HEALTH CARE Abu Dhabi wealth fund and G42 launch tech-focused healthcare company M42
Abu Dhabi’s sovereign wealth fund Mubadala and artificial intelligence company G42 have established M42, a “tech-enabled” healthcare company designed to advance medical research and capabilities in the UAE capital.
M42 – the result of a merger between the healthcare units of Mubadala and G42 that was first announced in October – aims to provide the highest levels of personalised, precise and preventive care. It will manage a wide portfolio of assets, including
Amana Healthcare, Biogenix Labs, Danat Al Emarat, HealthPoint Hospital, the HealthPlus network of speciality centres, Moorfields Eye Hospital Abu Dhabi, the Imperial College London Diabetes Centre, Insights Research Organisation and Solutions, the Omics Centre of Excellence and the National Reference Laboratory.
The launch of M42 is expected to make a meaningful impact in disrupting the global healthcare industry, said Hasan Al Nowais, group chief executive and managing director of the new venture.
“Our vision is to transform lives through innovation by providing personalised and precise patient care.”
Mr Al Nowais is also the chief executive of Mubadala Health.
“We are confident that through our operating companies, M42 will create a future in which dedicated healthcare professionals are empowered by the latest technology to optimise patient outcomes,” he said. “M42 also represents a platform for us to target international expansion and partner with global peers to solve the world’s most pressing healthcare challenges.”
M42 will also consider opportunities for international expansion and partnerships, as well as focus on collaborating with leading researchers and HealthTech ecosystems, it said.
Abu Dhabi aims to become a centre for the global healthcare industry. The UAE capital plans to capture the world’s first population-wide genetic library, work on connected health and build on previous collaborations with pharmaceutical companies Pfizer and AstraZeneca in medical research.
Meanwhile, demand for digital healthcare services continues to grow, with venture capital companies tapping into this by boosting their investments in start-ups. The digital health market is projected to grow by 22.6 per cent to $407.72 billion this year, from $332.53 billion last year, and hit $1.7 trillion by 2032 at a compound annual growth rate of about 20 per cent, Precedence Research data shows.
In August last year, G42 set up a $10 billion fund to invest in emerging technology in highgrowth regions around the globe as it looks to expand its investment portfolio.
In October, Mubadala Health and G42 Healthcare agreed to boost collaboration and find innovative solutions to treat chronic diseases.
“The future of healthcare lies in the incredible, fast-moving advances being made in technology,” said Waleed Al Muhairi, chairman of Mubadala Health and deputy group chief executive of Mubadala, at the time. “We now seek to take patient care to the next level, into a new era of precision and personalised medicine.”
The launch of M42 is expected to make a meaningful impact in disrupting the global healthcare industry