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Emirati AI firm G42 launches $ 10 billion investment fund
An artificial intelligence company in the UAE announced a new investment fund on Thursday.
G42 launched its $ 10 billion G42 expansion fund with the Abu Dhabi Growth Fund. The fund will invest in “advanced growth companies” in the following sectors, according to a press release:
- informatics
- smart mobility
- renewable energy and green technology
- digital infrastructures
- new materials
- the multiverse
- financial technology, aka fintech
- health care
- Life Sciences
G42 is an artificial intelligence and cloud computing company founded in 2018 by ADQ, which serves as a sovereign wealth fund for Abu Dhabi. The Abu Dhabi government also owns the Abu Dhabi Growth Fund.
“This will support the growth of our technology ecosystem, foster innovation, and develop the industries of the future”, said UAE Foreign Trade Minister Thani Al Zeyoudi on Twitter on Friday.
Because matter: The UAE is prioritizing the development of artificial intelligence to diversify its economy and reduce dependence on oil. Entities in the Emirates have taken several steps towards this goal this year. In March, the Dubai International Financial Center launched a license for artificial intelligence and coding.
In July, the Emirati government announced several incentives to relocate digital businesses to the Gulf state. The move specifically targeted AI-focused companies.
Learn more: Some of the sectors the G42 will invest in are already gaining momentum in the UAE. Emirati companies have launched numerous renewable energy projects this year. Masdar of Abu Dhabi has recently agreed to develop wind and solar energy projects in Tanzania. Several fintech companies have also moved to Abu Dhabi this year.
