Mubadala acquires a stake in the “G42” group – the economist...

Mubadala acquires a stake in the “G42” group – the economist...
Mubadala acquires a stake in the “G42” group – the economist...

Mubadala Investment Company today announced its investment in the Abu Dhabi-based G42 group, which specializes in artificial intelligence and cloud computing.

According to the agreement, Mubadala’s “Injazat” Company and “Khazna” Company for Data Center “Khazna” will join the “G42” group to enhance its technical capabilities.

Injazat and Khazna are among the leading local companies in the technology sector. Mubadala has worked to develop them over the past decade under the umbrella of its information and communication technology sector.

The two companies will contribute to revitalizing the G42’s cloud technology business and enhancing its ability to provide comprehensive technological solutions as well as developing the skills of national cadres and local capabilities.

His Excellency Khaldoon Khalifa Al Mubarak, Chairman of the Executive Affairs Authority, CEO of the Group and Managing Director of Mubadala Investment Company, said that this step is in line with our strategy to invest in the new generation of technology companies, which is expected to achieve significant growth during the coming period.

The G42 Group enjoys a distinguished reputation as a pioneer in the field of technology, providing solutions to many vital areas, including healthcare, smart cities, data and energy analysis.

Al Mubarak added, “We have been keen to develop the two companies,” Khazna “and” Injazat “, to become leaders in their fields, and the” G42 “group will benefit from their operational capabilities and distinguished cadres in their continuous efforts to achieve more achievements in a number of key sectors.”

In turn, Peng Xiao, CEO of G42 Group, said: “We welcome Injazat and Khazna companies within our system, and we are confident that their expertise in the field of integrated digital and data center solutions will contribute to improving and expanding the range of our products and services provided to our customers.”

“This agreement reflects the continuous efforts of the G42 Group to provide advanced solutions in the region using artificial intelligence techniques, and we look forward to benefiting from the expertise that Mubadala will provide to our organization, as it has established and developed these two thriving companies and a number of other companies,” he added.

Injazat is a leading company in the region in the field of digital transformation, cloud technology and cybersecurity for businesses. Khazna provides specialized business solutions to companies in the field of data centers with high capacity to meet the growing needs of data center operations in the United Arab Emirates.

Under the agreement, Mubadala will become the owner of a minority stake in the G42 group.

Through this acquisition, the G42 Group aims to complement its portfolio of solutions and leverage its unique expertise in data analytics and artificial intelligence technologies to provide ground-breaking products to its client group.

Through the “G42” group, “Injazat” and “Khazna” will be able to access a global network of partners and a set of capabilities that will enable them to accelerate their growth and expand their reach.

The G42 Group applies the capabilities of artificial intelligence, cloud computing, and data analysis to a number of sectors that include healthcare, smart cities, finance, energy and the consumer sector.

It is worth noting that the “G42” group has played a major role in improving health care services, as it put its supercomputer “Artemis” in the service of a national program launched by the Abu Dhabi Department of Health, which aims to decode the human genome in order to improve health care for patients.

Artemis ranks 31st in the list of the 500 best computer systems in the world, and the group recently contributed to the UAE’s efforts to combat the Covid 19 virus, by playing a leading role in implementing advanced diagnostic and testing programs and implementing the third phase of clinical trials for a vaccine for the virus.

Today’s announcement comes as part of the G42 Group’s efforts to expand its growing technology portfolio. In January 2020, the company announced the acquisition of Bayanat, a comprehensive and specialized geospatial data services and products provider.

In September 2020, the “G42” group became the first company based in the UAE to open an office in Israel, after the signing of the “Abrahamic Agreement”.

The group continues to maintain its leadership position in the field of basic and applied research that contributes to harnessing artificial intelligence and its applications to solve complex problems in various fields.

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