Mubadala Capital in Talks to Back Ibrahim Ajami's New Venture Fund

Ibrahim Ajami, Senior Partner & Head of Ventures at Mubadala Capital

Mubadala Capital is in early talks to back a new venture fund from its own head of ventures, Ibrahim Ajami, Bloomberg reported on 28 October 2026. The Financial Times reported the same day that Ajami plans to leave next year to launch the firm, called Noha, targeting about $500 million for its debut fund.

It's a small number by Abu Dhabi standards. But the structure matters more than the size. Instead of keeping its star tech investor in-house, a sovereign-backed manager may seed him to go independent, and keep a seat at the table. For founders and fund managers across the region, that's a model worth understanding.

What we know about the deal

Nothing is final. Both reports describe ongoing talks with no investment decision yet. Here's what has been reported so far:

	Reported details
Fund	Noha, an independent venture firm led by Ibrahim Ajami
Target size	About $500 million for the debut fund
Mubadala Capital's role	Seed capital of several hundred million dollars, still under discussion
Other backers	Expected to co-invest alongside other UAE private capital groups
Focus	Earlier-stage startups, roughly 90% in the US and the rest in the UAE and other markets
Pitch to founders	Access to UAE capital, customers and computing power
Team	Initially a small group from Ajami's San Francisco team
Timing	Ajami expected to leave Mubadala Capital in 2027

Noha would be independent but keep a substantial financial relationship with Mubadala Capital, according to the reports.

The timing is notable. Two days earlier, Apollo agreed to take a minority stake in Mubadala Capital. Apollo and other new shareholders are expected to commit a combined $5 billion to the firm's strategies at initial close, per Apollo's announcement. Mubadala Investment Company stays the majority owner, and the deal is expected to close in Q4 2026.

Who is Ibrahim Ajami?

Ajami is one of the best-known tech investors in the Gulf. He joined Mubadala in 2006 and was a founding member of chipmaker GlobalFoundries. In 2016 he launched Mubadala's ventures platform in San Francisco, and he has since led investments in more than 100 companies, according to his Mubadala Capital profile. His track record includes SpaceX, Waymo and Stripe.

He has also championed the home market. In 2019 he oversaw a $250 million Mubadala commitment to MENA startups and funds tied to Abu Dhabi's Hub71, saying the region had huge untapped potential.

He's known for speaking plainly about the market, too. At the 2023 SALT conference, he said Mubadala was going "on offense" while other investors pulled back, and that founders who once turned down sovereign money were now asking for it. In other words: he knows how to use deep pockets as an advantage when capital is scarce.

Why back a manager instead of keeping him?

It can look odd for an institution to fund the person who is leaving it. But "seeding" a new manager is a well-worn move in private markets, and Abu Dhabi has done it before.

In 2022, Mubadala and ADQ backed former SoftBank executive Rajeev Misra's new $6 billion fund, anchored by the UAE's Royal Group. Apollo itself credited Mubadala with helping to seed and scale several of its strategies in this week's announcement.

For the backer, seeding offers a few advantages:

• Keep the talent close. An independent fund lets a top investor build their own brand and team, while the backer keeps economic ties and deal flow.
• Better access. Early-stage US startups often prefer a nimble, founder-friendly firm over a sovereign institution. Ajami acknowledged in 2023 that Silicon Valley was wary of sovereign money as recently as 2016.
• A share of the upside. Seed investors typically negotiate better fees or a cut of the manager's economics, though Noha's terms haven't been reported.

The move also fits the bigger Gulf picture. Abu Dhabi is pouring capital into AI companies and infrastructure, and Saudi Arabia's Humain has announced a $10 billion venture fund for global AI startups. Noha's pitch of UAE capital, customers and computing power puts it squarely in that race.

What it means for founders in the region

Let's be honest about the headline number: roughly 90% of Noha's money is expected to go to US startups. If you're building in Riyadh, Cairo or Dubai, this isn't a new pot of cash with your name on it (approximately 10% is ear-marked for non-US startups, accounting to just $50M).

But there are three reasons to pay attention:

1. A new bridge between the US and the UAE. Noha's pitch is to bring US startups access to Gulf capital, customers and compute. That traffic can flow both ways: UAE founders with global ambitions may find a lead investor who knows both markets.
2. A blueprint for local fund managers. If Mubadala Capital seeds its own talent to go independent, emerging managers in the region have a clear signal that anchor capital exists for credible teams.
3. More money at the early stage. In Q3 2026, early-stage MENA deals were down 45% year on year while mega-rounds hit a record, as we covered in our Q3 funding analysis. Even a modest regional allocation to early-stage companies helps where the squeeze is worst.

What to watch next

• Final terms. How much Mubadala Capital commits, and on what terms, will show how serious the backing is.
• Who replaces Ajami. His successor will shape Mubadala Capital's ventures strategy, just as Apollo and new shareholders commit $5 billion to the firm.
• The UAE share. Whether the 10% outside the US grows over time, and how many UAE startups make the cut.
• Copycats. If Noha succeeds, expect more Gulf institutions to seed their own investors as independent managers.

The bottom line: Abu Dhabi isn't just writing checks into Silicon Valley anymore. It's backing the people who write them, and building a network that ties US innovation back to the UAE.