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Chimera closes $10b global tech fund; Shield AI opens global office in UAE
Here’s your weekly roundup of Middle East AI News!
It comes as no surprise that the UAE has temporarily halted private drone flights over the country, following the fatal drone attacks last week. I'm sure that the authorities will be ensuring that the painful lessons learned from January 17th are fully taken into account before allowing drones back into the air.
Big funding news this week, as Abu Dhabi's Chimera Capital reveals it is the UAE asset manager behind the new $10 billion Alpha Wave Ventures II fund, which will invest in global tech ventures. The US fund manager, Alpha Wave Global (previously Falcon Edge Capital), launched an Alpha Wave Incubation fund in 2020 targeting Indian startups and backed by Abu Dhabi's ADQ.
And UAE-based IQ Robotics has announced that it has won a multi-million dollar deal with Brands For Less to provide robotics solutions for warehousing and logistics. The exact deal value was not disclosed.
Meanwhile, after its launch last week, SCAI (the Saudi Company for AI) signed its first collaboration deals this week, with and agreement to develop AI apps for the energy sector together with Aramco and a strategic partnership with AI cloud platform DataRobot (no further details).
Scroll down to check out these and more stories below!
Stay safe and have a great day!
#UAE #US #VC - Chimera Capital, an Abu Dhabi asset management company, announced closing its Alpha Wave Ventures II fund at $10 billion (AED 36.7bn). The first Alpha Wave fund has a mandate to invest in Indian startups, bringing their R&D activities to Abu Dhabi. The new fund is global. (The National)
#Saudi #IPO - Elm Co., a digital security firm owned by Saudi Arabia’s sovereign wealth fund, Public Investment Fund, is seeking to raise as much $820 million from an IPO as the kingdom pushes ahead with plans to raise money through selling stakes in a raft of companies. (Gulf Business)
#Saudi #tourism - The Royal Commission for AlUla (RCU), in partnership with French transport group RATP, has launched the first autonomous electric vehicle to transport visitors to and from the Old Town of AlUla, a historic city in north-western Saudi Arabia. (Saudi Gazette)
#Oman #renewables - Better ways to apply AI to cooling buildings using renewable energies are the focus of a study by Omani researcher Dr Maryam Zuhair Al Lawati, from the Ministry of Higher Education, Research and Innovation. (Times of Oman)
#UAE #robotics - UAE-based robotic solutions company IQ Robotics is expanding its partnership with BFL Group (Brands For Less Group) through a multi-million-dollar deal, according to the company. Its second transformation project with BFL, IQ Robotics will supply 156 robots to support BFL’s international expansion out of its facility in Jafza. (Zawya)
#Egypt #STEM - The United States and Egypt signed partnership agreements to establish six new international applied technology schools across Egypt specialised in various fields, including retail, electronics, and artificial intelligence. (Daily News Egypt)
#Egypt #training - The Ministry of Communications and Information Technology, in cooperation with Dell Technologies, launched an initiative to provide training workshops in data science, data analytics and data engineering for students at Cairo University, Ain Shams University, the Arab Academy for Science and Technology, the German University in Cairo, and the American University in Cairo. (Daily News Egypt)
#Saudi #cloudapps - mCloud Technologies Corp. a leading provider of AI-powered asset management and Environmental, Social, and Governance (ESG) solutions has signed an MOU with Aramco. The two companies will explore the co-development of a digital technology hub for delivering ESG solutions and developing new AI-powered innovations. (AIthority)
#UAE #sustainability - The Middle East and North Africa's United Nations' regional Big Data for Sustainable Development hub was launched at Expo 2020 Dubai this week. The initiative aims to bring knowledge, technology and innovation to data science teams in statistical authorities across MENA. (Linkedin)
#UAE #UAS - Lockheed Martin's ex-CEO for the UAE Robert Harward has been appointed as the new Executive VP for International Business and Strategy for AI and robotics defence systems firm Shield AI, heading up the company's new global office in Abu Dhabi. (Linkedin)
#UAE #droneattacks - The UAE ingtroduces month-long ban of most private drones and drone services, following a deadly attack on targets in the Emirates by Yemen's Houthis rebels. (Drone DJ)
#Saudi #LEAP2022 - Riyadh is getting ready to host the largest debut tech event in history from February 1-3, 2022. LEAP 2022 aims to bring the global tech community under one roof and provide a forum to discuss how technology can be used to tackle the world’s greatest socio-cultural challenges. (WIRED ME)