Abu Dhabi-listed group doubles down on global technology investments after its previous Alpha Wave fund records AED 3.4bn in unrealised gains.
Alpha Dhabi Holding has committed $1 billion (AED 3.67 billion) to a new global artificial intelligence fund, extending a technology investment strategy that has lifted the reported value of its earlier Alpha Wave stake to AED 14.3 billion ($3.9 billion).
The Abu Dhabi-listed company signed an agreement to invest in Alpha Wave III, managed by Alpha Wave Global, targeting AI and high-growth technology businesses worldwide.
The move follows Alpha Dhabi’s AED 9.2 billion commitment to Alpha Wave Ventures II in 2022, which provided indirect exposure to OpenAI, SpaceX and Anthropic.
By June 2026, the earlier investment had reached a reported net asset value of AED 14.3 billion, with AED 3.4 billion in unrealised fair-value gains during the first half and a disclosed investment multiple of 1.6 times.
The group reported first-half net profit of AED 9.8 billion, up 48% year-on-year, underscoring the growing financial significance of its investment portfolio.
Alpha Dhabi plans to finance the new commitment using cash distributions from its earlier fund and existing resources, deploying capital gradually through fund capital calls.
The central question for investors is whether substantial paper gains from AI investments can translate into sustainable cash returns, particularly as technology valuations and exit
opportunities remain uncertain.
The commitment remains subject to applicable approvals.
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