- The Abu Dhabi Investment Authority (ADIA) has sold a 50% stake in the UK-based Policy Expert, an insurance solutions provider, to private equity firm Cinven’s Strategic Financials Fund as part of a “broader growth strategy” for the insurance firm.
- The financial details of the transaction have not been disclosed and is subject to regulatory approvals and closing conditions.
- Artificial intelligence startup Groq Inc. has partnered with oil producer Aramco to build a giant data center in Saudi Arabia that it hopes will become a hub for companies running AI systems across the Middle East, Africa and India.
- The California-based startup will operate what it has said will be the world’s largest AI inferencing center that initially has 19,000 language processing units, while Aramco will fund the development that is expected to cost “in the order of nine figures,” Groq Chief Executive Officer Jonathan Ross said in an interview in Riyadh.
- Hassan El-Khatib, Egypt’s Minister of Investment and Foreign Trade, met Tuesday with a delegation from the UAE-based Majid Al Futtaim Group. The delegation included Diaa Yahia, Regional President of Majid Al Futtaim Properties in Egypt, and Mohamed Tolba, Chairperson of Majid Al Futtaim Integrated Solutions. The meeting reviewed the group’s current projects in the Egyptian market and discussed future investment expansions for the upcoming phase.
- The meeting was also attended by Hossam Heiba, Chairperson of the General Authority for Investment and Free Zones, along with several ministry officials.
- Saudi Aramco has announced agreements with major Chinese partners during the visit of a high-level Chinese delegation to Saudi Arabia. The delegation is led by Chinese Premier Li Changkang.
- The new agreements will enhance the company’s continued contributions to China’s long-term energy security and development. China’s participation also supports Saudi Arabia’s economic growth and consolidates cooperation in developing new technology.
