Looking to diversify Abu Dhabi, targeting 40% international revenue targets in Asia and Latin America
Abu Dhabi is bolstering its efforts to expand its artificial intelligence and digital services business as part of its $1 billion push to diversify its economy.
Presight, a data analytics company backed by AI Group G42 owned by Abu Dhabi, plans to almost double its overseas revenues as a total share.
The Abu Dhabi Stock Exchange lists the company seeks new businesses in the Southeastern and Central Asia and Latin America around the Gulf, including Saudi Arabia.
It will help raise international revenues from 23% last year to 40%, he said.
Presight’s international sales more than tripled last year, bringing 508 million to AEDs ($138 million). This increased revenue by 24% to AED 2.2 billion, and net profit increased by 7% to 613 million.
Abu Dhabi is looking to diversify from hydrocarbons by investing its oil wealth in technology and developing new national income groups, including renewable energy and AI.
Abu Dhabi is the richest city in the world due to the value of sovereign wealth funds, according to Global SWF, a data platform that tracks over 400 funds around the world.
Presight operates in 14 countries and expands its presence in Brazil and Colombia, Uzbekistan and Kazakhstan, the Philippines and Albania. The company plans to open an office in Saudi Arabia.
The company received a $1.5 billion investment from Microsoft last year. It builds AI tools for public services, energy, education, economic surveillance, and what is called smart cities.
So far, they have signed a $190 million smart city development agreement with Astana, the capital of Kazakh, and secured a nationwide contract in Albania, covering 20 cities.
It has also helped develop Kazakhstan’s national supercomputer and Azerbaijan’s modernized gas infrastructure through its joint venture.
To deepen our reach, we launched an AI startup accelerator targeting early-stage ventures around the world.
The program will provide startups with up to $200,000 and provide mentorship and access to the infrastructure of the G42, allowing Presight to be exposed to intellectual property and equity early in future tech companies.
The company will also launch a new fund for startups this year.
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