DUBAI, Nov 1 (Reuters) – Abu Dhabi state fund Mubadala said on Monday it has taken a stake in a local artificial intelligence company Group 42 (G42) after transferring ownership of two information technology companies it owns to the firm.
The size of the stake was not disclosed in the Mubadala statement announcing Injazat and Khazna were to be transferred to G42, which is also involved in cloud computing.
Injazat is a cloud and cyber security business, while Khazna Data Centers is a commercial wholesale data centre provider.
G42 is currently working with a Chinese state-owned pharmaceutical company on a late stage trial of COVID-19 vaccine in United Arab Emirates and elsewhere in the Middle East.
G42 executives have said the company is privately owned but declined to say by whom.
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. (Writing by Alexander Cornwell, editing by Louise Heavens)