Abu Dhabi-based artificial intelligence firm G42, backed by a key member of the oil-rich emirate’s ruling family, is setting up a $10 billion fund with a focus on technology investments in emerging markets.
The move comes as Abu Dhabi — a city that’s among the few globally to manage over $1 trillion in sovereign wealth capital — ratchets up efforts to plow oil revenue into the technology sector and diversify its economy. Mubadala Investment Co., an Abu Dhabi wealth fund that owns a minority stake in G42, has itself stepped in to invest in the sector amid a recent rout.
For its part, G42 has been building out its investment team with key hires from Abu Dhabi sovereign funds over the past year. US private equity firm Silver Lake invested in the firm last year and its co-Chief Executive Officer Egon Durban sits on its board. The new fund “is an important milestone in the growth of the UAE’s technology ecosystem,” Durban said in a statement.
Read more: BNN Bloomberg
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