Microsoft is poised to further its strategic interests in the burgeoning artificial intelligence sector by investing a substantial sum of $1.5 billion in G42, a tech behemoth based in the UAE that specializes in artificial intelligence (AI). As part of this deal, Microsoft will acquire a minority stake in G42 and a position on the board of directors, with Microsoft Vice Chair and President Brad Smith taking up a board seat. This partnership cements the collaborative relationship between the two companies, furthered by a commitment to accelerate AI skills through a dedicated $1 billion fund intended for developers. The investment and partnership aim to broaden the horizon of Microsoft Azure’s AI solutions across diverse industries within the Middle East, Central Asia, and Africa, and significantly boosts G42’s strategic mission to implement next-gen AI and infrastructural services in critical sectors such as financial services, healthcare, government, energy, and education. A commitment to the responsible development and deployment of these AI solutions is at the heart of this partnership, as assured through a binding agreement with both US and UAE governments. This initiative bears the endorsement of Abu Dhabi’s Sheikh Tahnoon bin Zayed Al Nahyan, who chairs G42, and views the investment as a pivotal moment for the UAE-based AI giant. Microsoft’s tech prowess is further showcased by the availability of Jais, G42’s Arabic Large Language Model, in the Azure AI Model Catalog. The ties between Microsoft and G42 have been strengthening over recent months, with a series of developments since April and September 2023 that include plans for public sector AI solutions, sovereign cloud offerings, and leveraging the Azure public cloud for advanced AI. Seeking to expand its influence beyond the Middle East, G42 has affixed its gaze on Africa, with its CTO referencing intentions to build financial and government service capabilities in addition to nurturing the SME landscape on the continent in the year 2024. This landmark deal underscores a shared vision and a concerted strategy between Microsoft and G42, heralding a cooperative push toward global innovation and progress in AI technologies.
Information Technology, Artificial Intelligence, Financial Services,United Arab Emirates, Middle East, Central Asia, and Africa
https://www.zawya.com/en/business/technology-and-telecom/microsoft-to-invest-15bln-in-uaes-g42-for-a-minority-stake-to-join-its-board-of-directors-e039iiwm