructure and companies to diversify its economy away from oil.
Noha, meaning 'wisdom' in Arabic, will offer capital, customer access, and computing power from the UAE to its portfolio companies. The firm intends to invest about 90 percent of its capital in US-based startups, with the remainder allocated to ventures in the UAE and elsewhere.
This initiative underscores the UAE's ambition to be a leading global player in AI development, positioning itself as a significant force alongside the US and China. The country is actively seeking to reduce its reliance on fossil fuels through strategic technological investments.
