Apollo CEO Marc Rowan says Apollo plans to expand its UAE investment; The National reported a $1 billion-plus purchase of 10% of Mubadala Capital to support the manager’s North American expansion.
The National reported the deal on Oct. 27 and interviewed Rowan in Abu Dhabi. Mubadala Capital is owned by Mubadala Investment Company, Abu Dhabi’s sovereign investor, as EconoTimes previously reported.
Rowan, Apollo’s co-founder and CEO, told The National that the investment fits a strategy of backing asset managers with similar approaches, including firms that compete with Apollo. He described the competition between Apollo and Mubadala Capital as “healthy.” The National reported that Apollo manages more than $1 trillion in assets.
Rowan said Apollo plans to increase its UAE investment. He pointed to regional preparations to spend $1 trillion on infrastructure and alternative routes. Despite conflict in the region, Rowan said he sees less risk in the Gulf than he did a year ago.
The deal comes amid a broader relationship between Apollo and Mubadala Investment Company. The two formed a multibillion-dollar partnership in 2022 and extended it two years ago, CNBC reported. Apollo said the arrangement helps the firms identify companies worldwide for tailored debt or equity financing, according to CNBC. EconoTimes previously covered the proposed stake in an earlier report, before its price and completion were reported.
Rowan also discussed the credit behind AI development, including chip financing and record borrowing by hyperscalers. On public markets, he addressed passive investing’s effect on large-listing prices and Anthropic’s planned $2 trillion IPO. The National reported Rowan’s expectation that a major AI development could eventually lead to regulation. Rowan said short-term political decision-making in the United States was his greatest concern.
