June 13, 2024

ADFD supports AI Industries boosting UAEs global stand in Advanced Technology

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His Excellency Mohammed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development and Chairman of the Exports Executive Committee of the Abu Dhabi Exports Office, led the delegation. Image Courtesy: Abu Dhabi Fund (ADFD) for Development

In a bid to boost the UAE’s standing as a global hub for advanced technology, a delegation from the Abu Dhabi Fund (ADFD) for Development and the Abu Dhabi Exports Office (ADEX) recently visited the Abu Dhabi-based artificial intelligence and cloud computing technology holding company, G42.

Industry sources added that the delegation discussed the joint strategic cooperation and explored ways to enhance the Fund’s role in enabling national industries to expand their horizons in global markets and achieve competitiveness on a global level.

His Excellency Mohammed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development and Chairman of the Exports Executive Committee of the Abu Dhabi Exports Office, led the delegation, which included Rashid Al Kaabi, Director of ADFD’s Investments Department; and Khalil Al Mansouri, Acting Director General of the Abu Dhabi Exports Office. The ADFD-ADEX delegation was received by Peng Xiao, Group Chief Executive Officer of G42, Talal Al Kaissi, Chief Executive Officer of G42 Cloud, and Thomas Pramotedham, CEO of Presight AI.

H.E. Al Suwaidi lauded the pioneering role played by G42 in the field of advanced technology, highlighting the significance of the national private sector in supporting the economic development process in the UAE. The visit was aimed at strengthening the cooperation between the two parties and taking advantage of ADFD’s offerings to support Emirati companies operating in the AI sectors and expand their reach in global markets, thereby reinforcing the country’s position as a global technology hub.

Mr. Xiao, emphasized the importance of the visit by the ADFD and ADEX delegations to the company. The meeting was an opportunity for G42 to introduce its various businesses to the delegates and showcase its expertise in driving digital transformation locally and internationally to further solidify UAE’s position as a global hub for innovation.

Mr. Al Kaissi, said “We very much appreciated the visit by ADFD and ADEX who have been strong proponents of encouraging UAE companies such as G42, to reach beyond our borders, and de-risk many of the elements associated with international expansion. This in turn allows us to export our offerings to different markets with meaningful enablement technologies and digital transformation. Furthermore, their support, provides us with a unique opportunity to tap into the financing options offered by the fund, empowering Emirati companies to enhance their global standing and competitiveness.

In February 2023, ADEX, the export financing arm of ADFD, inked a financing agreement for the National Transformation Program of Digital Angola 2024 with the Angolan government worth AED330 million. The deal includes the provision of a digital platform, and big data analytics solutions delivered by Presight.ai and supported by G42 Cloud.

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