Abu Dhabi artificial intelligence company Presight and investment firm Shorooq have launched a global fund aimed at "uniting" capital and expertise for AI start-ups.
The $100 million Presight–Shorooq Fund I, which will be hosted by Abu Dhabi's financial hub ADGM, will focus on investments in key AI technologies and aims to attract global entrepreneurs, Presight said on Tuesday in a filing to the Abu Dhabi Securities Exchange, where its shares are traded.
The fund, which seeks to "bridge" the East and West, is expected to expand the UAE's innovation and talent pool, it added.
Mansoor Al Mansoori, vice chairman of Presight, said the new fund is "ushering in a new era [for] the most promising AI start-ups".
“Abu Dhabi stands at the forefront of global AI innovation, and the world increasingly looks to the UAE as a trusted leader in AI development and deployment. The Presight–Shorooq Fund is a strategic extension of this vision," he said.
The fund aims to identify entrepreneurs from around the world and grant them access to the UAE's resources, given its role as a gateway to international markets and customers, said Thomas Pramotedham, chief executive of Presight.
"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," he added.
The UAE continues to diversify its economy, focusing on technology-powered sectors.
Abu Dhabi in particular has made a flurry of moves to advance its technology sector amid the AI boom, with initiatives such as the 1-gigawatt Stargate data centre that will be built in the UAE capital.
This has opened up opportunities for companies and individuals to tap into the technology's potential, contributing to a wider strategy tipped to shape future innovations and encourage more entrepreneurship.
"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," said Mahmoud Adi, founding partner of Shorooq.
Presight, which was listed on the ADX in 2023, reported a nearly 8 per cent rise in second-quarter net profit attributable to shareholders, to reach Dh77 million ($21 million).
The company this year also launched a joint venture with the UAE Central Bank to build sovereign AI platforms for payments, central bank digital currencies and real-time settlement systems.
Shorooq, an alternative asset manager, has more than 80 portfolio companies across the region, according to its website.
