UAE companies back $100m fund for global AI push

Presight, the Abu Dhabi-listed technology company, has partnered with the Sharjah government-backed Shorooq to launch a new global fund to support the development of artificial intelligence (AI).

Wam | People at an AI startup bootcamp that Presight hosted in Abu Dhabi in August. It has partnered with Sharjah's Shorooq to back an AI fund

The 100 million Presight-Shorooq Fund I intends to deploy capital into AI ventures worldwide, particularly targeting smart cities, energy, fintech, gaming, and deep tech, the companies said in a joint statement.

The fund will be based in the Abu Dhabi Global Market, supporting the development of the UAE capital as a hub for talent and infrastructure. It aims to support high-impact ventures and propel their growth on a global stage.

“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,” said Thomas Pramotedham, CEO of Presight.

Presight is 68.40 percent owned by the UAE’s state-backed AI company G42.

The company’s stock closed 0.87 percent lower at AED3.40 per share on Tuesday, and was up 63 percent year to date.

Last month, the UAE technology investment company MGX announced it planned to raise $25 billion to accelerate its push into AI.

In early 2025, MGX announced its participation in the US government’s ambitious Stargate project, alongside SoftBank, OpenAI and Oracle, which aims to invest $500 billion in AI infrastructure by 2029.

By Pramod Kumar

September 24, 2025, 7:26 AM