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Abu Dhabi backs SEA AI fund; Accenture opens tourism innovation lab
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Welcome to this week's edition of Middle East AI News!
An as yet undisclosed government entity in Abu Dhabi has invested in a $300 million India-focused AI fund established by Falcon Edge Capital. Although details are sketchy, it appears that the Abu Dhabi investment in the Alpha Wave Incubation (AWI) fund is contingent on each startup in the portfolio having a presence in the emirate.
Meanwhile, a global investor group that includes Riyad TAQNIA Fund – RTF and Bahrain-based MEC Ventures have invested in Indonesian real-time mobile data and AI firm Eureka.
This news and a little more below. Have a great weekend!
#UAE #India #funds - The Government of Abu Dhabi has backed US investment firm Falcon Edge Capital's $300 million India-focused fund, Alpha Wave Incubation (AWI). The new fund will invest in 60-80 early-stage technology focused angel, seed, and Series A deals in India and Southeast Asia, with a focus on AI and machine learning. It is reported that the AWI fund management team will be Abu Dhabi-based. (Economic Times)
#Indonesia #Singapore #Bahrain #Saudi #funding - Indonesian AI enterprise software company Eureka has raised $20 million in a Series B funding round co-led by a global investor group of Apis Partners, Gobi Partners, Riyad TAQNIA Fund – RTF, and Bahrain-based MEC Ventures. (Deal Street Asia)
#UAE #R&D - One of 50 economic initiatives, Abu Dhabi is investing AED 300 million ($82m) in crowdsourcing innovation through a series of XPrize Abu Dhabi global competitions. The aim is to accelerate the R&D ecosystem, whilst finding solutions to critical global challenges, including climate change, water scarcity and AI. (The National)
#UAE #R&D - Al Ain City Municipality and Saal, an applied AI company based in Abu Dhabi, signed an MoU to collaborate on research and development for smart city solutions, leveraging AI and data analysis, (Zawya)
#Kuwait #education - Huawei will establish an ICT Academy with Kuwait College of Science and Technology (KCST) to provide students with hands-on training in Big Data, cloud computing and AI. (Kuwait Times)
#UAE #coding - Builder.ai, the platform that lets anyone build apps and software without knowing how to code, has opened a new office location in Dubai. Builder.ai now operates in five locations: London, Los Angeles, Delhi, Tokyo and Dubai. (Technuter)
#UAE #tourism - Accenture opened the Dubai Tourism Innovation Hub last week, the company’s first innovation hub in the Middle East and North Africa region. The hub is an immersive environment that showcases Accenture’s capabilities across a variety of innovative technologies, including extended reality, AI, IoT, and more. (Campaign ME)
11-12 Mar - AI Everything Summit - #Dubai
30-31 Mar - Global AI Summit - #Riyadh