Mubadala Investment Company made an investment in a French healthcare technology company through its €400 million (Dh1.65 billion)venture capital fund, the first investment the tech fund has made in France.
An $18m (Dh66.1m) investment was made in Owkin, a company that applies federated learning techniques to medical research, according to a company statement. Federated learning is a form of decentralised machine learning.
The amount invested is part of a larger $70m Series A funding round led by the company, with other investors including Bpifrance, Cathay Innovation, MACSF (a French pension fund for doctors), GV, F-Prime Capital, Eight Roads, Frst, and NJF Capital.
“Owkin is creating an efficient, global network to connect the medical research ecosystem, enabling pharmaceutical companies to access research-quality datasets in order to improve their R&D processes," said Ibrahim Ajami, head of ventures at Mubadala. "Owkin has everything we look for in a company, including a strong team solving a large and complex problem and pioneering technology."
Owkin said the money would be used to accelerate the federation of its research ecosystem, connecting clinicians and the pharmaceutical industry "at an unprecedented scale".
The company's platform connects data scientists, clinicians, academic researchers, and pharmaceutical companies using AI technologies. Owkin said that its system changed the way traditional medical research operated from a siloed, disjointed system into a more connected one, while still safeguarding patient privacy.
“We are changing the world of medical research by breaking down silos and augmenting research capabilities," said the company's chief executive, Thomas Clozel. "Numerous discoveries of new multimodal biomarkers and disease mechanisms are changing how pharmaceutical companies approach drug development and how clinicians design treatment plans for patients.”
The funding gives the company "the resources and the partners to position itself as a clear leader in the field of AI for biomedical research", Mr Higueret said.
In February, Mubadala announced that it will invest €1 billion in a French investment fund that will be managed by the country’s national investment bank, Bpifrance. The LAC I fund aims to raise €10bn that will be earmarked for investments in about 15 listed companies taken from a large pool of France’s leading corporations over the next decade.
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Uefa Champions League semi-finals, first leg
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When: April 24, 10.45pm kick-off (UAE)
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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