Fortress Investment Group Eyes Middle East Deals Backed by Mubadala

Fortress Investment Group, a big investment company from New York, is planning to grow its business in the Middle East. The company is supported by Mubadala Investment Company, which is owned by Abu Dhabi. Fortress looks after assets worth $49 billion and now wants to focus on areas like energy, real estate, and finance in the Middle East. Francesco Colasanti, who is the co-head of Europe for Fortress, talked about this plan at a meeting in Abu Dhabi.

Colasanti said that in the past, Fortress did not spend much time looking at investment opportunities in the Middle East. But now, things have changed. He explained that the market in the Middle East has grown a lot and is ready to attract more money from outside investors. He also said that the company is looking at new opportunities because the Middle East’s economy is strong, and it is a good time to invest there.

The Middle East has seen many new companies going public, especially in Dubai, Abu Dhabi, and Riyadh. Governments are helping this happen by making it easier for businesses to grow. Investors are also showing more interest in the region. The rise in oil prices has played a big role in this. In 2022, oil prices went up to almost $140 per barrel because of the war in Ukraine. This helped countries like Saudi Arabia and the UAE, which produce a lot of oil, to grow their economies very fast.

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Earlier this year, Mubadala, which is Abu Dhabi’s big investment company, bought a large part of Fortress. This deal was completed in May 2023. With Mubadala’s help, Fortress is now in a better position to find and use new opportunities in the Middle East. Apart from this, Fortress is also investing in other areas. For example, it invested $100 million in Imagination Technologies, a British company that works on semiconductors, earlier this year. This investment is important because it helps Fortress grow in fields like artificial intelligence, which is becoming more popular.

While Fortress is excited about its plans in the Middle East, Colasanti also spoke about the problems in Europe. He said Europe’s economy is slowing down because of several issues like low growth, political problems, and strict labor laws. He added that Germany, which is usually the strongest economy in Europe, is now facing a slowdown. This slowdown is affecting other countries in Europe as well. France is also struggling with economic and political challenges.

Recent reports from the Organisation for Economic Co-operation and Development (OECD) show that Germany and France will grow slower than expected in the coming year. Germany’s economy is expected to grow by just 0.7%, while France is expected to grow by 0.9%. Colasanti said that Europe can bounce back, but it will need big changes, like better labor laws and smarter ways to attract talented people in industries like technology.

For now, Fortress Investment Group is focusing on the Middle East, where the market is strong and growing. With the support of Mubadala, Fortress plans to explore new opportunities, grow its business, and become even stronger in the global market. The company is ready to use the good conditions in the Middle East to build its future while also managing challenges in other parts of the world.

Dec. 7, 2024 12:21 p.m. 978

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