Investor mania for SPACs is accelerating in the oil-rich Gulf, where Abu Dhabi sovereign fund Mubadala is poised to launch two blank-check companies and a Dubai-based asset manager is raising $200 million to target mergers with companies in the Middle East, the Financial Times reports.
Regional financiers have for months been planning an expansion into the booming market for SPACs. Mubadala Investment Company had been approaching potential investors for two SPACs focusing on technology and healthcare, said people briefed on the meetings. The roadshow comes as Mubadala, which had record profits and growth through 2020, reorients its core areas of investment away from petrochemicals and manufacturing toward new industries, such as technology, healthcare and infrastructure. Read more.