Business
Abu Dhabi’s G42 and Israeli firm Viola partner up in new tech venture
Abu Dhabi’s artificial intelligence firm G42 and Israeli technology investment company Viola Group, which manages $5 billion in assets, on Thursday announced Global Valley, a joint venture to set up a new platform to meet demand for high-skilled tech talent.
Based in the UAE capital, Global Valley will employ specialized tech-focused workers from around the world providing a variety of services, as well as help develop Abu Dhabi’s local tech sector, a statement from the Abu Dhabi Investment Office, which provided support for the project, said.
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No figure for the value of the investments by any of the involved parties was provided in the statement.
ADIO is a government vehicle tasked with expanding private sector investment into the emirate and helping diversify its economy.
“Tech in our minds is going to be a functional infrastructure-related industry for us to build everything, from our healthcare sector, financial services, to tourism and so forth,” said Abdulla Abdul Aziz AlShamsi, director general of ADIO.
“Creating this cluster in Abu Dhabi is fundamental to what the future economy will require. We are looking to diversify Abu Dhabi’s economy, we want and are developing further platforms for growth. We want to give our people opportunities in every industry,” Shamsi told Reuters.
Trade and investment ties between the UAE and Israel have grown since the signing of the Abraham Accords agreement in 2020, establishing diplomatic relations.
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