UAE to strengthen its position as a global hub for advanced technology

In a bid to strengthen 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 (AI) and cloud computing technology holding company, G42.

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.

Mohammed Saif Al Suwaidi, ADFD Director-General and Chairman of ADEX Exports Executive Committee, led the delegation, which included Rashid Al Kaabi, Director of ADFD’s Investments Department; and Khalil Al Mansouri, Acting Director-General of the ADEX. 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.

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.

Xiao emphasised 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.

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.

Meanwhile a delegation of the Abu Dhabi Fund for Development (ADFD) and the Abu Dhabi Exports Office (ADEX) visited the headquarters of Mark Cables as part of a series of field visits to national institutions in the country. The purpose of the visit was to expand strategic cooperation with Emirati companies operating in vital sectors, in line with the national strategy to support exports.

The delegation was led by Mohamed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development and Chairman of the Executive Committee of the Abu Dhabi Exports Office. It included Rashid Al Kaabi, Director of the Fund’s Investments Department; and Khalil Al Mansoori, Acting Director General of the Abu Dhabi Exports Office.

The two parties discussed the importance of unifying their efforts, studying opportunities to enhance access to global markets for national goods and products, and examining the advantages of financing provided by ADFD. The goal is to raise Emirati companies’ competitiveness abroad.

During the visit, the delegation was briefed about Mark Cables’ advanced capabilities in manufacturing cables, sustainable power adapters, and environmentally friendly lighting lamps. The company expressed appreciation for the role of ADFD and ADEX in providing credit facilities to expand its export business.

The Abu Dhabi Fund is committed to contributing to the national economy’s development in line with the UAE government’s policy of economic diversification. It provides capabilities to strengthen the national private sector, competitive financing to Emirati exporters, and support for their products to reach various countries worldwide through ADEX.

Abu Dhabi Exports Office (ADEX), the export-financing arm of the Abu Dhabi Fund for Development (ADFD), participated in the TXF Mena conference for the second consecutive year, affirming its commitment to exploring all feasible ways to fortify and extend the UAE’s export capabilities.