Abu Dhabi state fund Mubadala said on Monday it has taken a stake in a local artificial intelligence company Group 42 (G42).
As a result of the transaction, Mubadala will transfer ownership of two information technology companies - Injazat and Khazna - it owns to the firm.
Injazat is a cloud and cybersecurity business, while Khazna Data Centers is a commercial wholesale data centre provider.
The size of the stake was not disclosed in the Mubadala statement.
G42, which is also involved in cloud computing, is currently working with a Chinese state-owned pharmaceutical company on a late-stage trial of COVID-19 vaccine in the UAE and elsewhere in the Middle East.
Mubadala, which manages $232 billion in assets according to its website, is interested in sectors including medical technology, agricultural technology, artificial intelligence and life sciences.
UAE outlines vision for low-emission hydrogen economy at World Hydrogen Summit
India, US discuss trade as Rubio cites progress on Iran conflict
ENOC signs deal with Allied Biofuels to explore sustainable aviation fuel supply
Mexico, EU sign stalled trade deal as they aim to diversify from US
Dubai announces 5% VAT on Salik, Parkin fees
