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Abu Dhabi's government-owned development fund is betting on U.S. technology in a multibillion dollar spending plan that will see it partnering with Saudi Arabia and competing against other oil-rich neighbors like Qatar. Mubadala Investment Co. wants to expand investments in technology companies in the U.S. after opening a Silicon Valley office last week, CEO Khaldoon al-Mubarak said in an interview with Bloomberg TV in Riyadh Tuesday. The office, which Mubadala opened just six months after deciding it needed a U.S. base, represents a break with the company's strategy to center operations in Abu Dhabi.The United Arab Emirates, of which Abu Dhabi is the capital, holds about 6 percent of global oil reserves.The U.S. office will help manage Mubadala's $15 billion commitment to SoftBank Group Corp.'s Vision Fund.At the same time, Mubadala is weighing its first investments in Saudi Arabia together with the kingdom's sovereign fund and is considering projects in technology, real estate and industry there, according to Mubarak. Saudi Arabia is "a tremendous market" and Mubadala is exploring investments with the PIF, he added.
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