G42, the Abu Dhabi-based artificial intelligence and cloud computing company, has unveiled a new entity that merges three of its key units to focus on delivering AI solutions and services on a national scale.
Core42 – a merger between G42 Cloud, research and development arm Inception and ICT unit Injazat – combines G42's disciplines into a single platform for the public sector and large enterprises, centred on the sovereign cloud, generative AI, cybersecurity, and professional and managed services.
The merger is also expected to attract more capital to Abu Dhabi, which falls in line with the emirate's ambitious digital transformation agenda, Ihsan Anabtawi, executive vice president and chief commercial officer of Core42, told The National.
"We already have these [three G42] group companies plugged into multiple industries that are key to Abu Dhabi. So [Core42] is going to sit at the centre of that," he said in an interview.
Core42 is also looking to bring its services overseas, with an international business agenda to be promoted to governments and other organisations, Mr Anabtawi said.
"A combination of investments, talent, new technologies, infrastructure and R&D will be happening in Abu Dhabi."
The capabilities that Core42 will be bringing to market will also enable its clients to be successful in their digital transformation journey, enabled by AI solutions for the systems that they are to build, said Kiril Evtimov, group chief technology officer of G42 and chief executive of Core42.
In terms of business strategies, companies are "changing their technology road maps and they're making sure that every single feature that they release is AI-driven", Mr Evtimov said.
"They don't even worry so much on the short-term financial impact of their decisions; they view the opportunity and the global race for AI supremacy as a cornerstone."
The UAE has long championed the critical role digital transformation plays in its economy and society, as the country positions itself as a global hub for innovation, with Abu Dhabi leading the way.
The capital's emergence as a regional leader in digital transformation comes following initiatives focused on technologies that include artificial intelligence and the Internet of Things, and the development of smart city initiatives across society, services and the economy.
It also retained its title as the smartest city in the Middle East and North Africa thanks to its digital-first initiatives, Switzerland's International Institute for Management Development's Smart City Index for 2023 showed in May.
Digital transformation is also posing as an enormous opportunity for both economies and businesses that provide related services.
The global digital transformation market is projected to surpass $7 trillion by 2032, from an estimated $752 billion in 2022, growing at a compound annual rate of more than a quarter, latest data from Precedence Research shows.
“In today's dynamic landscape, governments and large enterprises stand at a crossroads, seeking technological prowess to overcome their most formidable challenges. Yet, the limitations of conventional solutions hinder their aspirations," said Peng Xiao, group chief executive of G42.
"Core42 ... is the beginning of a journey towards the realisation of our customers and partners’ most audacious strategic objectives and a testament to the limitless potential of innovation."
The company is being positioned to serve a number of key sectors of the economy, in line with Abu Dhabi's industrial strategies underpinned by technological advancements.
"We operate in multiple sectors – health care, energy, manufacturing, oil and gas, and transportation. So I would say we're sector-agnostic," Mr Anabtawi said.
"We want to bring innovation to as many organisations as we can ... this new entity will be an opportunity for us to contribute to the economic development and ambitions of Abu Dhabi – its modernisation and building a knowledge-based economy."
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
ENGLAND SQUAD
Goalkeepers: Jack Butland, Jordan Pickford, Nick Pope
Defenders: John Stones, Harry Maguire, Phil Jones, Kyle Walker, Kieran Trippier, Gary Cahill, Ashley Young, Danny Rose, Trent Alexander-Arnold
Midfielders: Eric Dier, Jordan Henderson, Dele Alli, Jesse Lingard, Raheem Sterling, Ruben Loftus-Cheek, Fabian Delph
Forwards: Harry Kane, Jamie Vardy, Marcus Rashford, Danny Welbeck
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
The Intruder
Director: Deon Taylor
Starring: Dennis Quaid, Michael Ealy, Meagan Good
One star
Profile of Tamatem
Date started: March 2013
Founder: Hussam Hammo
Based: Amman, Jordan
Employees: 55
Funding: $6m
Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
UAE currency: the story behind the money in your pockets
