Blackstone invests $250 million in UAE despite war disruption

DUBAI, March 26 (Reuters) - Blackstone ‌has invested $250 ​million in ​Advanced Digital Gaming Technology, a new payments and data intelligence technology platform based in the United Arab Emirates, ‌the asset manager said in a statement on Thursday.

It ⁠is the first private equity-backed inbound deal in the Gulf region since the beginning ‌of the Iran war, according ‌to LSEG.

Companies and advisers are trying to proceed with other deals in the Gulf, Reuters reported earlier this month, despite uncertainty ​around the impact of the war, which started on February 28 when the United States and Israel launched coordinated strikes ⁠against Iran.

The conflict has disrupted air travel and shipping, and led to an energy markets ​shock.

Here are some details:

* ADGT was set up through a strategic partnership betweenBlackstone, Abu Dhabi-based investment company Raya ​Holding, andtechnology partners NRT Technology and Sightline ‌Payments. * Headquartered in Abu Dhabi, ADGT aims to "supportregulated digital markets globally", Blackstone said. It did notspecify when the ⁠platform was established. * ADGT will initially focus on deployments across the UAE,the Middle East, Africa, and select international corridors. Thefirm is the premier payments ⁠and compliance technology providerto the UAE commercial gaming market. * “We see significant opportunity to ​deploy capital at scalein the UAE to build companies that can grow both domesticallyand internationally, despite near-term headwinds," saidBlackstone President and Chief Operating Officer Jon ‌Gray. * Blackstone has $1.3 trillion in assets under managementand in the UAE it has invested in companies includingclassifieds ‌platform Property Finder. * Prior to the deal on Thursday, the most recent ⁠PE-backedinbound deal in the ‌Gulf region had been ​VC firm EmergenceCapital's acquisition of Dubai-based automotive AI companyAlgoDriven in February.

(Reporting by Reuters, editing by Anousha Sakoui and ‌Barbara Lewis)

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