Latest news with #Group42
Hi Dubai
5 days ago
- Business
- Hi Dubai
MENA Region Sees Surge in M&A Activity as Deal Value Hits $46 Billion in Q1 2025
The MENA region recorded a sharp uptick in mergers and acquisitions in the first quarter of 2025, with deal volume rising 31% year-on-year to 225 and total deal value soaring 66% to $46 billion, according to the EY MENA M&A Insights 2024 report. The United Arab Emirates retained its position as the region's top M&A destination, accounting for 63 deals worth $20.3 billion. Kuwait followed with $2.3 billion in deal value, largely driven by transactions in the industrial and utilities sectors. Cross-border activity led the growth, making up 52% of deal volume and 81% of total value at $37.3 billion — the highest level in five years. The trend reflects a broader strategic push by companies to diversify beyond domestic markets. Domestically, M&A also saw steady growth, contributing 48% of total deal volume. The technology sector emerged as a key driver, making up 37% of domestic deal value. A standout deal involved Abu Dhabi-based Group 42 acquiring a 40% stake in Khazna Data Centres for $2.2 billion. The UAE, Saudi Arabia, and Kuwait dominated intraregional transactions, accounting for 83% of domestic deal value. Meanwhile, Canada attracted the highest outbound deal value from MENA investors at $6.4 billion, while the U.S. led in deal volume. Inbound foreign direct investment surged, with deal value reaching $17.6 billion — a dramatic increase from $2.5 billion a year earlier. Austria led inbound investment, primarily through a major deal in the chemicals sector. EY analysts expect momentum to continue through 2025, with technology, energy, and consumer sectors driving further activity, fueled by regional reforms and growing investor confidence. News Source: Emirates News Agency
Yahoo
25-05-2025
- Business
- Yahoo
Abu Dhabi–Backed G42 And iGenius Team Up To Build Europe's Most Powerful AI Supercomputer Using Nvidia Chips In Italy
Abu Dhabi-based tech firm Group 42 said Tuesday that it is partnering with Italian artificial intelligence startup iGenius to build what it calls Europe's "largest" AI computer deployment. The $1 billion project, called Colosseum, will be developed over five years using Nvidia (NASDAQ:NVDA) technology, and is expected to transform Italy into a key hub for AI innovation, Reuters reports. The agreement is part of a broader $40 billion investment commitment from the United Arab Emirates to Italy, announced during a bilateral summit in February in Rome. Prime Minister Giorgia Meloni called the partnership a "key milestone" in reshaping Italy's economic and technological future. Don't Miss: Hasbro, MGM, and Skechers trust this AI marketing firm — 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. Colosseum, the name of the new data center, will be housed in southern Italy and aims to establish the region as a powerhouse for AI development. G42, backed by Abu Dhabi's sovereign wealth fund Mubadala and U.S. private equity giant Silver Lake, will lead financing for the initial buildout, Reuters reports. According to Reuters, Italian Industry Minister Adolfo Urso highlighted the project during Investopia's conference in Milan on May 16, pointing to 'strong chances' that the facility will be located in the Apulia region. The supercomputer will rely on advanced Nvidia systems, which have become the gold standard for training large-scale language models and generative AI technologies, according to BigDataWire. Specifically, Colosseum will deploy approximately 80 of Nvidia's GB200 NVL72 servers, each equipped with 72 Blackwell chips, Reuters says. With this infrastructure, Colosseum is expected to support everything from scientific research and healthcare applications to smart city planning and real-time industrial optimization. Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — The AI initiative is one of over 40 new deals signed between the UAE and Italy as part of a comprehensive strategic partnership. The broader package includes collaborations in energy, defense, telecommunications, and cybersecurity, Reuters reports. Eni (NYSE:E), Italy's energy giant, signed parallel agreements with G42 and other UAE firms to power data centers using natural gas plants equipped with carbon capture technology. Meanwhile, Italian defense manufacturer Leonardo signed a follow-up deal with the UAE's EDGE Group focused on joint production and technology transfer, according to Reuters. Meloni emphasized that this realignment reflects Italy's focus on strategic sectors. Reuters says the prime minister called the UAE's financial commitment a 'historic' opportunity to drive growth and reshape Italy's international role.'It is a historic day, another milestone in our relationship. The choice we made was to focus this partnership on strategic axes, such as artificial intelligence, data centers, space research, renewable energy, and rare earths,' Meloni said during the Italy-United Arab Emirates Business Forum, according to Reuters. Support from Nvidia, Mubadala, and Silver Lake underscores the scale and strategic weight behind the Colosseum project. According to Reuters, Charlie Boyle, vice president and general manager of DGX systems at Nvidia, said Colosseum will be one of the largest deployments of Nvidia's flagship servers globally. G42's links to Abu Dhabi's royal family and its growing role in the AI ecosystem reinforce the significance of the partnership, Reuters says. As Italy works to establish itself as a leading force in European AI, the Colosseum project could become a key asset in that strategic push. Read Next: Invest where it hurts — and help millions heal:. Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? NVIDIA (NVDA): Free Stock Analysis Report ENI (E): Free Stock Analysis Report This article Abu Dhabi–Backed G42 And iGenius Team Up To Build Europe's Most Powerful AI Supercomputer Using Nvidia Chips In Italy originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
CNBC
16-05-2025
- Business
- CNBC
Cerebras CEO says chipmaker's 'aspiration' is to hold IPO in 2025
Cerebras CEO Andrew Feldman said his hope is to take his company public in 2025 now that the chipmaker has obtained clearance from the U.S. government to sell shares to an entity in the United Arab Emirates. "That's our aspiration," Feldman told reporters on Thursday at the company's Supernova conference in San Francisco, after being asked if an IPO was likely this year. Cerebras, which makes processors for artificial intelligence workloads, filed to go public in September but hasn't provided an update on the expected size or timing of an offering. In March, the company said it had obtained clearance from a U.S. committee to sell shares to Group 42, a Microsoft-backed AI company based in the UAE. That clearance came from the Committee on Foreign Investment in the United States, or CFIUS, and marked a key step for Cerebras in its effort to go public. Cerebras competes with Nvidia, whose graphics processing units (GPUs) are the industry's choice for training and running AI models. More than 85% of Cerebras' revenue in the first half of 2024 came from Group 42. The tech IPO market broadly has been in a drought since early 2022, when rising inflation and higher interest rates pushed investors out of risky assets. Cerebras appeared poised to be the first notable pure-play AI IPO after its filing, but then the came the delay. CoreWeave, which provides AI infrastructure, debuted in March and has seen its market value jump about 65% since its IPO. The IPO market is showing signs of life, with trading app eToro hitting the Nasdaq this week and digital health provider Hinge Health scheduled to go out next week. The Middle East is becoming a more critical market for AI development. Nvidia CEO Jensen Huang was in Riyadh, Saudi Arabia this week along with other tech leaders and President Donald Trump for the Saudi-U.S. Investment Forum. Nvidia said at the event that it will sell more than 18,000 of its latest AI chips to Saudi company Humain. Group 42 is also reportedly on tap to purchase 100,000 GPUs a year as part of a bigger agreement between the U.S. and UAE. Feldman said at the roundtable with reporters that it's "important to be among the big dogs" and said, regarding the latest announcements, "You've got half the story. I can't share the other half." In addition to Microsoft, Cerebras sells to Meta and IBM. Feldman said last year that the company would have another "hyperscaler" within the first half of 2025. "We're close with another," he said on Thursday. "I think they haven't been the quickest to respond." Earlier in the day, Cerebras announced the ability to run an open-source model from Alibaba on its chips at what it says is a lower price than what OpenAI's GPT-4.1 model charges, and at a higher speed.
