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(Bloomberg)–
G42, an Abu Dhabi-based artificial intelligence company, is hiring dozens of people in Asia to scout opportunities for its $10 billion tech fund.
The artificial intelligence and cloud computing company, backed by a key member of the UAE’s ruling family, plans to build teams in Singapore, Jakarta, Shanghai and Tel Aviv to support its 42X fund, according to people familiar with the matter.
The fund will target technology investments in those countries, as well as Saudi Arabia and Egypt, the people said. The people asked not to be identified because the matter is private. The G42 is also considering investment partnerships with several hedge funds, they said.
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The G42’s expansion into Asia comes as Abu Dhabi — one of the few cities in the world that manages more than $1 trillion in sovereign wealth capital — steps up efforts to funnel oil revenues into technology and diversify its economy. The firm, chaired by United Arab Emirates national security adviser Sheikh Tahnoon Bin Zayed, has a business empire that includes investment firm Royal Group and sovereign wealth fund ADQ.
After listing its Bayanat AI Plc unit in October last year, the company is considering at least six IPOs, including G42 Healthcare, Presight.AI and AIQ, the latter of which is a joint venture with UAE National Energy Corp, the people said. A joint venture of Adnoc.
To steer its burgeoning portfolio, G42 formed an investment committee that includes CEO Peng Xiao and chief operating officer Mansoor AlMansoori, the people said. They said they also included Zhang Xiaoping, who took over as chief investment officer after the departure of Tariq bin Hendi last year.
A representative for the G42 declined to comment.
The G42 has been at the center of many national initiatives. It helped facilitate the first overseas production of China’s Covid-19 vaccine, launched the Middle East’s first driverless car trial and was the first Emirati company to open an office in Israel after the normalization of relations between the two countries.
©2023 Bloomberg Intelligence
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