UAE-based Presight, a global AI and big data analytics company, and Shorooq, an Abu Dhabi-headquartered investment firm regulated by the FSRA as a fund manager, have launched a $100 million global AI innovation fund for startups in the AI field.
The fund called Presight-Shorooq Fund 1 aims to deploy significant capital into AI ventures globally.
His Excellency Mansoor Al Mansoori, Vice Chairman of Presight, stated that the world is increasingly looking to the UAE as a trusted leader in AI development and deployment. He explained that the Fund is an extension of the UAE’s vision, where the most promising AI startups from around the world will not only seek capital from Abu Dhabi but also utilize the UAE’s ability to rapidly implement transformative AI solutions.
The Fund will invest in smart cities, energy, fintech, AI/ML
The fund will invest in high-impact startups that leverage artificial intelligence, machine learning, and data analytics. The startups will have access to a distribution network through the UAE’s G42 and Presight’s international customer network.
The key areas of interest to the fund will include smart cities, energy, fintech, AI/ML, AR/VR, game dev, Industry 4.0, and deep tech.
Thomas Pramotedham, Chief Executive Officer of Presight, said, “We’re combining Presight’s AI leadership with Shorooq’s investment acumen to fuel the next wave of AI innovation. The fund will enable us to identify and support bold entrepreneurs – from Silicon Valley to Southeast Asia – who are building AI solutions that can transform businesses and societies.”
He noted that this was more than just a fund because the startups will have access to infrastructure resources and international markets. He explains, “This combination of funding, infrastructure, and distribution channels is designed to give AI companies the edge they need to scale quickly and responsibly, and that is the unique value proposition.”
Mahmoud Adi, Founding Partner of Shorooq, added that this was a defining moment for AI investment as it brings together Middle East capital and expertise to global startups. He said, “We are not just launching a fund; we are reinforcing to the world that the Middle East is a driving force in the AI revolution. Our message is that we’re bringing not only capital but also commitment, strategic guidance, and a long-term partnership mentality.”
UAE campaigns to be startup capital of the world
This comes one day after the UAE announced a government-backed campaign to become the startup capital of the world. The campaign seeks to attract 10,000 UAE national entrepreneurs and create 30,000 jobs within the next five years.
The campaign is overseen by the Ministry of Economy and Tourism in collaboration with the UAE Government Media Office, with the participation of the UAE Council for Entrepreneurship and over 50 government and private entities, business incubators and accelerators, and academic institutions.
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Source: https://www.cryptopolitan.com/uae-investment-firm-launches-ai-startup-fund/
