Dubai: G42, the Abu Dhabi-based AI technology entity fresh from two highly successful IPOs, is to launch a new company - M42 - in alliance with Mubadala Investment Co.. M42 will be a tech-enabled healthcare company and brings together G42 Healthcare and Mubadala Health.
The new enterprise combines G42 Healthcare’s medical and data-centred technologies with Mubadala Health’s patient services and specialist facilities to provide personalized and preventative care. It will be led by Hasan Jasem Al Nowais as Group CEO and Managing Director.
This is the culmination of the October 2022 announcement which said that G42 Healthcare and Mubadala Health will join to create an integrated healthcare technology powerhouse.
M42 will look at 'opportunities for global expansion and partnerships with pharmaceutical, healthcare, and healthtech leaders to bring high-quality care to communities around the world'.
"We are excited to impactfully disrupt the global healthcare industry," said Al Nowais. "Our vision is to transform lives through innovation by providing personalized and precise patient care.
"We are confident that through our operating companies, M42 will create a future in which dedicated healthcare professionals are empowered by the latest technology to optimize patient outcomes. M42 also represents a platform for us to target international expansion and partner with global peers to solve the world’s most pressing healthcare challenges.”
Consolidate healthcare assets
Through the recent past, Mubadala Health had been spearheading a major transformation in the Abu Dhabi and UAE healthcare space, partially through consolidating major assets under its umbrella. The other major player in this space is Pure Health, where the investment firm ADQ is the biggest shareholder.
Apart from specialty healthcare, the entities had put their resources to work on other related aspects as well, whether on the pharmaceutical side or in medtech investments.
All of those initiatives will now be housed in M42 - these include Amana Healthcare, Biogenix Labs, Danat Al Emarat, HealthPoint Hospital, the HealthPlus network of specialty centers, Moorfields Eye Hospital Abu Dhabi, Imperial College London Diabetes Centre, Insights Research Organization & Solutions (IROS), Omics Center of Excellence and The National Reference Laboratory, among others.