Abu Dhabi's Mubadala picks stake in local AI firm Group 42

Photo: Franck V./Unsplash

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.

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