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Abu Dhabi government has invested in telegram messaging app

The state fund Abu Dhabi, Mubadala Investment Co and Abu Dhabi Catalyst Partners, part of Mubadala, said on Tuesday they had invested a combined $ 150 million in telegram messaging.

Mubadala has invested more than $ 75 million over five years, Telegram Pre-Starting Services (IPO), and Abu Dhabi Catalyst Partner has also invested more than $ 75 million.

“Telegram users have reached a critical level that puts them at the forefront of technology across the globe,” Senior Faris Sohail Faris al-Mazrui said in a statement.

“Telegram has been put in the right place to turn it into a leading technology company in the world.”

Telegram, as well as the Signal of the messaging app, has seen an increase in users this year between private concerns and WhatsApp which is a major rival of WhatsApp.

Launched in 2013, Telegram has over 500 million users a month, according to Abu Dhabi Catalyst Partners.

Telegram, already headquartered in the United Arab Emirates, will open an office in Abu Dhabi following a new investment, Mubadala said.

Abu Dhabi Catalyst Partners is a joint venture between Mbadala and US investment company Falcon Edge Capital.

Mubadala, who owns more than $ 230 billion, is the second largest investor in the UAE after the Abu Dhabi Investment Authority.

Both have invested in technology, and Mubadala donated $ 15 billion to SoftBank’s $ 100 billion Vision Fund in 2017.

Mubadala last year bought a 1.85% stake in the digital unit of Reliance Industries, Jio Platforms, for $ 1.2 billion.

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