Deal signed to drive funding for AI startups, research in UAE

ABU DHABI / WAM

Abu Dhabi’s Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) and OurCrowd Arabia, the Abu Dhabi based subsidiary of Israel’s OurCrowd, announced the signing of a memorandum of understanding (MoU) to jointly create and manage several initiatives aiming to accelerate and catalyse the growth of the AI technology ecosystem on the university’s campus in Masdar City, Abu Dhabi.
The MoU outlines several initiatives, which include establishing an AI-focussed venture capital investment fund to attract local and global AI technology firms to scale up globally from Abu Dhabi, fostering a strategic collaboration between MBZUAI and Integrated Data Intelligence (IDI) Limited (OurCrowd’s AI subsidiary in Abu Dhabi) for research projects in applied AI technologies across various industries, boosting Abu Dhabi’s AI innovation ecosystem by forming strategic partnerships with government and government-related entities, and providing job and internship opportunities to MBZUAI graduates via OurCrowd’s wide global network of technology startup companies and industry partners.
Sultan Al Hajji, MBZUAI’s Vice President of Public Affairs and Alumni Relations, said, “Part of MBZUAI’s existence is to foster entrepreneurship and this partnership creates a mechanism for incubating startups and creating local opportunities for the university’s pipeline of talent. Through this strategic partnership with OurCrowd Arabia, MBZUAI is forging ahead with its mission to develop a dynamic, vibrant, AI ecosystem that will help to position Abu Dhabi as a global center for AI. Together, we will encourage funding to enable AI start-ups to scale up in the UAE’s capital, help to develop and commercialize AI research, and provide exciting opportunities in the field for young AI talent — including graduates and researchers from MBZUAI. The proposed initiatives are a perfect complement to MBZUAI’s and OurCrowd Arabia’s areas of expertise.”
OurCrowd Arabia Executive Chairman Sabah al-Binali added, “We are honored to have signed this MoU with MBZUAI to jointly grow the AI ecosystem in Abu Dhabi. OurCrowd Arabia continues to build on its strategic relationships having started with our partnership with ADIO under its Innovation Program announced in November 2022. We look forward to continuing to leverage OurCrowd’s global experience and relationships to support the Abu Dhabi and UAE startup ecosystems.”
OurCrowd Arabia, which opened in the UAE capital in 2021, is also establishing a new VC investment center in Abu Dhabi to manage deals for its existing platform and cater to emerging markets.