Abu Dhabi artificial intelligence company Presight and investment firm Shorooq have launched a global fund aimed at "uniting" capital and expertise for AI start-ups.
The $100 million Presight–Shorooq Fund I, which will be hosted by Abu Dhabi's financial hub ADGM, will focus on investments in key AI technologies and aims to attract global entrepreneurs, Presight said on Tuesday in a filing to the Abu Dhabi Securities Exchange, where its shares are traded.
The fund, which seeks to "bridge" the East and West, is expected to expand the UAE's innovation and talent pool, it added.
Mansoor Al Mansoori, vice chairman of Presight, said the new fund is "ushering in a new era [for] the most promising AI start-ups".
“Abu Dhabi stands at the forefront of global AI innovation, and the world increasingly looks to the UAE as a trusted leader in AI development and deployment. The Presight–Shorooq Fund is a strategic extension of this vision," he said.
The fund aims to identify entrepreneurs from around the world and grant them access to the UAE's resources, given its role as a gateway to international markets and customers, said Thomas Pramotedham, chief executive of Presight.
"This combination of funding, infrastructure and distribution channels is designed to give AI companies the edge they need to scale quickly and responsibly, and that is the unique value proposition," he added.
The UAE continues to diversify its economy, focusing on technology-powered sectors.
Abu Dhabi in particular has made a flurry of moves to advance its technology sector amid the AI boom, with initiatives such as the 1-gigawatt Stargate data centre that will be built in the UAE capital.
This has opened up opportunities for companies and individuals to tap into the technology's potential, contributing to a wider strategy tipped to shape future innovations and encourage more entrepreneurship.
"We are not just launching a fund; we are reinforcing to the world that the Middle East is a driving force in the AI revolution," said Mahmoud Adi, founding partner of Shorooq.
Presight, which was listed on the ADX in 2023, reported a nearly 8 per cent rise in second-quarter net profit attributable to shareholders, to reach Dh77 million ($21 million).
The company this year also launched a joint venture with the UAE Central Bank to build sovereign AI platforms for payments, central bank digital currencies and real-time settlement systems.
Shorooq, an alternative asset manager, has more than 80 portfolio companies across the region, according to its website.
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
UAE currency: the story behind the money in your pockets
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The biog
Name: James Mullan
Nationality: Irish
Family: Wife, Pom; and daughters Kate, 18, and Ciara, 13, who attend Jumeirah English Speaking School (JESS)
Favourite book or author: “That’s a really difficult question. I’m a big fan of Donna Tartt, The Secret History. I’d recommend that, go and have a read of that.”
Dream: “It would be to continue to have fun and to work with really interesting people, which I have been very fortunate to do for a lot of my life. I just enjoy working with very smart, fun people.”
Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
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Abu Dhabi World Pro 2019 remaining schedule:
Wednesday April 24: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-6pm
Thursday April 25: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-5pm
Friday April 26: Finals, 3-6pm
Saturday April 27: Awards ceremony, 4pm and 8pm
UAE v Ireland
1st ODI, UAE win by 6 wickets
2nd ODI, January 12
3rd ODI, January 14
4th ODI, January 16
