IPO investors represent the interests of UAE companies
In March 2023, Presight AI, a startup owned by G42, held an IPO that raised US$496 million. After listing, the project’s shares rose 1.8 times. This result shows that IPO investors are paying more and more attention to projects related to artificial intelligence technologies. In addition, interest in the Middle East market increased markedly, helped by higher oil prices. The UAE stock exchange is growing strongly, with more foreign investors putting money into promising local projects.
Abu Dhabi-based G42 received bids worth US$26 billion in its initial public offering. According to the startup, the funds raised were 136 times what they initially expected from the IPO. Presight AI shares traded at AED 1.34 per unit. In total, the company entered the market for 1.36 billion securities. It should be noted that this listing was the second for the Abu Dhabi bourse and proved to be highly successful.
The startup operates in the field of AI technology and cloud computing. It builds AI models for various applications, such as pharmaceuticals, logistics, banking, finance, etc. The UAE-based company’s solutions improve the efficiency of business processes and prevent the most common problems from occurring.
G42 company
Parent company G42 has developed an AI solution for testing cases of COVID-19. Using artificial intelligence, the UAE has deployed a laboratory to analyse around 40,000 samples daily. At the same time, the program loaded the test results into a special mobile app.
In 2022, G42 set up a fund to support technology deals. The capital was US$10 billion, which will be used for promising IT projects in emerging markets. Businessmen created a new company Businessmen created a new company in cooperation with the Abu Dhabi National Development Fund.
The fund, founded by G42, focuses primarily on investing in start-ups in the later stages of project development. The investment mechanism is private equity. Companies involved in developments in the healthcare system, alternative energy, and technology industries can receive funding.
Founded in 2018 in Abu Dhabi, G42 acquired Bayanat, a geodata provider, in 2020. The business works with Israeli defence groups Rafael and IAI to prevent COVID-19 outbreaks. The companies are jointly developing research and control of the virus.
