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Sovereign wealth funds out of the Middle East are emerging as key backers of Silicon Valley's artificial intelligence darlings. In the past year, funding for AI companies by Middle-Eastern sovereigns has increased fivefold, according to data from Pitchbook. Few venture funds have deep enough pockets to compete with the multibillion-dollar checks coming from the likes of Microsoft and Amazon . MGX was launched as a dedicated AI fund in March, with Abu Dhabi's Mubadala and AI firm G42 as founding partners. For the U.S., having sovereign wealth funds invest in American companies, and not in global adversaries like China, has been a geopolitical priority.

Persons: Goldman Sachs, Prince Mohammed bin Salman's, Uber, LIV, UAE's Mubadala, MGX, Abu Dhabi's Mubadala, Anthropic, Andreessen Horowitz, Jamal Khashoggi, It's, Bpifrance, WeWork spiraled, Jared Cohen, there's Organizations: United, CNBC, Microsoft, Gulf Cooperation Council, Saudi Public Investment Fund, Abu, Abu Dhabi Investment Authority, Qatar Investment Authority, BlackRock, Global Infrastructure Partners, Saudi, U.S, Saudi Company, Artificial Intelligence, Washington Post, SoftBank, Goldman Sachs Global Institute Locations: Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Pitchbook, Abu Dhabi, Temasek, Singapore, China, UAE

☆ QIA picks stake in Ambani's Indian retail behemoth at $100 bln valuation
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +1 min

Shopping trolleys are seen parked outside a Reliance supermarket in Mumbai, India, March 16, 2021. REUTERS/Niharika Kulkarni/File Photo Acquire Licensing RightsBENGALURU, Aug 23 (Reuters) - Qatar Investment Authority will invest 82.78 billion rupees ($1 billion) for about 1% stake in Reliance Retail Ventures, the retail arm of India's Reliance Industries (RELI.NS) valuing the company at $100 billion, the companies said on Wednesday. Headed by billionaire Mukesh Ambani's daughter Isha Ambani, Reliance Retail Ventures houses retail operations, including international partnerships and consumer goods business. Reliance Retail, a unit of Reliance Retail Ventures, was recently valued at $92 billion to $96 billion by two global consultants, a move that could signal an eventual initial public offering of the company. Reliance Retail is India's largest retailer and has been partnering with a slew of global brands to launch and expand their presence in India.

Persons: Niharika Kulkarni, Mukesh Ambani's, Isha Ambani, Andrew Mills, Savio D'Souza Organizations: Reliance, REUTERS, Rights, Qatar Investment, Reliance Retail Ventures, India's Reliance Industries, KKR, General Atlantic, Saudi Public Investment Fund, Sethuraman NR, Thomson Locations: Mumbai, India, Bengaluru, Qatar

Reliance Retail includes Ambani's core retail businesses, including digital and brick-and-mortar stores. It is fully owned by Reliance Retail Ventures, which also houses other retail operations such as international partnerships and the billionaire's consumer goods business. In 2020, Reliance Retail Ventures raised 472.65 billion Indian rupees ($5.72 billion) by selling a 10.09% stake, valuing it at roughly $57 billion based on current exchange rates. EY valued Reliance Retail at 884.03 rupees per share, while BDO valued it at 849.08 rupees, the source said. Reliance Retail has in recent years partnered with a slew of global brands to launch and expand their presence in India.

Persons: Mukesh Ambani, valuers, Ambani, Tiffany, Aditya Kalra, Sriram, Chris Thomas, Savio D'Souza, Louise Heavens, Mark Potter Organizations: Reliance, Reuters, BDO, EY, Reliance Retail Ventures, KKR, Saudi Public Investment Fund, General Atlantic, Reliance Retail, Burberry, Thomson Locations: DELHI, India, New Delhi, Mumbai, Bengaluru

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