May 29, 2024

Microsoft invests $1.5 billion in the AI industry in the UAE.


Microsoft announced investments of $1.5 billion in the G42 group of companies, which is involved in AI development in Abu Dhabi.

The corporation will acquire a minority stake in the Arab holding, and Microsoft’s Vice President and President Brad Smith will join the board of directors.

“Given the importance of AI technology and the interest in it, we have taken the first step in close cooperation with the governments of the UAE and the United States,” said Smith.

In the future, the parties plan to establish partnership relations to build data centers in other countries. They will also support a $1 billion fund for neural network developers.

According to G42’s CEO Pan Xiao, the company uses Microsoft Azure cloud computing platform as the foundation for developing and deploying AI services.

The partnership became known after the holding cut ties with Chinese equipment suppliers.

The companies within G42 operate in various fields from data center deployment to healthcare. Recently, the holding established an AI-oriented investment fund, MGX.

OpenAI CEO Sam Altman discussed with their representatives a scheme to increase chip production.

Recall that in March, the media reported on Microsoft and OpenAI’s plans to create data centers worth at least $100 billion.

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