UAE, US to boost investment in AI
Date
5/22/2024 4:58:20 AM
(MENAFN) Omar Sultan Al Olama, the UAE Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, revealed on Tuesday that the UAE and the United States are set to bolster their investment efforts in the field of artificial intelligence (AI) under a strategic partnership framework. The UAE, primarily represented by the government-backed G42 Group, is actively striving to position itself as a global leader in AI technology. The country is making substantial investments in this sector as part of its broader economic diversification strategy aimed at reducing reliance on oil revenue.
Speaking at an event in Dubai, Al Olama emphasized the significance of the strategic partnership between the UAE and the United States, noting that both nations consider each other as strategic allies. He highlighted the natural progression towards increased investment deals between the two countries, particularly in the field of AI.
Last month, Microsoft and G42 announced a significant investment agreement, with Microsoft committing USD1.5 billion to G42. This investment will grant the American tech giant a minority stake in G42 and a seat on its board of directors, fostering closer collaboration between the two entities. The partnership is expected to facilitate the exchange of expertise and resources, contributing to the advancement of AI technology in the UAE and strengthening bilateral relations between the UAE and the United States.
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