Abu Dhabi's Mubadala takes stake in local A.I. company G42

Abu Dhabi state fund Mubadala said on Monday it has taken a stake in a local artificial intelligence company Group 42 (G42).

As a result of the transaction, Mubadala will transfer ownership of two information technology companies - Injazat and Khazna - it owns to the firm.

Injazat is a cloud and cybersecurity business, while Khazna Data Centers is a commercial wholesale data centre provider.

The size of the stake was not disclosed in the Mubadala statement.

G42, which is also involved in cloud computing, is currently working with a Chinese state-owned pharmaceutical company on a late-stage trial of COVID-19 vaccine in the UAE and elsewhere in the Middle East.

Mubadala, which manages $232 billion in assets according to its website, is interested in sectors including medical technology, agricultural technology, artificial intelligence and life sciences.