Blackstone invests US$250 million in UAE despite war disruption

Blackstone has invested US$250 million (HK$1.96 billiion) in Advanced Digital Gaming Technology, a new payments and data intelligence technology platform based in the United Arab Emirates, the asset manager said in a statement on Thursday.

It is the first private equity-backed inbound deal in the Gulf region since the beginning of the Iran war, according to LSEG.

Companies and advisers are trying to proceed with other deals in the Gulf, Reuters reported earlier this month, despite uncertainty around the impact of the war, which started on February 28 when the United States and Israel launched coordinated strikes against Iran.

The conflict has disrupted air travel and shipping, and led to an energy markets shock.

ADGT was set up through a strategic partnership between Blackstone, Abu Dhabi-based investment company Raya Holding, and technology partners NRT Technology and Sightline Payments.

Headquartered in Abu Dhabi, ADGT aims to “support regulated digital markets globally”, Blackstone said. It did not specify when the platform was established.

ADGT will initially focus on deployments across the UAE, the Middle East, Africa, and select international corridors. The firm is the premier payments and compliance technology provider to the UAE commercial gaming market.

“We see significant opportunity to deploy capital at scale in the UAE to build companies that can grow both domestically and internationally, despite near-term headwinds,” said Blackstone President and Chief Operating Officer Jon Gray.

Blackstone has US$1.3 trillion in assets under management and in the UAE it has invested in companies including classifieds platform Property Finder.

Prior to the deal on Thursday, the most recent PE-backed inbound deal in the Gulf region had been VC firm Emergence Capital’s acquisition of Dubai-based automotive AI company AlgoDriven in February.

Reuters