Dubai: G42, the Abu Dhabi-based artificial intelligence company, is hiring dozens of people across Asia to scout for opportunities for its $10 billion tech fund.
The AI and cloud computing company plans to build up teams in Singapore, Jakarta, Shanghai, as well as in Tel Aviv to support its 42X Fund, according to people familiar with the matter.
The fund will target technology investments across those countries, and in Saudi Arabia and Egypt, the people said, asking not to be identified because the matter is private. G42 is also considering investment partnerships with several hedge funds, they said.
G42’s expansion into Asia comes as Abu Dhabi - a city that’s among the few globally to manage over $1 trillion in sovereign wealth capital - ratchets up efforts to plow oil revenue into the technology sector and diversify its economy.
After listing its Bayanat AI unit last October, the company is considering at least six more IPOs, including G42 Healthcare, Presight.AI and AIQ, its joint venture with UAE national energy firm ADNOC, the people said.
To steer its burgeoning portfolio, G42 has set up an investment committee that includes CEO Peng Xiao and Chief Operating Officer Mansoor AlMansoori, the people said. It also includes Xiaoping Zhang, who took over as chief investment officer following the departure of Tariq bin Hendi last year, they said.
A representative for G42 declined to comment.
G42 has been at the center of many national initiatives. It helped to facilitate the first overseas production of the Chinese Covid-19 vaccine, rolled out the Middle East’s earliest driverless car trials and was the first UAE firm to open an Israel office after the countries normalized relations