UAE’s Core42 raises $550m to scale AI deployment in Europe and US

Core42, a subsidiary of Emirati-owned G42 that specialises in sovereign cloud and artificial intelligence (AI) infrastructure, has raised $550 million to accelerate its expansion across the US and Europe.

The funding has been secured through two structured trade finance facilities of $240 million (AED880 million) and $310 million in February and May from HSBC, Core42 said in a statement.

Headquartered in the UAE, Core42 is scaling up as a sovereign AI infrastructure operator serving enterprise, government and hyperscale customers.

“The provision of the trade facilities by HSBC will strengthen our ability to deploy capacity at speed across the US and Europe while maintaining financial discipline and a long-term growth framework,” said Neha Gupta, CFO at Core42.

In February, G42 signed a deal with a consortium comprising FPT Corporation and Viet Thai Group to develop hyperscale data centres and AI infrastructure across Vietnam. It will also deploy an AI supercomputer in India in partnership with US chipmaker Cerebras.

UAE-based sovereign wealth funds, such as Mubadala and ADQ, and AI-focused developers and investors, including G42 and MGX, are working with a range of US partners as part of their strategy to win the global technology race.

Further reading:

• G42-linked chipmaker Cerebras jumps in first day on Nasdaq
• Talent squeeze and ‘death by pilot’ – UAE’s big AI challenges
• Amazon doubles down on AI with $5bn Anthropic bet