G42 launches a $10 billion technology investment fund
G42 Group, the UAE-based holding company specialized in artificial intelligence and cloud computing technology, announced the launch of an expansion investment fund to promote technological growth globally, worth $10 billion, in partnership with the Abu Dhabi Growth Fund.
The investment fund, which will be managed by a subsidiary of the "G42" group, focuses on accelerating the pace of global innovation by investing in a group of companies in the advanced stages, which feature innovative technologies and possess strong and solid business foundations.
The G42 Expansion Fund acts as a private equity investor within these companies, with a large share of the investment being allocated to regions experiencing significant growth.
In addition to investment support, the group will benefit from its operating assets and system of operating companies to enhance the value provided to the companies that will be included in the fund's investment portfolio.
The Fund places among its investment priorities various technologies that contribute to building and developing the future of the global economy in the coming years, such as computing and communications technologies, smart mobility, environmentally friendly technology and renewable energy sources, digital infrastructure, new materials, virtual worlds, financial technology, and health care, and life sciences.
Peng Xiao, CEO of G42 Group and Chairman of the Investment Committee of the new expansion investment fund, G42, said: “The J42 Group’s journey to date has been culminated in many success stories across various sectors, which have contributed to facing some of the most difficult challenges facing us. With the solid foundations laid by our group's business and the support of our strategic partner, the Abu Dhabi Growth Fund, the next phase of G42's operations will culminate in our ability to enable and unleash promising new ventures around the world.
He added, "The G42 Expansion Fund reflects our endeavors to accelerate and enhance our global footprint by not only providing capital to promising companies, but also by providing unique access to our networks and the administrative and operational assets of our group of companies. We look forward to networking and working with distinguished entrepreneurs who They share our commitment to the same values and principles and have the same ambition for continuous growth, and we are very excited about our partnership with the Abu Dhabi Growth Fund to contribute to the consolidation of Abu Dhabi’s position as a global center for innovation and development.”
Khalifa Al Suwaidi, CEO of the Abu Dhabi Growth Fund and a member of the investment committee of the new expansion investment fund G42, said: “Based on our position as an investment body focused on development, we are pleased to cooperate with the G42 Group, which represents an investment partner characterized by in-depth knowledge of emerging technologies and requirements. operational growth for global growth and value creation.
He added, "The G42 Fund is the most appropriate option for our investment strategy, as it provides support to the innovation and management team within well-regulated companies.
We look forward to collaborating with the G42 Group in line with our ongoing endeavors to support our strategy of building strategic partnerships with investment fund managers that have strong economic foundations, to achieve the best returns in the long term.”
Egon Durban, Co-CEO and Managing Partner of Silver Lake and a member of the G42 Group Board of Directors, said: “The launch of the new G42 investment fund represents an important milestone in the growth of the technology ecosystem in the UAE as a leading driver of innovation and entrepreneurship at the global level. This step positions G42 as a reputable technology group committed to pioneering efforts to develop and provide solutions in the field of artificial intelligence and digital transformation, with the aim of helping companies and governments to meet the most pressing challenges in a responsible and sustainable manner and seize the unique opportunities available to them.”
G42 is developing high-impact technological solutions by utilizing its capabilities in the field of cloud computing and its basic and applied research in the field of artificial intelligence, with the aim of finding solutions to the world's most complex problems, supported by a strong and diversified business portfolio that includes Data Company, G42 Healthcare, and G42 Smart Nation. , G42 Cloud, Achievements, Safe, Precite, and more.
The G42 also collaborates with a growing group of world-class organizations, committed to its mission of providing access to the latest technology to everyone in the world's markets.
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