Mubadala acquires stake in Abu Dhabi-based AI specialist G42

Abu Dhabi-based sovereign investment company Mubadala has acquired a stake in the artificial intelligence and cloud computing company Group 42 (G42).

By way of this transaction, Mubadala will become a minority shareholder in G42 and will integrate its Injazat and Khazna Data Centre entities into G42.

Injazat and Khazna both homegrown companies that have been a part of Mubadala’s information, communications and technology portfolio over the last decade will now become part of G42’s helping the latter accelerate its cloud business and deliver scalable technology solutions, reported news agency WAM.

We are pleased to announce our investment in @G42ai, an Abu Dhabi based leading AI and cloud company. The investment will see the integration of our home-grown industry leaders, @InjazatUAE and #Khazna into G42’s business.#AI #Cloud #Innovation #DigitalEconomy pic.twitter.com/7D6HxR7UhZ

— Mubadala (@Mubadala) November 2, 2020

Injazat is a cloud and cyber security specialist while Khazna provides organisations with dedicated commercial wholesale data centre solutions.

G42 applies AI, cloud computing, and data analytics in several verticals including healthcare, smart cities, finance, energy, and consumer business.

With G42, both Injazat and Khazna will have access to a global network of partners and complementary capabilities to accelerate their growth and scale.

“For Mubadala, this decision is consistent with our strategy of investing in next-generation technology companies that are poised for substantial growth,” said Mubadala group CEO and managing director, Khaldoon Khalifa Al Mubarak.

“We incubated Khazna and Injazat and invested in them to become leaders in their field. G42 will benefit from their strong operational capabilities and complementary offerings,” added Al Mubarak.

Peng Xiao, CEO of Group 42, said: “We believe Injazat and Khazna’s respective expertise in end-to-end digital and data centre solutions will significantly expand and enhance our product and service offering for our clients, and we welcome them into our ecosystem.”

Recently, the Abu Dhabi National Oil Company (ADNOC) partnered with Group 42 to establish a new joint venture company – AIQ – which will focus on developing and commercializing AI products and applications for the oil and gas industry.

Read: ADNOC and Group 42 launch new AI-focused company in Abu Dhabi

In September G42 became the first UAE company to announce that it would set up an international office in Israel which would focus on healthcare and Covid-19 diagnostic solutions.

Read: Abu Dhabi’s Group 42 becomes first UAE company to announce international office in Israel

The current Phase III trials of the Covid-19 vaccine in the country is being jointly managed by G42 Healthcare along with the Department of Health – Abu Dhabi, the UAE Ministry of Health and Prevention and Abu Dhabi Health Services Company.