RIYADH: Global tech giant Microsoft will invest $1.5 billion in the UAE-based artificial intelligence technology company G42, aiming to offer the latest AI solutions and skilling initiatives.  

As part of the deal, G42 will grant the US firm a minority stake and Brad Smith, Microsoft’s vice chair and president, will join the Emirati firm’s board of directors, according to a press release. 

Smith said: “Our two companies will work together not only in the UAE, but to bring AI and digital infrastructure and services to underserved nations.”  

He added: “We will combine world-class technology with world-leading standards for safe, trusted, and responsible AI, in close coordination with the governments of both the UAE and the United States.” 

The deal will see G42 utilizing Microsoft Azure to run its AI applications and services, partnering to deliver advanced solutions to global public sector clients and large enterprises.  

Moreover, the companies will collaborate to bring advanced AI and digital infrastructure to nations in the Middle East, Central Asia, and Africa, ensuring equitable access to services, the release added.  

“Microsoft’s investment in G42 marks a pivotal moment in our company’s journey of growth and innovation, signifying a strategic alignment of vision and execution between the two organizations,” said Tahnoon bin Zayed Al-Nahyan, chairman of G42. 

“This partnership is a testament to the shared values and aspirations for progress, fostering greater cooperation and synergy globally,” he added. 

The agreement also encompasses a $1 billion investment in a fund for developers, which aims to bolster the creation of a skilled and diverse AI workforce, as well as foster innovation and competitiveness for the UAE and the broader region. 

DUBAI: Sales of homes in Dubai worth $10 million or more rose 6 percent in the first quarter versus last year, an industry report showed on Tuesday, as demand from the international ultra-rich for homes in the emirate showed little sign of abating, according to Reuters. 

A total of 105 homes worth an overall $1.73 billion were sold from January to March, up from around $1.6 billion a year earlier, according to property consultancy Knight Frank.

Activity was dominated by cash buyers, with palm tree-shaped artificial island Palm Jumeirah the most sought-after area, accounting for 36.3 percent of sales by total value, followed by Jumeirah Bay Island and Dubai Hills Estate.

Home to the world’s tallest tower, the UAE’s Dubai is seeking to grow its economy through tourism, building a local financial center and by attracting foreign capital, including into property.

The recent property boom has shown signs of fizzling out, however, with developers, investors and brokers worrying whether a painful correction akin to the slump that rocked the emirate in 2008 can be avoided.

Last year, Dubai ranked first globally for number of home sales above $10 million, selling nearly 80 percent more such properties than second-placed London, according to Knight Frank.

The city also bucked the trend of falling luxury prices seen in cities like London and New York last year, posting double-digit gains, Knight Frank said in February.

“The level of deal activity in Dubai continues to strengthen, particularly at the top end of the market, where the near constant stream of international high-net-worth-individuals vying for the city’s most expensive homes persists,” said Faisal Durrani, Knight Frank’s head of research for Middle East and Africa.

Durrani told Reuters Dubai was aided by the relative affordability of its luxury homes, where well-heeled buyers can purchase about 980 sq. feet of residential space for $1 million, “about three or four times more than you would get in most major global gateway cities.”

The strong demand suggests many international investors are acquiring Dubai property for second homes rather than “constant buying to flip,” he said, referring to the past practice of buying in order to sell to others quickly for more money.