Funds managed by US-based Blackstone have invested $250M in Advanced Digital Gaming Technology (ADGT): a payments and data-intelligence technology company headquartered in the UAE.
This marks Blackstone’s first investment since the onset of the Iran conflict.
ADGT GCC Ties
The investment is a welcome sign of foreign investment in UAE firms irrespective of supply side damage to UAE infrastructure, including oil and gas facilities, by debris from missile and UAV interceptions since the escalation of the US-Israel conflict with Iran on 28 February.
ADGT is a partnership that includes Blackstone, Abu Dhabi-based Raya Holding, and gaming payments firms NRT Technology and Sightline Payments.
International Presence
Operating from Abu Dhabi, ADGT intends to focus initially on deployments across the UAE and extend to the Middle East, Africa, and select international markets.
Jonathan Gray, Blackstone President and COO confirmed the investment: “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. The UAE is a global leader in travel and leisure, with emerging strength in technology, and we are excited to support ADGT to capitalise on these powerful trends.”
ADGT is noted as the only licensed platform in the UAE empowered to engage directly with both land-based venues and online platforms, catering to consumers and operators.
The newly established venture has an estimated valuation of approximately $1B (Bloomberg).
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