Microsoft Invests $1.5 Billion Into AI Firm in the UAE

cryptonews.com:

Microsoft invested $1.5 billion into G42, an artificial intelligence (AI) company based in the United Arab Emirates (UAE). This was disclosed on April 16 as part of the Microsoft AI investment plans to expand and strengthen its position in the AI industry.

Microsoft announced its latest investment in AI via an official press release. The investment builds on a partnership between the two companies while granting Microsoft a minority stake in G42. Additionally, Microsoft Vice Chair and President Brad Smith will join the G42 Board of Directors.

.@Microsoft's investment in @G42ai will enhance the UAE’s position as a leading #AI hub and provide digital infrastructure and services to help underserved nations innovate and grow. We will combine world-class technology with world-leading standards for safe, trusted, and…

— Brad Smith (@BradSmi) April 16, 2024

In return, G42 will utilize Microsoft’s Azure cloud computing platform to power its AI services and applications to improve the safety and security of its infrastructure.

The collaboration will also extend advanced AI and digital infrastructure to countries in the Middle East, Central Asia, and Africa to ensure access to services for governmental and business needs while upholding the highest standards of security and privacy.

According to Smith, the new partnership is part of a joint effort to bring the AI industry and digital infrastructure to “underserved nations.”

G42 Chairman H.H. Sheikh Tahnoon bin Zayed Al Nahyan also expressed excitement and noted the potential growth of the new collaboration.

“Microsoft’s investment in G42 marks a pivotal moment in our company’s journey of growth and innovation, signifying a strategic alignment of vision and execution between the two