34.2 C
Friday, June 2, 2023

Qatar, UAE aim to invest in NBA: Report – Doha News

Representatives of Mubadala and QIA made no official comments, but the news comes amid a growing desire in the Gulf to diversify global portfolios.

Qatar The United Arab Emirates is said to be considering buying a minority stake in an NBA team, according to reports.

Ahead of the NBA playoffs, sources close to Abu Dhabi’s Mubadala Investments and the Qatar Investment Authority (QIA) said sovereign fund Currently looking for potential teams.

Representatives of Mubadala and the QIA did not make any official comment, but the news comes as Gulf concerns over Diversified global portfolio.

The NBA is one of the most prestigious sports leagues in the world, with 30 teams and a combined value of $90 billion, according to figures compiled by Sportico.

Given the NBA’s changing stance on local and overseas investments, both parties may have legitimate ownership Qatar Or Abu Dhabi.

In December, the league voted to allow sovereign wealth funds to buy stakes in NBA teams.

“The NBA Board of Governors recently decided to allow institutional investors to make direct, passive investments in NBA teams,” NBA spokesman Mike Bass said in a statement.

“All such investments are subject to league review and NBA board approval,” Bass added.

The globalization of the NBA has grown over the past few years, with Indian-born businessman Vivek Ranadive and Russian billionaire Mikhail Prokhorov becoming the basketball league’s latest international owners.

David Hopkinson, executive vice president of Madison Square Garden Sports (MSGS), said he is eyeing a minority stake in the New York Knicks.

The Knicks, the second most valuable recent NBA team, may be an option for SWFs to enter the NBA’s door.


Last month, a senior official said the Qatar Investment Authority was looking at opportunities in venture capital, fintech, sports and sustainable development.

during an interview Bloomberg QIA Chief Executive Mansoor Al Mahmoud said on Davos television that the Gulf nation’s wealth fund was eyeing investments in Europe, Asia and the United States, targeting various industries.

“This is a challenging time. Inflation is a major talking point in the global economy,” he said.

“We saw this as an opportunity to reposition our portfolio. We highlighted weaknesses in our portfolio and we waited for such corrections in the market to compensate for our weaknesses.”

Al Mahmoud said the fund was also considering investing in sports following Qatar’s successful hosting of the World Cup, but had not yet decided whether to proceed with any particular investment.

“It was a very business-driven decision,” he said. “Sports is also becoming a very important theme; people are more involved in sports and digitalization makes it more attractive for investors.”

Source link

Related Articles

UAE discusses boosting fish wealth

Climate Change and Environment Minister Mariam bint Mohammed Almheiri recently chaired the first meeting of the Supreme Council for the Exploitation, Conservation and...

MoAIT, Mashreq join forces to launch $272.2 million fund to boost UAE’s industrial sector

The Ministry of Industry and Advanced Technology (MoIAT) has signed a Memorandum of Understanding (MoU) with Mashreq, one of the UAE's leading financial...

UN document: UAE keeps activist behind bars after sentence ends

GENEVA, June 2 (Reuters) - The United Arab Emirates has arbitrarily detained more than a dozen human rights activists who have served their...

New cohort of nuclear energy professionals certified by FANR

The Emirates Nuclear Energy Corporation (ENEC) follows the UAE's leading approach to developing national talent to ensure the sustainable success of its civilian...

Latest Articles