Arab sovereign fund betting on China with firms like Didi Chuxing
Abu Dhabi-based fund Mubadala is teaming up with Chinese agencies to further investment, and its CEO says ride hailing apps are an area of huge potential.
Mubadala, an Abu Dhabi-based fund, has invested in the country by partnering with China Development Bank Capital and China's State Administration of Foreign Exchange to establish UAE-China Joint Investment Fund.
Mubadala CEO Khaldoon Al Mubarak told CNBC Thursday that the fund had already deployed more than USD 700 million in a big bet on Chinese growth.
Al Mubarak said his firm also invested in SoftBank's USD 93 billion Vision Fund — the largest tech fund ever put together — which is also pushing cash into Chinese companies.
One of the firms that Mubadala is backing via the SoftBank fund is Chinese ride-hailing giant Didi Chuxing.
"I think it's a great company," he said, adding that he thought Jean Liu, the president of Didi Chuxing, has done a "phenomenal job."
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