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<ul class="summary-list"><li>The United Arab Emirates wants to become an AI leader by 2031.</li><li>It's leveraging its oil wealth to attract new talent and fund new research initiatives.</li></ul>The AI revolution is expanding far beyond Silicon Valley.From the <a target="_blank" class="" href="https://www.businessinsider.com/malta-ai-startups-artificial-intelligence-hub-destination-travel-2024-5">shores of Malta</a> to the streets of Paris, hubs for AI innovation are forming worldwide. And the United Arab Emirates is emerging as a key center in the Middle East.Last week, the UAE made headlines by participating in the most lucrative funding round in Silicon Valley history: the $6.6 billion <a target="_blank" href="https://www.businessinsider.com/openai-investors-latest-funding-round-2024-10">deal closed by OpenAI</a>. The investment was made through MGX, a state-backed technology firm focused on artificial intelligence and semiconductors.The move was part of the UAE's bid to become a global AI leader by 2031 through strategic initiatives, public engagement, and research investment. Last year, the country's wealthiest emirate, Abu Dhabi, launched Falcon — its first open-source large language model.Another indication of the UAE's commitment to AI is its appointment of Omar Sultan Al Olama as the country's AI Minister in 2017.The minister acknowledges that the UAE faces tough competition from powerhouses like the United States and China, where private investment in AI technology in 2023 totaled $67.2 billion and $7.8 billion, respectively, according to Stanford's Center for Human-Centered Artificial Intelligence.So he says he is embracing cooperation over competition."I don't think it's going to be a zero-sum game where it's only going to be AI that's developed in the US, or only going to be AI that's developed in China or the UAE," Al Olama said at an event hosted by the Atlantic Council, a DC think tank, in April. "What is going to happen, I think, is that we're going to have centers and nodes of excellence across the world where there are specific use cases or specific domains where a country or player or a company is doing better than everyone else."The UAE's strengths are evident.It is one of the wealthiest countries in the world, mostly due to its vast oil reserves. The UAE is among the world's 10 largest oil producers, with 96% of that coming from its wealthiest emirate, Abu Dhabi, <a target="_blank" href="https://www.trade.gov/country-commercial-guides/united-arab-emirates-oil-and-gas">according to the International Trade Administration</a>.Abu Dhabi's ruling family also controls several of the world's largest <a target="_blank" href="https://www.businessinsider.com/trump-and-biden-us-should-have-a-sovereign-wealth-fund-2024-9">sovereign wealth funds,</a> including the Abu Dhabi Investment Authority and Mubadala Investment Company, a founding partner of MGX.These funds have been used to diversify the country's oil wealth and could now be diverted to funding new AI companies. AI could contribute $96 billion to the UAE economy by 2030, making up about 13.6% of its GDP, according to a <a target="_blank" href="https://www.pwc.com/m1/en/publications/potential-impact-artificial-intelligence-middle-east.html">report</a> by PwC, the accounting firm.But capital is only part of the equation. The bigger question is whether the tiny Gulf nation can attract the requisite talent to keep up with Silicon Valley.Recent developments show promise. Between 2021 and 2023, the number of AI workers in the UAE quadrupled to 120,000, Al Olama said at the Atlantic Council event. In 2019, it rolled out a 'golden visa' program for IT professionals, making entry easier for AI experts. It's also making the most of its existing talent. In May, Dubai launched the <a target="_blank" href="https://www.wam.ae/article/b39jbfx-hamdan-bin-mohammed-launches-%E2%80%98one-million">world's biggest prompt engineering initiative</a>. Its goal is to upskill 1 million workers over the next three years,Abu Dhabi, meanwhile, has — over the last decade — become a nexus for AI research and education.In 2010, New York University launched a branch in Abu Dhabi that has since developed a focus on AI. And, in 2019, Mohamed bin Zayed University of Artificial Intelligence opened as a "graduate research university dedicated to advancing AI as a global force for good." Professors from the university also helped organize the inaugural <a target="_blank" href="https://ioai-official.org/1st-international-olympiad-in-ai-founders-we-have-a-record-number-of-participating-countries/">International Olympiad in Artificial Intelligence</a> in August, which drew students from over 40 countries worldwide."Abu Dhabi may not directly surpass Silicon Valley, however, it has the potential to become a significant AI hub in its own right," Nancy Gleason, an advisor to leadership on AI at NYU Abu Dhabi and a professor of political science, told Business Insider by email. Its "true strengths lie in the leadership's strategic vision, substantial investments in AI research and compute capacity, and government-led initiatives in industry. The UAE has also made strategic educational investments in higher education like the Mohamed bin Zayed University of Artificial Intelligence and NYU Abu Dhabi."Beyond that, she noted, it's "very nice to live here."

Want to get into the AI industry? Head to Abu Dhabi.

<ul><li>Eyewear unicorn <keyword id="1518229" type="General" weightage="100" keywordseo="lenskart" source="Orion">Lenskart</keyword> has signed a definitive agreement with <keyword id="126284" type="General" weightage="80" keywordseo="abu-dhabi-investment-authority" source="Orion">Abu Dhabi Investment Authority</keyword> (ADIA).</li><li>Abu Dhabi Investment Authority invests $500 mn.</li></ul><keyword id="2552077" type="General" weightage="50" keywordseo="omnichannel" source="Orion">Omnichannel</keyword> eyewear unicorn Lenskart has signed a definitive agreement with Abu Dhabi Investment Authority (ADIA) to raise $500 million from the authority. The investment is an extension to last year's funding round, helping Lenskart maintain its $4.5 billion valuation. The company said that the capital will be deployed to deepen its presence in Asia and the Middle East. ADIA's investment includes some secondary purchase of shares from some early backers of Lenskart. The eyewear company has so far raised $1.5 billion in primary and secondary rounds, according to reports. Founded in 2010, Lenskart ships over 10 million pairs of eyewear every year and has over 20 million app downloads, 300 home eye test representatives as well as over 1,100 stores across India, Singapore, and Dubai, the company said last year. Lenskart is backed by <keyword id="4675626" type="General" weightage="50" keywordseo="falcon-edge-capital" source="Orion">Falcon Edge Capital</keyword>, <keyword id="163404" type="General" weightage="50" keywordseo="softbank" source="Orion">SoftBank</keyword>, KKR, Temasek, Premji Invest and Kedaara Capital, among others. In June last year, the eyewear unicorn took a majority stake in Japanese eyewear brand Owndays in a deal that was reportedly around $400 million. This took the merged firm to reach 13 markets in Asia including India, Singapore, Thailand, Taiwan, Philippines, Indonesia, Malaysia and Japan. The company said it will continue its rapid expansion in India and South East Asia to serve the mass to mid-premium segments. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/innovative-ai-powered-applications-and-websites-that-are-revolutionizing-the-way-we-live-and-work/articleshow/98607475.cms">Innovative AI-powered applications and websites that are revolutionizing the way we live and work</a> <a href="https://www.businessinsider.in/tech/news/apples-airpods-to-offer-health-tracking-features-in-future-releases/articleshow/98624577.cms">Apple's AirPods to offer health tracking features in future releases</a>

Abu Dhabi Investment Authority invests $500 mn in eyewear unicorn Lenskart

<ul><li><keyword id="19896909" type="General" weightage="20" keywordseo="Airtel" source="keywords" meta.keywordsubtype="org" meta.entityname="Airtel" meta.hostid="261" meta.entityid="Airtel">Airtel</keyword> has announced an AI-powered solution to tackle <keyword id="20649571" type="General" weightage="20" keywordseo="spam-calls" source="keywords">spam calls</keyword> and messages.</li><li>The telco will use AI to scan and alert users about spam calls and messages.</li><li>The company will roll out the new feature to all users for free.</li></ul> Spam calls and messages are a nuisance and while the <keyword id="19945464" type="General" weightage="20" keywordseo="Telecom-Regulatory-Authority-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Telecom Regulatory Authority of India" meta.hostid="261" meta.entityid="Telecom Regulatory Authority of India">Telecom Regulatory Authority of India</keyword> (TRAI) has taken steps to tackle the issue, it has failed to do so completely. Telecom operator <keyword id="19951944" type="General" weightage="20" keywordseo="Bharti-Airtel" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharti Airtel" meta.hostid="261" meta.entityid="Bharti Airtel">Bharti Airtel</keyword> has now deployed <keyword id="21310835" type="General" weightage="20" keywordseo="AI-powered-technology" source="keywords">AI-powered technology</keyword> to try to solve the issue. The company termed it as the country’s “first AI-powered <keyword id="23323248" type="General" weightage="20" keywordseo="spam-detection-solution" source="keywords">spam detection solution</keyword>”. The company has said that it will offer this spam detection solution to all users for free. "Spam has become a menace for customers. We have spent the last twelve months solving this comprehensively," said <keyword id="20174209" type="General" weightage="20" keywordseo="Gopal-Vittal" source="keywords">Gopal Vittal</keyword>, Managing Director and Chief Executive Officer, Bharti Airtel. <div type="Article" hostid="261" msid="113548793" title="Jio and Airtel lost subscribers in July after tariff hike, BSNL records growth" mstype="2" mssubtype="0"></div> As per the company, the tool will alert customers in real time to all suspected spam calls and messages. Customers won’t have to do anything to enable this and it will be auto-activated for all Airtel customers without them having to raise a service request or download any app. "Our solution has been able to successfully identify 100 million potential spam calls and 3 million spam SMSes originating every day," Vittal added. Airtel has claimed that the AI-powered spam detection solution, developed in-house by Airtel's data scientists flags suspected spam calls and messages accurately. <div type="Article" hostid="261" msid="112841081" title="Airtel customers to get access to Apple TV+, Apple Music – telco to absorb Wynk Music employees" mstype="2" mssubtype="0"></div> In addition to alerting users about spam calls and messages, this tool will also alert customers about malicious links received via SMS. To address this, Airtel said it has built a centralised database of blacklisted URLs and every SMS is scanned in real-time by an AI algorithm to caution users from accidentally clicking on suspicious links. "There are several indicators based on which we have identified spammers. We have developed an AI-enabled spam detection solution which analyses calls in 2 milliseconds and alerts users on the dialer," Vittal added. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/diffusion-engineers-ipo-quick-review-ipo-gmp-risk-factors-and-more/slidelist/113687580.cms">Diffusion Engineers IPO quick review – IPO GMP, risk factors and more</a> <a href="https://www.businessinsider.in/stock-market/news/manba-finance-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113667907.cms">Manba Finance IPO allotment – How to check allotment, IPO GMP, listing date and more</a> <a href="https://www.businessinsider.in/entertainment/news/it-is-cheaper-to-watch-coldplay-perform-in-abu-dhabi-than-to-pay-scalpers-for-mumbai-tickets/articleshow/113665893.cms">It is cheaper to watch Coldplay perform in Abu Dhabi than to pay scalpers for Mumbai tickets</a>

Airtel is using AI-powered technology to block spam calls and messages

<ul class="summary-list"><li>Saudi Arabia has invested billions of dollars into tech overseas in recent years.</li><li>The kingdom is now looking for overseas tech companies to invest in it, according to Bloomberg. </li></ul>In his ascendance to power, <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-crown-prince-mohammed-bin-salman-mbs-2023-10">Mohammed bin Salman</a> spent years investing Saudi Arabia's oil money in the global tech sector. The crown prince's kingdom appears to be ready for some of that favor to be returned.Rather than prioritizing investments in overseas tech companies, Saudi Arabia is looking to them to bring investment and resources to the Middle East as it seeks to capitalize on the AI boom and become a force of its own in the rapidly growing sector.The latest signs of this shift came on Wednesday after <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-11-06/saudis-plan-100-billion-ai-powerhouse-to-rival-uae-s-tech-hub">Bloomberg reported</a> that Saudi Arabia had plans for an up to $100 billion AI project that aims to not only prioritize the local tech industry but also encourage large tech companies to "put resources in the country.""Project Transcendence," as it is known, aims to make Saudi Arabia a place with all the components needed to advance AI: data centers housing the GPUs that train and run AI models, well-resourced startups at the cutting edge of innovation, and a globally sourced talent pool. According to the Bloomberg report, it also aims to build a "national champion" in AI. The crown prince, known as MBS, <a target="_blank" class="" href="https://ai.sa/">initiated a national AI strategy in 2020,</a> well before the current boom. But several factors have emerged since then for his nation to think hard about what it can do to accelerate the development of a resilient AI industry at home — and who it can get some help from.<div type="image" title="MBS" height="3043" width="4300" msid="115061833" hostid="261" sizebytes="382254"></div>One reason is that there has been an investment step-up in AI since the <a target="_blank" class="" href="https://www.businessinsider.com/everything-you-need-to-know-about-chat-gpt-2023-1">launch of ChatGPT</a> in late 2022, raising the stakes for Saudi Arabia as it battles neighboring rivals like the UAE for regional supremacy. Emirati state Abu Dhabi, for instance, is home to G42, a domestic company with an advanced <a target="_blank" href="https://www.g42.ai/resources/news/meet-jais-worlds-most-advanced-arabic-llm-open-sourced-g42s-inception">Arabic large language model</a>. It has also attracted $1.5 billion of investment from Microsoft. Bloomberg's report said Saudi Arabia planned to build its own version of G42.Another reason is weakening oil demand, a resource that has made the kingdom the central economic force of the Middle East for the better part of a century.An <a target="_blank" href="https://www.imf.org/en/Publications/CR/Issues/2024/09/03/Saudi-Arabia-2024-Article-IV-Consultation-Press-Release-Staff-Report-and-Informational-Annex-554530">IMF report in September</a> highlighted the ongoing decline in the country's oil revenue as the calendar speeds through to 2030; a decade-high of 857 billion riyals in 2022 ($228 billion) is projected to fall to 778 billion riyals ($207.1 billion) by 2029. Signs of weakening demand showed themselves this week, too, as state-owned oil giant <a target="_blank" href="https://www.aramco.com/-/media/publications/corporate-reports/reports-and-presentations/2024/q3/saudi-aramco-q3-2024-interim-report-english.pdf">Saudi Aramco reported a 15.3% year-on-year decrease</a> in third-quarter net income from $32.6 billion to $27.6 billion.Diversification away from oil has been a front-and-center issue for the kingdom's leaders for some time. It is a central focus of the <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-vision-2030-projects-trillion-value-neom-2024-9">grand Vision 2030 project MBS launched in 2016</a>, which includes mega-infrastructure projects like Neom. It is also a top priority for decision-makers at the Public Investment Fund, Saudi Arabia's giant sovereign wealth fund.The fund — chaired by MBS — has served as a crucial diversification tool for Saudi Arabia, <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-public-investment-fund-global-investment-spree-2024-8">leading an investment charge into top tech names</a> like Uber and SoftBank's first Vision Fund, a venture capital vehicle that bet on over 90 companies with $45 billion from the Saudis. The kingdom doesn't seem to want to keep up the pace of overseas spending it has previously had, however.Last month, PIF governor Yasir Al-Rumayyan told attendees of the Future Investment Initiative in Riyadh that the fund was preparing to allocate just 18 to 20% of its capital to overseas opportunities, <a target="_blank" href="https://www.ft.com/content/5004fbc6-23e2-4b9f-9885-14e1ea724ce2">the Financial Times reported</a>. That's a notable drop from the 30% allocated at the start of the decade.Overseas investment in AI looks set to continue, though. In March, The New York Times reported that the PIF was in early talks with Silicon Valley venture capital firm Andreessen Horowitz for a <a target="_blank" class="" href="https://www.nytimes.com/2024/03/19/business/saudi-arabia-investment-artificial-intelligence.html">$40 billion AI fund.</a> Should that materialize, it would be a significant force in the global AI investment space. <div type="image" title="Yasir al-Rumayyan" height="852" width="1093" msid="115061832" hostid="261" sizebytes="47602"></div>It remains to be seen how Project Transcendence might play out, but it could lead to Saudi Arabia announcing new developments, companies, and projects alongside key names from beyond its borders to bolster its AI activity at home.There are already examples of the country turning to overseas tech companies. California-based AI company Groq, for instance, <a target="_blank" href="https://groq.com/unleashing-the-power-of-fast-ai-inference-groq-and-aramco-digital-partner-to-establish-world-leading-data-center/">unveiled a partnership</a> with an arm of Saudi Aramco in September that will oversee the development of an AI data center in the country. In October, Google Cloud and the PIF announced a partnership to develop an AI hub in the kingdom that, if approved, would see the two conduct joint research on Arabic language models and train "millions" of students and professionals.Saudi Arabia will want others to work with it, too, as it gets serious about becoming the Middle East's main stage for AI.

Saudi Arabia spent years investing in global tech firms. Its domestic AI push hopes they'll return the favor.

<ul><li><keyword id="126284" type="General" weightage="20" keywordseo="Abu-Dhabi-Investment-Authority" source="Orion">Abu Dhabi Investment Authority</keyword> will own a 9.99% stake in the insurer, after the deal.</li><li>The health insurance company plans to use this capital to drive its growth.</li><li>ADIA sees significant potential in India’s health insurance sector driven by higher awareness and broader economic growth.</li></ul>Abu Dhabi Investment Authority (ADIA) today invested ₹665 crore in <keyword id="3501066" type="General" weightage="20" keywordseo="Aditya-Birla-Health-Insurance" source="Orion">Aditya Birla Health Insurance</keyword>, for a 9.99% stake in the insurer. After the investment, Aditya Birla Capital will hold 45.91% stake and Momentum Metropolitan Holdings will have a 44.10% stake in the company. ADIA will be the third partner in the insurance company which was formed as joint venture between Aditya Birla Capital and Momentum Metropolitan Strategic Investments; in 2016. The health insurance company plans to use this capital to drive growth. Hamad Shahwan Al Dhaheri, executive director of ADIA says he sees significant potential in India’s health insurance sector driven by higher awareness and broader economic growth. “This partnership with ADIA strengthens our resolve to further expand the company’s ‘Health-First’ proposition, as we empower our customers to lead a healthy life. We remain committed to this promise and have reimagined our business model and customer engagement accordingly, by creating differentiated products, a digital health ecosystem and a large distribution presence across the country,” said Mayank Bathwal, CEO of Aditya Birla Health Insurance. Aditya Birla Health Insurance has a nationwide distribution presence in over 4,800 cities through branches and partner offices, 14 bancassurance partners, and over 68,000 direct selling agents. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/a-startup-founder-was-asked-to-do-a-coffee-run-on-her-first-pitch-now-shes-among-indias-richest-women/articleshow/93480578.cms">A startup founder was asked to do a coffee run on her first pitch, now she's among India's richest women</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/jio-airtel-could-emerge-stronger-weaking-vodafone-idea-further-say-analysts/articleshow/93499353.cms">Jio, Airtel could emerge stronger weakening Vodafone Idea further, say analysts</a>

Abu Dhabi Investment Authority invests ₹665 crore in Aditya Birla Health Insurance

The much anticipated initial public offering (IPO) of online food delivery company <keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword> opened on Wednesday at Rs 72-76 per share offer and was fully received by the retail investors. The retail segment of the offering has been fully subscribed in just over an hour. So far, the IPO has been subscribed around 20 percent on the first day of bidding. On Tuesday, the company said that it has raised Rs 4,196 crore from several prominent institutional investors as part of an anchor book allocation. It has allocated 55.2 crore equity shares, to anchor investors, at a price of Rs 76 per share. Government of Singapore, <keyword id="158169" type="CITY" weightage="20" keywordseo="BlackRock">BlackRock</keyword>, <keyword id="6361649" type="UNKNOWN" weightage="20" keywordseo="Goldman-Sachs">Goldman Sachs</keyword>, <keyword id="126284" type="ORGANIZATION" weightage="20" keywordseo="Abu-Dhabi-Investment-Authority">Abu Dhabi Investment Authority</keyword> among others were the participants in the anchor book. Jyoti Roy, DVP- <keyword id="195368" type="POSITION" weightage="20" keywordseo="equity-strategist">Equity Strategist</keyword> at <keyword id="367193" type="COMPANY" weightage="20" keywordseo="Angel-Broking-Ltd">Angel Broking Ltd</keyword> noted that along with global investors the anchor portion witnessed strong participation from domestic <keyword id="6357979" type="UNKNOWN" weightage="20" keywordseo="mutual-funds">mutual funds</keyword> who were allotted 18.4 crore shares aggregating to Rs 1,399 crore out of the Rs. 4,196 crore anchor book. "Strong participation by institutions in the anchor book bodes well for the IPO and we expect continued strong demand for the IPO from both institutional and retail investors alike. Given strong delivery network, high barriers to entry, expected turnaround and significant growth opportunities in tier-II and tier-III cities, we believe that Zomato will command a premium to global peers and hence have a 'SUBSCRIBE' recommendation on the IPO," Roy said. The issue comprises an offer for sale of Rs 375 crore by the <keyword id="80004" type="COMPANY" weightage="20" keywordseo="Info-Edge">Info Edge</keyword> and a fresh issue worth Rs 9,000 crore. SEE ALSO - <a href="https://www.businessinsider.in/business/startups/news/a-startup-which-helps-you-become-a-makeup-artist-vah-vah-raises-seed-funding-from-sequoias-surge/articleshow/84378187.cms" style="">A startup which helps you become a makeup artist raises seed funding from Sequoia's Surge</a> <a href="https://www.businessinsider.in/business/ecommerce/news/chinese-e-commerce-app-shein-will-re-enter-the-indian-market-with-amazon-but-as-a-seller-this-time/articleshow/84376578.cms">Chinese e-commerce app Shein will re-enter the Indian market with Amazon, but as a seller this time</a>

Zomato IPO gets subscribed 20% on first day of bidding

<ul><li><keyword id="42747" type="General" weightage="20" keywordseo="tata-motors" source="Orion">Tata Motors</keyword> is forming a new subsidiary that will take care of the electric vehicle business.</li><li>Also, in association with Tata Power, it will develop charging infrastructure to facilitate rapid EV adoption in India</li><li>This comes in line with the company’s goal to launch 10 electric vehicle models by 2025.</li></ul>US-based <keyword id="12297523" type="General" weightage="20" keywordseo="TPG-Rise-climate" source="Orion">TPG Rise Climate</keyword> along with Abu Dhabi Development Holding will make an investment worth ₹7500 crore (around $1 billion at current prices) in Tata Motors’ <keyword id="6354973" type="General" weightage="20" keywordseo="electric-vehicles" source="Orion">electric vehicles</keyword> (EV) segment. Tata Motors will form a new subsidiary for its electric vehicle business that will hold the investment made by these funds. Tata Motors said the new company will leverage all existing investments and capabilities of Tata Motors and will channelise the future investments into electric vehicles space including charging infrastructure and battery technologies. Over the next 5 years, this company will create a portfolio of 10 electric vehicles. Further, in association with Tata Power it will develop charging infrastructure to facilitate rapid EV adoption in India. This comes in line with the company’s goal to launch 10 electric vehicle models by 2025. Tata Motors already has two EV models -- SUV Nexon EV and subcompact sedan Tigor EV. It r<a href="https://auto.hindustantimes.com/auto/news/tata-motors-sees-21-jump-in-sales-nexon-tigor-helps-ev-sales-to-grow-by-250-41633082366148.html">eportedly</a> has a 70% market share among EV makers in India. <div type="image" title="tata motors 2" height="900" width="1200" msid="86967983" hostid="261"></div> The automaker has been doing pretty well in terms of sales of EV models as its sales went up three-fold in the last 12 months, shows company data. Tata Motors sold 1,078 units of electric vehicles in September, up from a mere 308 units in September last year. Overall, it has sold 10,000 EVs in India so far, largely because of the success of the Nexon EV SUV. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-allows-domestic-flights-to-operate-at-full-capacity-from-monday/articleshow/86965330.cms">India allows domestic flights to operate at full capacity from Monday</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/former-sbi-chair-rajnish-kumar-joins-bharatpe-to-guide-its-transformation-to-a-small-finance-bank/articleshow/86963500.cms">Former SBI chair Rajnish Kumar joins BharatPe to guide its transformation to a small finance bank</a>

TPG makes a billion dollar bet on Tata Motors’ EV dreams

<ul><li><keyword id="9550094" type="UNKNOWN" weightage="20" keywordseo="Reliance-InvIT">Reliance InvIT</keyword> is set to raise funds of over a billion dollars from Saudi Arabia’s sovereign fund – Public Investment Fund and Abu Dhabi Investment Authority.</li><li>Brookfield Infrastructure Partners has already invested ₹25,215 crore in the Tower InvIT. </li><li>Jio already has 175,000 towers and 1.1 million route kilometers for fiber, with one million home users.</li></ul><keyword id="6354504" type="DEFINITION" weightage="20" keywordseo="reliance-jio">Reliance Jio</keyword> has raised $15.6 billion since April and now, <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> has plans for more. Reliance InvIT is set to raise funds of over a billion dollars from Saudi Arabia’s sovereign fund – Public Investment Fund and Abu Dhabi Investment Authority, Abu Dhabi royal family’s fund, a source told Business Insider. Brookfield Infrastructure Partners has already invested ₹25,215 crore in the Tower InvIT. “Discussions with potential investors for Fiber InvIT are in progress,” Reliance had said in its annual report. Reliance has not yet responded to Business Insider's emails. <div type="image" title="RIL share." msid="76888437" hostid="261"></div> This would be the second investment from the sovereign funds into Reliance. Earlier, Saudi PIF had invested $1.5 billion in Jio Platforms for 2.32% stake, while ADIA had invested $756 million for a 1.16% stake. Recently, the Indian tax authority had announced a complete tax exemption for sovereign funds investing in Indian infrastructure. <div type="image" title="Jio investments" msid="76888371" hostid="261"></div> The promise of fiber <keyword id="4056036" type="PERSON" weightage="20" keywordseo="Jio-Fiber">Jio Fiber</keyword> was launched in 2018 and already has 175,000 towers and 1.1 million route kilometers for fiber, with one million home users. In its annual report Reliance said that Jio’s Fiber to the Home services has the potential to connect 50 million homes and 15 million enterprises with high-speed fiber across 1600 cities. “Jio with its 5G-ready network and extensive fiber assets, would play a key role in the development of the 5G ecosystem in India, based on market dynamics. Jio’s extensive intracity fiber network, last-mile execution, seamless customer experience along with attractive bundling of digital content and smart home IoT solutions would be key differentiators,” said the report. In its next phase, Jio plans to offer state-of-the-art wireline services, which are all 5G ready while also promising to have an ‘efficient pricing’. Currently, Jio Fiber has monthly plans starting from ₹699, which go up to ₹8,499. “A Jio is not just a telecom player, they are expanding like anything, the next big wave will be Jio fiber. Honestly, the kind of demand they are getting right now, they are not being able to apply. And there are multiple reasons for the Jio fiber demand, it will be a gamechanger in the broadband space and will hurt a lot of people. There will be an impact on the DTH players as well when Jio will bundle cable and internet services,” Karan Chechi, director at TechSci research had earlier told Business Insider. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/intel-will-speed-up-mukesh-ambanis-5g-run-power-him-with-ai-and-possibly-a-jio-laptop/articleshow/76780290.cms">Intel will speed up Mukesh Ambani’s 5G run, power him with AI and possibly a Jio laptop⁠— all in return for massive amount of data</a> <a href="https://www.businessinsider.in/careers/news/tcs-hiring-again-with-5-employees-to-return-to-offices/articleshow/76887172.cms">TCS to kickstart lateral hiring and bring back 5% of its employees to offices</a>

Mukesh Ambani is not done – Jio Fiber to get over $1 billion as Abu Dhabi and Saudi sovereign funds are set to invest in Reliance InvIT

<ul class="summary-list"><li><keyword id="5173892" type="ORGANIZATION" weightage="60" keywordseo="International-Holdings">International Holdings</keyword> stock has surged 75% in the past three weeks.</li><li><keyword id="127117" type="COMPANY" weightage="60" keywordseo="IHC">IHC</keyword>'s market cap has hit $43 billion, higher than First <keyword id="63248" type="COMPANY" weightage="60" keywordseo="Abu-Dhabi">Abu Dhabi</keyword> Bank.</li><li>The <keyword id="6358356" type="LOCATION" weightage="60" keywordseo="uae">UAE</keyword> holding company owns a fund with a stake in <keyword id="6355315" type="UNKNOWN" weightage="60" keywordseo="elon-musk">Elon Musk</keyword>'s <keyword id="6360701" type="DEFINITION" weightage="60" keywordseo="spacex">SpaceX</keyword>.</li></ul>A SpaceX investor has seen its stock price surge 75% in the past three weeks for no apparent reason.The market capitalization of International Holdings, an Emirati holding company, has soared to a record $43 billion, surpassing the market value of First Abu Dhabi Bank - one of the region's biggest lenders.IHC owns or part-owns businesses across multiple industries, including food packaging, military equipment, and air conditioning. Last year it purchased a 94% stake in Falcon CI IV LP, a private-equity fund in the Cayman Islands that has invested in Elon Musk's SpaceX, <a href="https://www.reuters.com/companies/IHC.AD/key-developments">according to Reuters</a>.The holding company's shares are closely held by Emiratis, and no analysts cover the company, <a href="https://www.bloomberg.com/news/articles/2021-04-07/the-uae-stock-that-s-up-70-in-three-weeks-and-nobody-knows-why?srnd=premium-europe">according to Bloomberg</a>, making it tough to diagnose what's behind the recent stock move.Century Financial's investment chief, Vijay Valecha, told Bloomberg that IHC's investments are "audacious and sometimes baffling" but that its bosses have "delivered the goods" so far.IHC's stock has climbed from 50 dirham ($13.60) on March 22 to 87.50 as of Thursday, after trading as high as 94 dirham on Wednesday. It has more than doubled in price this year already, after more than doubling last year.The company's gains might reflect the fact that it more than tripled its revenue and more than doubled its net profit last year.Its outperformance coincides with Sheikh Tahnoun bin Zayed al-Nahyan becoming the company's president. The sheikh is also a national security advisor to the UAE and is part of the country's royalty - his brother is the crown prince of Abu Dhabi. Additionally, he holds leadership positions at IHC's biggest (and only direct) shareholder, Royal Group, and at First Abu Dhabi Bank.Read more: <a href="https://www.businessinsider.com/goldman-sachs-stock-picks-for-higher-eps-earnings-growth-consensus-2021-4" target="_blank" rel="noopener">Goldman Sachs handpicks 40 stocks that will enjoy bigger earnings growth than Wall Street expects in 2021</a>

A secretive SpaceX investor has scored a 75% stock gain in the past 3 weeks

New Delhi, Feb 18 () MaxWholesale, a B2B e-commerce platform for kirana stores, on Tuesday said it has raised USD 3 million (about Rs 21.4 crore) in funding led by IAN Fund-I and Abu Dhabi-based Al Falaj Investment Company (AFI). The Series-A round also saw participation from existing investor Maple Capital, along with Infoedge's ex-CFO Ambarish Raghuvanshi, Maple Capital's Abhinav Grover and Biba Group's Siddharth Bindra, among others, a statement said. Raman Roy and Abdelghani have joined MaxWholesale's board as directors, it added. "With the investment, MaxWholesale will hire talent to develop its technology further and accelerate growth... MaxWholesale is also looking to expand its reach to Kirana stores in the coming months," it said. The platform currently services 10,000 kirana stores in Delhi. The company manages various warehouses in Delhi-NCR with the delivery fleet of 60 vehicles in Delhi, Gurugram, Noida and Ghaziabad. "We felt that there was a dire need for technology in this sector and, hence, we introduced data science into this field to make restocking more predictable and organised," MaxWholesale founder and CEO Samarth Agrawal said. With this approach, the company is aiming to change the way in which the business is done at these stores, he added. "In the last year, we clocked 20 times growth in terms of revenue. Going forward, we are excited to use this investment to extend our capabilities and drive a bigger impact for FMCG (fast-moving consumer goods) chains and kirana stores through our technology-driven platform," he said. He added that the company will soon open its ecosystem to NBFC (non-banking financial company) lenders for providing credit and working capital loans to its kirana stores. Pankaj Karna, managing director at Maple Capital, said that with the infusion of technology into the wholesale market, MaxWholesale has created an ecosystem for kirana stores wherein everyone can be benefitted. "We are confident about the capabilities of the whole workforce building the product and we are happy to back them in their journey," he added. SR HRS

MaxWholesale raises USD 3 mn from IAN Fund, Abu Dhabi's Al Falaj Investments

<ul class="summary-list"><li>Fans return to a <keyword id="992778" type="ORGANIZATION" weightage="60" keywordseo="UFC">UFC</keyword> event Saturday for the first time in 10 months.</li><li>UFC events were paused for six weeks early into the coronavirus pandemic but restarted in May behind-closed-doors.</li><li>The UFC then held domestic shows at its UFC Apex studio and international events in <keyword id="63248" type="COMPANY" weightage="60" keywordseo="Abu-Dhabi">Abu Dhabi</keyword> using <keyword id="9060271" type="UNKNOWN" weightage="60" keywordseo="fight-island">Fight Island</keyword> branding.</li><li>The third series of Fight Island events begin Saturday, January 23 and take place at the newly-built, state-of-the-art <keyword id="10606543" type="UNKNOWN" weightage="60" keywordseo="etihad-arena">Etihad Arena</keyword>.</li><li>Take a look inside.</li></ul>FIGHT ISLAND - The world-leading mixed martial arts firm UFC returned to Abu Dhabi for its third Fight Island-branded festival beginning January 16, and for the first time, fight fans will enjoy the show.Previous shows were held behind-closed-doors at the purpose-built Flash Forum.But the UFC Fight Night: Holloway vs. Kattar event Saturday, the Wednesday show headlined by Michael Chiesa and Neil Magny, and UFC 257, which features Conor McGregor against Dustin Poirier, all take place at the state-of-the-art Etihad Arena on Yas Island.The arena is part of <a href="https://www.prnewswire.com/ae/news-releases/miral-announces-major-milestones-on-yas-bay-part-of-its-usd-3-26-billion-developments-under-construction-on-yas-island-abu-dhabi-891367166.html" target="_blank" rel="noopener">a $3.26 billion developments-under-construction project</a> on Yas Bay. Insider is back on Fight Island and went on a tour of the venue Friday, the day before Holloway and Kattar do battle in a featherweight contest scheduled for five, five-minute rounds.Take a look inside the arena:<div type="image" title="Etihad Arena, Abu Dhabi department of culture and tourism" height="1001" width="1500" msid="80305230" hostid="261"></div>And outside:<div type="image" title="Exterior of the Etihad Arena" height="1001" width="1500" msid="80305231" hostid="261"></div>Etihad Arena, a multi-purpose entertainment venue, is the epicenter of Yas Bay's waterfront and neighbors the Yas Marina Circuit, Ferrari World, Yas Waterworld, and the Yas Links Golf Course.Mohamed Abdalla Al Zaabi, CEO of Miral, the Abu Dhabi real estate developer behind the venue, described the project to Insider while standing in front of the exclusive VIP boxes."We're excited to have this arena ready to host one of the most prestigious events in the world, the UFC, for its first event," Al Zaabi said.It's is just one part of Miral's vision to have Yas Island as "a top destination for family fun and entertainment," with a portfolio that includes the aforementioned Ferrari World and the upcoming Sea World, explained Al Zaabi.He added that the venue could be flexible in what it hosts, extending the floor space, and putting in an ice rink, basketball court, or creating a stage for gigs."We intentionally designed this arena so it can be customized and change the set-up for a tennis game, swimming, concerts."The UFC's three-event residency at the Etihad Arena will be the first time fans have attended a UFC show since 15,000 people saw <a href="https://www.insider.com/video-ufc-joanna-jedrzejczyk-punches-disfigured-slow-mo-2020-3" target="_blank" rel="noopener">UFC 248 at the T-Mobile Arena in Las Vegas</a> on March 8, 2020.The venue will be at 10% capacity, with between 1,800 fans expected at each event."Our customer safety [is a top priority]. We decided not to have more than 10% capacity, which guarantees at least two meters between guests," Al Zaabi said, adding it was the first Abu Dhabi event to have spectators since February last year.Here's the author at the venue:<div type="image" title="Etihad Arena" height="657" width="876" msid="80305232" hostid="261"></div>Read more:<a href="https://www.insider.com/how-training-with-the-diaz-brothers-helped-shape-calvin-kattar-2021-1" target="_blank" rel="noopener">'UFC Champion-in-waiting' Calvin Kattar still uses lessons he learned from training with the Diaz brothers more than a decade ago</a><a href="https://www.insider.com/joaquin-buckley-credits-kanye-west-for-social-media-boost-2021-1" target="_blank" rel="noopener">Knockout artist Joaquin Buckley credits Kanye West for giving his UFC highlight-reel a boost on social media</a><a href="https://www.insider.com/conor-mcgregor-confirms-talks-with-manny-pacquiao-for-mega-fight-2021-1" target="_blank" rel="noopener">Conor McGregor confirms talks with Manny Pacquiao over a $250 million world championship boxing match</a><a href="https://www.insider.com/jake-pauls-merciless-trolling-of-conor-mcgregors-team-continues-2021-1" target="_blank" rel="noopener">Jake Paul's merciless trolling of Conor McGregor's fight team continues as he belittles the Irishman's sparring partner</a><a href="https://www.insider.com/georges-st-pierre-says-he-never-enjoyed-fighting-in-ufc-2021-1" target="_blank" rel="noopener">Georges St. Pierre says he used to cry before bouts early in his career and never enjoyed fighting in the UFC</a>

You Searched For "Abu Dhabi Investment Authority" and got 11 results

Want to get into the AI industry? Head to Abu Dhabi.

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TPG makes a billion dollar bet on Tata Motors’ EV dreams

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Inside the 18,000 capacity Etihad Arena, a state-of-the-art venue built on a $3 billion site in Abu Dhabi

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