Blackstone funds UAE payments company

Funds managed by US-based Blackstone have invested $250 million in Advanced Digital Gaming Technology (ADGT), a payments and data-intelligence technology company based in the UAE.

This is Blackstone’s first investment since the start of the Iran conflict, the asset management company said in a statement.

The UAE’s oil and gas infrastructure, airports, residential and commercial buildings have been hit by falling debris from Tehran’s drones since the US-Israel war on Iran started on February 28.

ADGT has been set up as a partnership between Blackstone, Abu Dhabi-based Raya Holding and gaming payments firms NRT Technology and Sightline Payments.

Based in Abu Dhabi, ADGT plans to initially focus on deployments across the UAE, the Middle East, Africa and select international countries.  

“We see a significant opportunity to deploy capital at scale in the UAE to build companies that can grow both domestically and internationally despite near-term headwind,” Jon Gray, president and chief operating officer of Blackstone, said in a statement.

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The UAE is a global leader in travel and leisure, with emerging strength in technology, he said.

ADGT is the only licensed platform in the UAE that can contract directly with both land-based venues and online platforms for consumers and operators.

The new venture is valued at about $1 billion, Bloomberg reported, quoting unidentified sources.