ABU DHABI- Mubadala Ventures, the venture capital arm of Abu Dhabi's state-owned Mubadala Investment Company, plans to launch a $400 million European fund this year to focus on the technology sector, a company executive said on Wednesday.

The venture capital unit is also working with international venture capital funds to invest in Abu Dhabi, Ibrahim Ajami, head of Mubadala Ventures, told reporters at a conference in the emirate.

Mubadala's venture capital arm is replicating its U.S strategy in Europe by launching a $400 million Ventures Fund as well as a fund of funds this year.

The U.S.-based Ventures Fund, announced in 2017, is 30 per cent deployed in U.S firms in sectors such as healthcare, fintech, cyber security and others, he said.

Most investments are in Silicon Valley companies but Mubadala is looking at New York companies too. "We are building the same business in Europe, focused on tech funds and companies," he told reporters.

"We will also be working with international venture funds, inviting them to come to Abu Dhabi to play a role here."

Mubadala plans to create a start-up ecosystem in Abu Dhabi and help start-ups in areas such as blockchain, healthcare, food delivery and automotive mobility.

(Reporting by Stanley Carvalho; Writing by Davide Barbuscia; Editing by Jan Harvey) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))