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Blackstone writes multi-mn-USD check into Abu Dhabi amid war: Blackstone, the world’s largest alternative asset manager, funneled USD 250 mn into a new Abu Dhabi-based fintech for the gaming industry, according to a press release. The move marks the buyout giant’s first inbound private equity investment here at home since the outbreak of the Iran war.
A unicorn from the get-go: The newly formed business, Advanced Digital Gaming Technology (ADGT), is understood to be valued at around USD 1 bn, according to Bloomberg. It was set up under a partnership between Blackstone and Abu Dhabi’s Raya Holding, alongside Las Vegas-based gaming fintechs NRT Technology and Sightline.
The point of ADGT is to provide the B2B infrastructure that connects a player’s money to a regulated gaming operator. It is currently the only licensed platform in the UAE to be able to contract across both physical venues (like Wynn’s USD 3.9 bn gaming resort in Ras Al Khaimah) and online operators.
The ongoing war has not seemed to deter dealmaking activity — specifically M&A and investments — in the UAE just yet, and the likes of Blackstone are doubling down and reaffirming their confidence in the region. “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,” Blackstone’s President and COO Jon Gray said.
Blackstone follows other PE giants like KKR, Carlyle, and Bain, which have shifted from treating the GCC as a source of capital to a place to invest in and build and grow platforms. This is Blackstone’s third major infrastructure play here, following its USD 5 bn logistics platform Glide and its stake in Property Finder last year.
ADVISORS- Kirkland & Ellis, Brownstein Hyatt Farber Schreck, and Alaeddini & Co provided counsel to Blackstone, while Morgan Lewis provided counsel to ADGT.
Zooming out
The UAE has been making strides on the gaming front for a while now, after issuing its national gaming framework in 2024. The General Commercial Gaming Regulatory Authority awarded the UAE’s first lottery license to The Game, as well as vendor approvals for TSCHuxley and Australia’s Aristocrat.
