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The United Arab Emirates’ G42 technology company will inject $10 billion into other digital businesses such as fintech and computing companies to help them expand.
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The artificial intelligence and cloud computing technology business announced the news in a statement on its website on Thursday, adding that it will launch the investment fund in partnership with the government-backed Abu Dhabi Growth Fund.
The investment fund will be managed by a subsidiary of G42, the statement said, without naming the subsidiary.
Xiao Peng, CEO of G42 Group, said: “We are eager to work with pioneering entrepreneurs who share common core values ​​and ambitions for growth, and we are delighted to be working with ADG to further strengthen Abu Dhabi’s position as a global hub for innovation and progress.” in a statement.
Generous government funding and programs have helped launch innovative tech businesses and have led the United Arab Emirates to a thriving start-up over the past five years, a country that leads the Middle East and North Africa.
According to Forbes’ 2022 ranking, the UAE tops the MENA region’s 50 startups that have raised the most money from investors since inception. A total of 22 start-ups in the UAE have received nearly $1.8 billion in investment since their creation, accounting for more than 60% of the list’s total funding.
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