UAE's Mubadala eyes investment in Singapore-Based Princeton Digital

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Updated 29 November 2021
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UAE's Mubadala eyes investment in Singapore-Based Princeton Digital

RIYADH: Sovereign wealth fund Mubadala Investment is looking to invest in Princeton Digital Group Pte as part of the data center operator’s fundraising plans, Bloomberg reported citing people familiar with the matter.

The Abu Dhabi-based firm is likely to become the anchor investor of the round, the people said. However, a final decision has not yet been made as the deliberations are still ongoing.

Singapore-based Princeton Digital has been considering raising about $400 million from investors in a deal that could boost its valuation to about $2 billion, Bloomberg reported in June.

A possible initial public offering could follow, the people said.

Princeton Digital runs 20 data centers in 14 cities across countries including China, Singapore, India, Indonesia and Japan.

It received $360 million in equity investment in 2020 from Canadian pension fund Ontario Teachers’ Pension Plan Board, Bloomberg reported citing the board's website.

Mubadala aims to generate sustainable financial returns for its shareholder, the Government of Abu Dhabi. It is a $243 billion business spanning six continents with interests across multiple sectors and asset classes.

 


Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

Updated 25 January 2026
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Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.

Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.

He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.

La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh. 

Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.

Launching La Fabrique as a space dedicated to artistic creativity

The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally. 

He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.

Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.

Saudi Arabia benefiting from French experience in the cultural field

Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.

This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.

He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.

La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.