G42 and Microsoft to accelerate UAE’s digital transformation
- 10 Apr 2023
G42 and Microsoft announced their intention to collaborate on the development of the public sector and industry-focused solutions that leverage Microsoft’s partner ecosystem and cloud capabilities. These solutions will benefit UAE organisations to address citizen and customer needs.
Formalised in a memorandum of understanding (MoU) that was signed at G42’s premises, the agreement will allow both organisations to further explore joint business development and marketing opportunities across a variety of areas G42 covers including healthcare, energy, public sector digital transformation, financial services, climate action, and beyond.
G42 Cloud will work closely with Microsoft to enable joint solutions to be developed and deployed securely and in compliance with regulatory requirements.
Naim Yazbeck, General Manager of Microsoft UAE commented, ”Organisations globally, especially in the public sector, are increasingly looking for customised cloud solutions that offer additional choice and flexibility. I am very excited about the potential that collaboration with G42 could bring to the UAE, and I look forward to combining Microsoft’s focus on resiliency, agility, and security with G42s unique capabilities and vision.”
Kiril Evimov, G42’s Group CTO and Chairman of G42 Cloud commented, “G42 is keen to work closely with Microsoft to create a joint value proposition that can not only serve common customers better but importantly, spur innovation and deliver agility for the technical community in the UAE and the region. The broad set of solutions that G42 and our clients have developed, will benefit from the rich ecosystem and global scale that Microsoft provides. Microsoft will similarly benefit from the experience and technical know-how of operating regulated workloads across multiple industries that G42 Cloud is focused on.”
Both companies will be working in the coming months to finalise the development required to ensure regulatory compliance in order to serve customers in the market.
Meanwhile Mansour Ibrahim Al Mansouri, Chairman of the Board of Directors of Presight AI Holding (Presight), two week ago stated that Presight’s IPO is the second initial public offering from G42’s portfolio, after the listing of Bayanat last October, which became the first tech company to be listed on the Abu Dhabi market.
In a statement to the Emirates News Agency (WAM), Al Mansouri said, “The listing of the companies belonging to the G42 group in the Abu Dhabi market constitutes the latest stage in the march of our companies, allowing them to participate in driving the economic growth of the emirate, in addition to enhancing their ability to attract more investments, and helps us achieve our goals and secure sustainable value for shareholders in the long term.”
Asked about Presight’s plans for expansion, Al Mansouri revealed that the company has a promising plan for regional and international expansion and the provision of various solutions to customers around the world in big data and artificial intelligence, adding that the company, since its establishment in 2020, has succeeded in combining the expertise of big data, analytics and AI to enable its customers to make informed decisions, whether in the UAE or globally.
He underscored that the overprescription seen in the Presight IPO reflects investor confidence in the company and its growth prospects, noting that this listing provides an important strategic opportunity for the company to achieve higher levels of growth and continue to make a positive impact through comprehensive AI-powered analytics.
Speaking at the bell ringing ceremony at the Abu Dhabi Securities Exchange (ADX), a G42 official said that, after the great success of the listing of Bayanat and Presight, the group is looking into the listing of other companies, which will be announced during the coming period. The Presight IPO raised a total of Dhs1.822 billion in proceeds, after seeing significant demand from ordinary and professional investors.
Earlier G42, the leading UAE-based AI and cloud computing technology company, launched the $10 billion G42 Expansion Fund, a global technology growth fund formed in strategic partnership with Abu Dhabi Growth Fund (ADG).
The Fund, which will be managed by a subsidiary of G42, is focused on accelerating the pace of global innovation by investing in late-stage growth companies with disruptive technologies and strong business fundamentals.
The G42 Expansion Fund will operate as a private equity investor, with a significant share of investment earmarked for high-growth regions. In addition to providing investment support, G42 will leverage its operational assets and ecosystem of operating companies to accelerate value creation across the G42 Expansion Fund’s portfolio of investments.
The Fund’s investment priorities will span across technologies that promise to shape the global economic landscape in the next decades, such as computing and communications technologies, intelligent mobility, clean tech and renewables, digital infrastructures, new materials, multiverses, fintech, healthcare, and life sciences.
