Abu Dhabi’s investment vehicle, which focuses on the intersection of healthcare and artificial intelligence, is ready to work with US or Chinese tech, but is keen to deepen ties with Washington, according to a top executive at M42, reported by Bloomberg.
“We are not looking at what tech we use at all, but given the relationship between the UAE, particularly Abu Dhabi, and the US, the decision was made to continue working and deepen the relationship with the US,” Chief Executive Officer Hassan Jasem Al Nowais said at an event in Dubai. “But it all depends on what makes the best sense for us as a company,” he added.
G42 and its investment fund Mubadala Investment Co
M42 was formed in 2022 by combining the healthcare assets of Abu Dhabi’s most prominent AI firm, G42, and its $330 billion investment fund Mubadala Investment Co. Among other things, it is partnering with gene sequencing company Illumina Inc. to advance the emirate’s efforts in the nascent field of using AI tools to diagnose diseases or discover new drugs.
Al Nowais’ comments follow a rout in global markets caused by a new AI model, DeepSeek, which exposed U.S. export control restrictions on China. The Chinese startup’s success has also raised questions about U.S. technological dominance and cast doubt on the sky-high valuations of companies such as Nvidia Corp.
G42 secures $1.5 billion investment
In April last year, G42 secured a $1.5 billion investment from Microsoft after agreeing to ditch China and switch to American technology. However, the administration of former President Joe Biden has proposed restricting exports of advanced chips to countries including the United Arab Emirates.
His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, met with Donald Trump during his trip to the US last year, where he prioritized talks around AI. M42 has also been part of discussions about expanding the Human Genome Project in the UAE, a massive effort to collect a million genetic samples. The company is looking to expand its efforts worldwide.