Saudi Arabia's Ambition to Become Regional Data Hub
5 october, 2022
Abu Dhabi-based artificial intelligence company G42 is creating a $10 billion fund aimed at investing in technology in emerging markets. Its sponsors include Mubadala Investment Co. and Silver Lake.
The fund will be set up in partnership with the Abu Dhabi Growth Fund, which was established by state-controlled ADQ last year. It will be managed by G42 and will invest in companies that are in the late stages of growth and have disruptive technologies in various spheres, such as communications, smart mobility and renewable energy and healthcare, acting as a private equity investor.
The creation of the fund is linked to the policy of Abu Dhabi, which is intensifying the diversification of its economy by redirecting oil revenues to the technology sector.
G42 operates in areas such as energy, healthcare and autonomous vehicles, and was the first overseas producer of a vaccine from China's Sinopharm. It was also the first Emirati company to open an office in Israel. It was also the first to test autonomous vehicles in the Middle East.
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