MGX, an Abu Dhabi-based investment firm for AI, and Nvidia announced on Monday plans to build the largest AI campus in Europe along with French companies.
The campus, which will be built near Paris, is expected to reach a capacity of 1.4 gigawatts, the companies said in a joint statement. Bpifrance, Mistral AI and the French national investment bank are joining MGX and Nvidia in the joint venture. The companies made the announcement at the Choose France Summit in Versailles.
“At MGX, we see AI as the most transformative force of our time, and believe open, enduring infrastructure is key to unlocking its broad societal impact,” said Ahmed Yahia, MGX managing director and chief executive.
President Sheikh Mohamed and French President Emmanuel Macron met in Paris in February, where the investment of an AI campus in France was discussed. The UAE and France have maintained a Comprehensive Strategic Energy Partnership since 2022.
The companies said the campus will include the first purpose-built intelligence hub in Europe that will support “the full AI life cycle”.
“The France AI Campus will accelerate breakthroughs across science, education, public services, and business, fuelling Europe’s next wave of innovation,” Mr Yahia said.
Jensen Huang, Nvidia's chief executive, added: “The AI Campus will be transformational infrastructure for France – built in France, to fuel France in the era of AI. It will revolutionise science, education, and industry.”
Other partners in the joint venture include the French engineering group Bouygues, the low-carbon energy firm EDG Group, France’s national electricity transmission operator RTE and the engineering university Ecole Polytechnique. The French institution also has a collaboration with the Mohamed Bin Zayed University of Artificial Intelligence in Dubai.
COMPANY%20PROFILE
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Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
A%20QUIET%20PLACE
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Killing of Qassem Suleimani
Mubadala World Tennis Championship 2018 schedule
Thursday December 27
Men's quarter-finals
Kevin Anderson v Hyeon Chung 4pm
Dominic Thiem v Karen Khachanov 6pm
Women's exhibition
Serena Williams v Venus Williams 8pm
Friday December 28
5th place play-off 3pm
Men's semi-finals
Rafael Nadal v Anderson/Chung 5pm
Novak Djokovic v Thiem/Khachanov 7pm
Saturday December 29
3rd place play-off 5pm
Men's final 7pm
The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
Key Points
- Protests against President Omar Al Bashir enter their sixth day
- Reports of President Bashir's resignation and arrests of senior government officials
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
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Opening day UAE Premiership fixtures, Friday, September 22:
- Dubai Sports City Eagles v Dubai Exiles
- Dubai Hurricanes v Abu Dhabi Saracens
- Jebel Ali Dragons v Abu Dhabi Harlequins
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
More from Neighbourhood Watch:
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Nancy 9 (Hassa Beek)
Nancy Ajram
(In2Musica)
SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
Company%C2%A0profile
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Company%C2%A0profile
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French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
