Mubadala Investment Company is integrating two of its technology portfolio companies into Group 42 to take a minority stake in the artificial intelligence and cloud-computing firm.
Injazat and Khazna Data Centers (Khazna) – part of Mubadala’s information, communications and technology portfolio – are being acquired by G42 as part of the deal, Mubadala said in a statement on Monday.
“This decision is consistent with our strategy of investing in next-generation technology companies that are poised for substantial growth,” Mubadala group chief executive and managing director, Khaldoon Al Mubarak, said.
“G42 is highly respected as a technology leader, with a broad portfolio covering major areas including healthcare, smart cities, analytics and energy.”
Mubadala has incubated Khazna and Injazat over the past decade to become leaders in their field, and G42 will benefit from their operational capabilities and complementary offerings, Mr Al Mubarak said.
The deal will help G42’s technology capabilities, accelerating its cloud business and its ability to deliver scalable technology solutions, Mubadala said.
“These are two great technology entities, and this agreement reflects G42’s continuous effort to deliver cutting-edge, AI-enabled solutions to the region,” Peng Xiao, chief executive of G42, said. “We are looking forward to the expertise Mubadala brings to our organisation, having founded and grown not only these two thriving companies, but also other complementary businesses.”
Injazat is among regional market leaders for digital transformation, cloud and cyber security. Khazna provides organisations with dedicated commercial wholesale data centre solutions.
The deal is G42’s latest as it looks to expand its technology portfolio. In January, the company acquired Abu Dhabi-based Bayanat, an end-to-end geospatial data products and services provider.
The company has also formed a joint venture with Abu Dhabi National Oil Company last month to develop and commercialise AI products and applications for the oil and gas industry.
The JV entity AIQ, which is 60 per cent owned by Adnoc, combines AI modelling and supercomputing with Adnoc's oil and gas industry expertise and a vast amount of data, Adnoc said in an October 7 statement.
G42, which owns and operates Artemis, the world’s 26th-most powerful supercomputer became the first UAE-based company in September to establish an office in Israel, following the signing of the Abraham Accord.
The new office will allow it to access technologies and talents available in Israel and assist Israeli companies to expand their operations in the Middle East region.
Group 42 will focus on areas related to healthcare, Covid-19 diagnostic solutions, artificial intelligence, smart cities, renewable energies, agri-tech and water supply solutions, state news agency Wam said at the time.
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
The view from The National
U19 WORLD CUP, WEST INDIES
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Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly, Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya Shetty, Kai Smith
Mohammed bin Zayed Majlis
A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
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