Abu Dhabi: The Abu Dhabi Developmental Holding Company (ADDH) and Group 42 (G42) — an Abu Dhabi-based artificial intelligence (AI) and cloud computing company — announced a new joint venture agreement on Monday.
The agreement paves way for the establishment of a new separate entity, Adalytyx, which is aimed at boosting AI-led products and services across ADDH’s portfolio of companies.
Adalytyx will leverage G42’s expertise and digital capabilities to develop AI-driven business optimisations, applied research and scalable programmes as ADDH looks to raise its efficiency levels for better financial returns.
“Our strategic partnership with G42 not only allows us to implement innovations and drive efficiencies across our portfolio of companies, but it also acts as a catalyst for digital modernisation across multiple sectors of Abu Dhabi’s non-oil economy,” said Mohammad Al Suwaidi, chief executive officer of ADDH, commenting on the new joint venture.
ADDH currently holds 11 different government entities under its umbrella including Abu Dhabi Ports, Abu Dhabi Airports, Abu Dhabi Health Services Company and Modon Properties among them.
The range of entities span different sectors including utilities, tourism, transport, logistics, healthcare and real estate, making the use of advanced technologies critical to the group’s operations.
The group this month also announced the establishment of a new low-cost airline in Abu Dhabi — Wizz Air Abu Dhabi — in partnership with Wizz Air Holdings, as well as a €100 million (Dh409 million) investment in leading European tour operator FTI Group.
Peng Xiao, chief executive officer of G42, said the company was positive about partnering with another major government entity in Abu Dhabi.
“As a leading technology provider in Abu Dhabi already working with clients across several sectors including healthcare, utilities and aviation, we are proud to partner with ADDH, one of the emirate’s largest holding companies.
“The partnership will allow ADDH portfolio of companies to implement digital and data transformation initiatives, as they prepare for the opportunities and challenges the fourth industrial age will inevitably present,” he added.
G42 last month also inked a partnership with Adnoc to leverage AI led solutions for the oil and gas sector. The joint venture with Adnoc will create a new company specifically tasked with developing and commercialising market-leading AI products.