United Arab Emirates G42 technology company will pump $10 billion into other digital business such as FinTechs and computing firms to help them expand.
The AI and cloud computing technology business announced the news in a statement on its website on Thursday, adding that it will partner with government-backed Abu-Dhabi Growth Fund to launch the investment fund.
The investment fund will be managed by a subsidiary of G42, the statement said, without naming the subsidiary.
“We are eager to engage with trailblazing entrepreneurs who share our core values and growth ambitions, and we are excited to be partnering with ADG to further cement Abu Dhabi as a global hub for innovation and progress,” Peng Xiao, Group CEO at G42 said in a statement.
Generous government funding and programs to help kick-start innovative tech businesses and have led the United Arab Emirates to develop a bustling start-up scene over the last five years, with the country leading the way in the Middle East and North Africa.
According to a 2022 ranking by Forbes, the UAE tops the list of 50 start-ups in the Middle East and North Africa region who have raised the most money from investors since their inception. A total of 22 start-ups in the UAE have secured nearly $1.8 billion in investments from their date of creation, making up more than 60 percent of the lists total funding.