Abu Dhabi wealth fund ADQ-backed Abu Dhabi Growth Fund, in corporation with AI firm G42 in operating a $10 billon fund emphasized investing in tech in emerging markets, according to Bloomberg on Thursday.
The G42 Expansion Fund will aim late-stage companies with so-called “disruptive technology” in sectors such as healthcare and communications in high-growth regions.
UAE national security advisor Sheikh Tahnoon Bin Zayed’s business empire incudes the AI and cloud computing company.
G42 has made various key hires from Abu Dhabi sovereign funds for its investment team for the past year.
This step comes after Abu Dhabi has been investing oil revenue in the technology sector in an effort to diversify its economy. Abu Dhabi also is between a short list of cities that manage over $1 trillion in sovereign wealth capital.
Abu Dhabi Wealth Fund, Mubadala Investment Co., which holds a minority stake in G42, has also made recent technology investments.
