Welligence to partner with UAE's NextGen FDI Initiative to provide cutting-edge data to energy sector
ABU DHABI (ALETIHAD)The UAE Ministry of Economy has announced that Welligence, a US-based data analytics provider for the energy sector, has joined its NextGen FDI initiative in a move that will strengthen its presence in the region.Welligence will now establish an office in Abu Dhabi for its sales, research, and consulting teams. The US-based software company will also examine the potential to build out a tech team in the UAE, underlining the NextGen FDI initiative's role in supporting the development of future-focused industries.Founded in 2017, Welligence aims to provide innovative solutions accelerated by AI, by efficiently screening and identifying opportunities, benchmarking competitors' portfolios, evaluating economic impacts of GHG emissions, and building credible commercial asset valuations. Their platform provides granular information on energy projects in 193 countries. Welligence has offices in 10 cities around the world and the UAE represents its first foray into the Middle East.Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, says Welligence's decision to expand into the UAE is a clear demonstration of the nation's welcoming ecosystem for high-tech firms and pro-business environment.'Welligence is precisely the kind of cutting-edge enterprise the NextGen FDI initiative was created to attract. Their expertise in leveraging AI and machine learning to empower decision-making will significantly contribute to promoting both the energy and advanced technology sectors in the UAE. By building a strong presence in the market, including the establishment of research and technology teams, Welligence will also support our pursuit of a knowledge-driven economy.'Ross Lubetkin, Welligence's Chief Executive Officer, stated: 'Opening our regional hub in the United Arab Emirates marks a transformational milestone in our journey. The UAE has firmly established itself at the forefront of global energy innovation, especially when it comes to cutting-edge technology and strategic energy investments. With Welligence's energy research vision driven by our technological edge, there's no better partner than the UAE. We are beyond excited to build our future together and are grateful to the Ministry of Economy for its support.'
Launched in 2022, the NextGen FDI initiative is a key pillar of the UAE's drive to diversify its' economy and position itself as a global hub for innovation. To date, the initiative has welcomed over 90 companies operating in future-focused sectors such as AI, renewable energy, robotics, and advanced manufacturing.
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