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Arabian Business
4 hours ago
- Arabian Business
Abu Dhabi's Mubadala invests in AI open-source company Anaconda
Abu Dhabi's Mubadala Capital has participated as one of the main investors alongside Insight Partners in the US$150 million Series C funding of Anaconda Inc, the company committed to advancing AI with open source at scale. The company operates profitably with over US$150 million in annual recurring revenue (ARR) as of July 2025. The new funding values the startup at about US$1.5 billion. Acquisitions on their mind Capital will be invested in new AI features, strategic acquisitions, and to fuel Anaconda's global expansion into new markets. Additionally, the funding will offer liquidity options for current and former employees, driving the company's continued momentum and growth. This news comes on the heels of Anaconda's newly launched AI Platform as well as a recently announced partnership with Databricks, the data and AI company. Since its founding in 2012, Anaconda has been one of the most trusted and widely used Python distribution platforms, with over 21 billion downloads and 50 million users. Today, more than 10,000 large enterprises rely on Anaconda to build and manage AI systems effectively. The infusion of capital comes at a pivotal moment as enterprises shift from isolated data science projects to building compound AI applications, validating Anaconda's mission to empower organisations and builders to innovate with data through a unified open source ecosystem for enterprise Python—the coding language that has become synonymous with AI development. George Mathew, Insight Partners Managing Director, said: 'As agents and compound AI systems gain traction, companies need a foundational platform to effectively manage key open source artifacts and components to drive fast, scalable innovation. Anaconda takes this a step further by layering simplicity and security to AI in enterprise landscapes. 'As enterprises move from specialised data science to generalised AI systems, we believe Anaconda is incredibly well-positioned for this generational shift.'
Arabian Business
4 hours ago
- Arabian Business
Abu Dhabi's IHC to invest $500mn in reinsurance premiums with RIQ
RIQ, the AI-native reinsurance platform launched earlier this year by IHC, in partnership with BlackRock and Lunate, has entered into a preferred reinsurance partnership with IHC, anchored by a targeted allocation of over US$500 million in risk coverage within the coming decade. The partnership represents IHC's commitment to pioneering intelligent capital deployment and transformative risk transfer solutions. By leveraging RIQ's AI-powered infrastructure, IHC aims to enhance the resilience and operational agility of its group companies. The collaboration also aligns with Abu Dhabi's ambition to lead globally in structured reinsurance and financial innovation. 'A strategic investment' Syed Basar Shueb, CEO of IHC, called it 'a strategic investment in the future of resilient infrastructure and industrial agility'. 'This partnership reflects IHC's conviction in the transformative power of intelligent capital and data-driven risk transfer. By aligning with RIQ, we are catalysing the next chapter of Abu Dhabi's evolution as a global center for reinsurance innovation. This is not just a financial commitment, it is a strategic investment in the future of resilient infrastructure and industrial agility,' Shueb said. Headquartered in Abu Dhabi Global Market (ADGM), RIQ will offer a full suite of reinsurance solutions, working closely with IHC and its portfolio companies to structure capital-efficient coverage across complex Specialty and Property and Casualty (P&C) risk classes. Leveraging advanced data modelling and AI-augmented underwriting, the platform is purpose-built to meet the demands of a rapidly evolving risk environment. Seeking regulatory approvals The company is currently in the process of getting regulatory approvals with the Financial Services Regulatory Authority (FSRA) of ADGM, as it moves toward formal authorisation as a reinsurer. Final preparations are also underway for the execution of the reinsurance transaction between IHC and RIQ, which remains subject to regulatory clearance. This transaction will mark a foundational step in RIQ's operational rollout. Mark Wilson, CEO of RIQ, added: 'We are proud to collaborate with IHC in this milestone partnership. RIQ's platform is engineered to deliver intelligent risk solutions at pace, fusing advanced analytics, underwriting discipline, and strategic capital. This announcement marks a defining step in our mission to reshape global reinsurance from Abu Dhabi outward.' RIQ has promised more updates in the coming months, as it executes on its global buy-and-build strategy. With over US$1 billion in equity commitments from IHC and strategic partners BlackRock and Lunate, RIQ aims to ultimately write US$10 billion per year.
Khaleej Times
5 hours ago
- Khaleej Times
UAE: Want to become a finfluencer? Applications for financial literacy programme open
Registration is now open for the Youth Financial Advisors Programme, a four-month intensive training targeting UAE nationals aged 25-32 years old to become certified financial advisors with deep knowledge in financial literacy. Launched by the Federal Youth Authority in partnership with the Central Bank of UAE and Securities and Commodities Authority, the programme comes as financial literacy among UAE residents stands at just 30.7 per cent, significantly below other international players. "Promoting financial literacy among young people is a primary element of our national strategy," said Dr Sultan bin Saif Al Neyadi, UAE Minister of State for Youth Affairs, in a statement. "Enhancing participants' knowledge and capabilities is fundamental to ensure their ability to manage finances, laying foundations for a stable future." Recent studies indicate that 50 per cent of UAE residents spend more than they earn, while over 60 per cent are in debt, primarily due to credit card and personal loan expenses. Young Emiratis, in particular, are facing the brunt of it with males spending around Dh2,000 monthly and females Dh1,656 — significantly higher than their expatriate peers at Dh1,152 and Dh606, respectively. The Youth Financial Advisors Programme addresses these challenges through seven core modules, including financial literacy fundamentals, monetary economics, entrepreneurial finance, and investment strategies. Participants will complete 30+ hours of education over four months, featuring hands-on workshops, financial institution visits, and hackathons designed to inspire innovative solutions. Khaled Mohamed Balama, governor of the Central Bank of UAE, emphasised the initiative's importance, noting in a statement that 'the programme reflects ongoing commitment to train young Emirati professionals, enabling them to actively contribute to establishing a knowledge-based economy." Requirements and how to apply Eligibility requires UAE nationality, university degrees in business, finance, economics, or law, plus a minimum of one year of relevant experience. Candidates without specified degrees need three years of financial services experience. Strong communication skills and Arabic-English proficiency are mandatory. Upon completion, craduates will receive three credentials: a Federal Youth Authority certificate of completion, registration as a Financial Influencer by the SCA, and a Central Bank Financial Literacy Trainer certification. They'll then conduct volunteer training sessions 'to spread the message and build a national network of qualified financial consultants'. Applications are being accepted now through the Federal Youth Authority website, with selection based on academic qualifications, experience, and demonstrated commitment to community financial education.
