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Mubadala’s Telecoms Experiment in Nigeria Proves a Headache

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Abu Dhabi-based Mubadala has made a number of strategic investments in markets such as Brazil and Nigeria betting on sectors that prosper with an expanding middle class.

In 2008, Emerging Markets Telecommunication Services Ltd. (EMTS), trading as Etisalat Nigeria, was formed by Mubadala and Abu Dhabi-based Etisalat Group, a giant telecommunications services provider with strong links to the United Arab Emirates government. Before the 2017 default, Etisalat owned a 40% stake in Etisalat Nigeria, while Mubadala held a 40% stake. In addition, Nigerian businessman Hakeem Belo-Osagie, the Chairman of Etisalat Nigeria, is a beneficial owner of a large stake in the company.

By 2011, Etisalat Nigeria pushed out a super-fast broadband network to the Nigerian population, while growing its market share. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

HKMA and TRS Participates in Investment in Kakao Mobility

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Private equity firm TPG led a group of investors to acquire a minority ownership stake in Kakao Mobility Corporation, a South Korean taxi hailing service provider. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Meraas Holding Names Former KIO Executive as CEO

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Osama Al-Ayoub, the former CEO and President of the Kuwait Investment Office (KIO), was hired by property firm Meraas Holding to be its chief executive officer. KIO is a London-based unit of the Kuwait Investment Authority (KIA). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mumtalakat Contemplates Investing in SoftBank Vision Fund

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Bahrain-based Mumtalakat Holdings is interested in joining a chorus of sovereign funds committing capital to Japan-based SoftBank Group’s Vision Fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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