Miguel Cordon · · 1 min readUAE sovereign wealth fund leads $300m round of JD Industrials
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Mubadala, one of the United Arab Emirates’ sovereign wealth funds, said it co-led the US$300 million series B round of JD Industrials, a subsidiary of Chinese ecommerce major JD Group.
The deal was co-led by UAE-based Group 42 through its 42XFund.
Mubadala said the transaction was made through its China Investment Program. Earlier this year, Khaldoon Khalifa Al Mubarak, the fund’s group CEO and managing director, told Bloomberg TV that Mubadala will focus its investments in Asia this year, expecting a “strong recovery” for China’s economy in 2023.
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According to the executive, Mubadala has a seasoned team for investments based in China currently. Other markets on Mubadala’s radar are Indonesia, Japan, Korea, and other Southeast Asian countries.
The investment into JD Industrials also follows major bets by the UAE on Asia-based firms. Group 42’s 42XFund recently acquired a US$100 million stake in TikTok maker ByteDance, while the Abu Dhabi Investment Authority recently injected US$500 million into Indian eyewear unicorn Lenskart.
Editing by Arpit Nayak
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