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Saturday, December 9, 2023

Abu Dhabi’s G42 and Israeli firm Viola team up for new tech investments


DUBAI: Abu Dhabi-based artificial intelligence firm G42 and Israeli technology investment firm Viola Group, which manages $5 billion in assets, announced a joint venture, Global Valley, on Thursday to build a new platform to meet the demand for highly skilled technical talent.

Global Valley, headquartered in the UAE capital, will hire professional technicians from around the world to provide various services and help develop Abu Dhabi’s local technology sector, a statement from the Abu Dhabi Investment Office for the project said.

The statement did not provide figures for the value of investments by any of the parties involved.

ADIO is a government vehicle with a mandate to expand private sector investment in the emirate and help diversify the economy.

Abdulla Abdul Aziz AlShamsi, director general of ADIO, said: “In our view, technology will become a functional industry related to infrastructure, and we can build everything from the healthcare industry to financial services to tourism.”

“Creating this cluster in Abu Dhabi is the foundation that the future economy needs. We are looking to diversify Abu Dhabi’s economy and we want and are developing more platforms for growth. We want to provide opportunities for people in every industry, ” Shamsi told Reuters.

Trade and investment relations between the UAE and Israel have continued to grow since the signing of the Abraham Accords in 2020 establishing diplomatic relations.


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