Microsoft to invest $1.5bn in UAE-based AI firm
Global tech giant Microsoft will invest $1.5 billion in the UAE-based artificial intelligence technology company G42.
As part of the deal, G42 will grant the US firm a minority stake and Brad Smith, Microsoft’s vice chair and president, will join the Emirati firm’s board of directors, according to a press release.
G42 will utilize Microsoft Azure to run its AI applications and services, partnering to deliver advanced solutions to global public sector clients and large enterprises.
Smith said: “Our two companies will work together not only in the UAE, but to bring AI and digital infrastructure and services to underserved nations.”
He added: “We will combine world-class technology with world-leading standards for safe, trusted, and responsible AI, in close coordination with the governments of both the UAE and the US.” The companies will collaborate to bring advanced AI and digital infrastructure to nations in the Middle East, Central Asia, and Africa, ensuring equitable access to services to address critical government and business concerns, while upholding high levels of security and privacy, the release added.
“Microsoft’s investment in G42 marks a pivotal moment in our company’s journey of growth and innovation, signifying a strategic alignment of vision and execution between the two organizations,” said Tahnoon bin Zayed
Al-Nahyan, chairman of G42.
“This partnership is a testament to the shared values and aspirations for progress, fostering greater cooperation and synergy globally,” he added. The agreement also encompasses a $1 billion investment in a fund for developers, which aims to bolster the creation of a skilled and diverse AI workforce, as well as foster innovation and competitiveness for the UAE and the broader region.
“This partnership significantly enhances our international market presence, combining G42’s unique AI capabilities with Micr soft’s robust global infrastructure Together, we are not only expanding our operational horizons but also setting new industry standards for innovation,” said Peng Xiao, group CEO of G42.