The agreement to drive funding for AI startups and research.
Abu Dhabi’s Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) and OurCrowd Arabia have announced the signing of a Memorandum of Understanding (MoU) to jointly create and manage several initiatives aiming to accelerate and catalyze the growth of the AI technology ecosystem on the university’s campus in Masdar City, Abu Dhabi.
The duo will create an AI-focused venture capital investment fund with the aim of attracting both local and global AI technology companies to scale up globally from Abu Dhabi. Thanks to the MoU the duo will enhance Abu Dhabi’s AI innovation ecosystem via strategic partnerships with key government and government-related entities.
Sultan Al Hajji, Vice President of Public Affairs and Alumni Relations, MBZUAI’s said, “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.”
Sabah al-Binali, Executive Chairman, OurCrowd Arabia 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.
