Abu Dhabi's Mubadala Capital closes $1.6bn for private equity Fund III 

Mubadala said its Fund III was focused on direct investments in North America and Europe across core sector areas. (HO)
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Updated 18 August 2021
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Abu Dhabi's Mubadala Capital closes $1.6bn for private equity Fund III 

  • Investments areas include media, sports and entertainment and consumer services

RIYADH: Abu Dhabi's Mubadala Capital, the asset management subsidiary of Mubadala Investment Company, part of the UAE sovereign wealth fund, has closed its third Private Equity fund, MIC Capital Partners III (Fund III), with total commitments of $1.6 billion, surpassing its initial target, WAM reported.

Fund III raised capital commitments from new and existing investors, including leading pension plans, endowments, insurance plans, government institutions, family offices and private equity firms across North America, Europe, the Middle East and Asia.

Mubadala said its Fund III was focused on direct investments in North America and Europe across core sector areas, including media, sports and entertainment, consumer and food services, financial services and industrials and business services.

The Fund III consists of approximately $1.4 billion of investments across nine high-quality assets, while Mubadala Capital manages $9 billion of assets in third-party managed funds across its private equity, public equities, venture capital and Brazil businesses, and is the first sovereign wealth fund to manage third-party capital on behalf of other institutional investors.  

"We began our Private Equity investment practice 13 years ago. The closing of Fund III represents a major milestone for the Private Equity team and for Mubadala Capital," Adib Mattar, Head of Private Equity at Mubadala Capital said.

"To have the opportunity to partner with a group of leading institutional investors from across the world is both a privilege for us and a meaningful vote of confidence by the market in our ability to originate compelling new investment opportunities, partner with leading management teams and create value across our portfolio in order to continue delivering strong risk-adjusted returns to our investors," he said.

 


‘Future cities will be built for visitors, not just residents,’ Saudi tourism minister tells Arab News

Updated 10 November 2025
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‘Future cities will be built for visitors, not just residents,’ Saudi tourism minister tells Arab News

RIYADH: Saudi Arabia is positioning itself at the forefront of the global travel evolution by designing destinations that will target the tourists of the future, the Kingdom’s tourism minister has said.

Ahmed Al-Khateeb added that sustainability would serve as the guiding principle behind Saudi Arabia’s role in tomorrow’s global travel landscape.

Travelers’ habits and the tourism industry’s revenue sources have shifted dramatically in recent years, he told Arab News in an interview.

“People used to travel in groups. Today, they are traveling in smaller groups. Hotels used to make most of their revenues from rooms — now, they are making more from lounges and restaurants.”

And younger generations, empowered by technology, are also redefining how travel is planned and experienced, Al-Khateeb added. “They are driving their own itineraries on the go, which puts pressure on traditional travel companies that once organized large group trips. We are witnessing big shifts in the global travel market.”

Among the world’s fastest-growing tourism markets, China and India are reshaping international travel flows. “China has become the most important source market for outbound travelers, while India is expected to double its number of travelers in the coming years,” the minister said. “This opens a major opportunity for the Middle East — and Saudi Arabia in particular — to emerge as a top destination for international tourists.”

Since 2019, Saudi Arabia has recorded the fastest tourism growth among all G20 nations, said Al-Khateeb. “We have a very strong domestic market and a very strong religious market. Now, we have opened our doors for leisure, business and holiday travelers — whether they seek the Red Sea coast, the southern mountains, our major cities or our beautiful islands.”

Yet the Kingdom’s long-term vision for tourism extends far beyond the present, with destinations being built to serve both visitors and residents sustainably, he added.

“In the 1950s and 1960s, cities were built for residents,” Al-Khateeb said. “Today, in places like Greece, visitors outnumber residents three to one. The cities of the future must be designed for visitors as well — and that’s what we are doing in Saudi Arabia.”

Sustainability has become a non-negotiable element of all tourism development in the Kingdom, he added. “In the last two decades, sustainability has become extremely important. As we build new destinations like the Red Sea, we are fully aligned with sustainability regulations. Whatever we build today is environmentally friendly, ensuring not only environmental, but also social and economic sustainability.”

This principle lies at the heart of Vision 2030’s tourism transformation: “Sustainability is at our forefront whenever we build or operate any new destination,” he added.