Ibrahim Ajami, head of ventures at Mubadala Capital, is leaving to launch a new venture fund called Noha. The fund aims to raise $500 million and will be seeded with a “few hundred million dollars” from Mubadala. Noha will focus on early-stage US startups, particularly in AI, providing access to capital, customers, and computing power from the UAE.
Ajami, a key figure in UAE’s tech investment strategy, has previously backed Elon Musk’s SpaceX, Waymo, and Stripe. The UAE is positioning itself as a global AI hub, investing heavily in infrastructure and AI labs like OpenAI and Anthropic. About 90% of Noha’s investments will target US companies, with the rest going to startups in the UAE and elsewhere.
Source: Financial Times Companies · Summarized by HeadlinesBriefing