Latest news with #TahnoonbinZayedAlNahyan
Arabian Post
5 days ago
- Business
- Arabian Post
Tabreed and CVC Edge Closer to $1.1 Billion Cooling Deal
Arabian Post Staff -Dubai Engie-backed National Central Cooling Company, known as Tabreed, and private equity firm CVC Capital Partners have entered exclusive negotiations to acquire PAL Cooling Holding , the district cooling arm of Abu Dhabi's Multiply Group. The transaction is expected to value the business at approximately $1.1 billion, according to individuals familiar with the matter. The joint bid by Tabreed and CVC emerged as the leading offer among several contenders, including KKR, I Squared Capital, Investcorp, and Abu Dhabi National Energy Company . Discussions have now progressed to a bilateral phase between the preferred bidders and Multiply Group, a subsidiary of International Holding Company , chaired by Sheikh Tahnoon bin Zayed Al Nahyan. ADVERTISEMENT PAL Cooling Holding operates six district cooling plants in Abu Dhabi, with a combined installed capacity of approximately 139,800 refrigeration tonnes. The company maintains long-term service agreements with prominent real estate developers such as Aldar Properties and Reem Developers, providing chilled water for air conditioning to a range of commercial and residential properties across the emirate. District cooling systems, which distribute chilled water through insulated pipes to multiple buildings, offer a more energy-efficient and environmentally friendly alternative to traditional air conditioning. These systems are particularly prevalent in the Gulf region, where summer temperatures can exceed 50 degrees Celsius, making efficient cooling solutions essential for urban infrastructure. The potential acquisition aligns with Tabreed's strategic expansion plans. The company currently operates over 80 district cooling plants across the Middle East, delivering more than 1.2 million refrigeration tonnes of cooling capacity. Tabreed's portfolio includes high-profile projects such as the Burj Khalifa, Sheikh Zayed Grand Mosque, and the Dubai Metro. CVC Capital Partners, headquartered in Luxembourg, has been actively seeking investment opportunities in the Middle East, reflecting a broader trend among international private equity firms. The region's push to diversify economies away from oil dependency has made sectors like sustainable infrastructure increasingly attractive to foreign investors. Multiply Group, the seller in this transaction, is an investment holding company with interests spanning media, utilities, and technology. The divestment of its district cooling unit is part of a strategic realignment to focus on core business areas. The company had engaged Standard Chartered Bank to explore potential buyers for PCH earlier this year. Following reports of the exclusive talks, Tabreed's shares experienced a 4.3% increase, reaching 2.68 dirhams during midday trading on the Abu Dhabi Securities Exchange. This uptick reflects investor optimism regarding the company's growth prospects and the strategic value of the potential acquisition.
Miami Herald
19-05-2025
- Business
- Miami Herald
AI-Run City Set for Launch
The United Arab Emirates is planning to power all public and private services in the city of Abu Dhabi through a single artificial intelligence platform by 2027 with a $2.5 billion investment, according to the Khaleej Times. The project will be delivered by Italy's Synapsia and the UAE's Bold Technologies. Newsweek has contacted the UAE government and Bold Technologies' parent company Bold Holding for comment. An email to the address on Synapsia's website bounced back. The new project underscores Gulf ambitions to take a lead in AI innovation the week after it was also made central to a visit to the region by U.S. President Donald Trump. While AI is increasingly at the heart of the global U.S.-China competition of influence, Gulf countries also see it not only as a way to make themselves more effective through its practical application, but also as a way to break new ground as they look to a future beyond energy exports. Aion Sentia, the project's given name, aims to consolidate public and private services onto a single platform, from automated public transport to the integration of smart homes and AI-powered support for healthcare, according to the Khaleej Times. The UAE has publicly stated its ambitions to lead in AI, and its National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan has actively courted foreign-including U.S.-investment for AI infrastructure projects. Saudi Arabia is also making similar calls and planning to use AI‐managed systems in its flagship Neom city. During his Middle East tour last week, Trump approved a major deal with the UAE to construct the world's largest artificial intelligence campus outside the U.S., removing previous limits that had barred the Gulf state from accessing advanced American chips amid fears they might end up in China. In March 2025, Synapsia and Bold Technologies signed a UAE-backed deal to deploy their Maia engine to coordinate traffic, public lighting, transportation, and security across urban infrastructure for more efficiency and energy consumption reduction, Synapsia said in a statement. Daniele Marinelli, CEO of My Aion Inc., as quoted by the Khaleej Times: "We want to go to the next level. Imagine an AI that knows you so well, it can recommend the perfect place for your anniversary dinner and book it for you without you lifting a finger. That's the power of MAIA, and it's just one example of how Aion Sentia will redefine convenience." Synapsia's website in March 2025: "The agreement includes a significant investment in the development of Cognitive Cities, a new paradigm that goes beyond the concept of smart cities, which introduces fully autonomous urban management based on generative AI and predictive optimization." The UAE said it aims to expand Aion Sentia globally after piloting in Abu Dhabi, but did not give further details of exactly where. Related Articles China Starts Building First Giant Supercomputer Network in SpaceNewsweek's Next Virtual Event Aims to Build Health Care's AI PlaybookTrump Backs Massive Middle East AI Hub to Counter ChinaGrok Saw 'Unauthorized Modification' Before Slew of 'White Genocide' Posts 2025 NEWSWEEK DIGITAL LLC.
Yahoo
17-05-2025
- Business
- Yahoo
OpenAI's planned data center in Abu Dhabi would be bigger than Monaco
OpenAI is poised to help develop a staggering 5-gigawatt data center campus in Abu Dhabi, positioning the company as a primary anchor tenant in what could become one of the world's largest AI infrastructure projects, according to a new Bloomberg report. The facility would reportedly span an astonishing 10 square miles and consume power equivalent to five nuclear reactors, dwarfing any existing AI infrastructure announced by OpenAI or its competitors. (OpenAI has not yet returned TechCrunch's request for comment, but to put that into perspective, that's bigger than Monaco.) The UAE project, developed in partnership with G42 – an Abu Dhabi-based tech conglomerate – is part of OpenAI's ambitious Stargate project, a joint venture announced in January that could see OpenAI, SoftBank, and Oracle build massive data centers around the globe stocked with powerful computer chips to support AI development. While OpenAI's first Stargate campus in the U.S. – already under development in Abilene, Texas – is expected to reach 1.2 gigawatts, this Middle Eastern counterpart would more than quadruple that capacity. The project is emerging amid broader AI ties between the U.S. and UAE that have been years in the making, and have made some lawmakers nervous. OpenAI's relationship with the UAE dates back to a 2023 partnership with G42 aimed at driving AI adoption in the Middle East. During a talk earlier that same year in Abu Dhabi, OpenAI CEO Sam Altman praised the UAE, saying it "has been talking about AI since before it was cool." As with much of the AI world, these relationships are... complicated. Founded in 2018, G42 is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE's national security advisor and younger brother of the country's ruler. Its embrace by OpenAI raised concerns in late 2023 among U.S. officials, who feared that G42 could enable China's government to gain access to advanced U.S. technology. These concerns focused on G42's "active relationships' with blacklisted entities, including Huawei and Beijing Genomics Institute, as well as ties to individuals connected to China's intelligence efforts. Following pressure from U.S. lawmakers, G42's CEO told Bloomberg in early 2024 that the company was shifting its strategy, saying: "All of our China investments that were previously made are already divested. Because of that, of course, we have no need anymore for any physical China presence." Soon after, Microsoft – a major shareholder in OpenAI with its own broader interests in the region – announced a $1.5 billion investment in G42, and its president, Brad Smith, joined G42's board of directors. This article originally appeared on TechCrunch at
Sharjah 24
15-05-2025
- Business
- Sharjah 24
UAE, US Presidents attend unveiling of 5GW AI Campus in Abu Dhabi
Largest AI Campus outside the US The new AI campus, the largest outside the US, will host US hyperscalers and large enterprises. It aims to provide regional compute resources capable of serving nearly half of the global population. Campus features and sustainability The campus will include 5GW of capacity for AI data centres, powered by nuclear, solar, and gas sources to minimise carbon emissions. A science park will also be established on-site to advance AI innovation. UAE-US strategic AI partnership The project will be developed by G42 and operated in partnership with several US companies. It is part of the newly launched US-UAE AI Acceleration Partnership, aimed at deepening bilateral collaboration on AI and advanced technologies. Regulated access and strategic operations Access to the compute resources will be regulated jointly by the UAE and US governments, reserved for US hyperscalers and approved cloud service providers. Statements by UAE and US officials His Highness Sheikh Tahnoon bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and Chairman of the Artificial Intelligence and Advanced Technology Council, said the campus demonstrates the UAE's commitment to global AI leadership and sustainable innovation. US Secretary of Commerce Howard W. Lutnick called the campus 'a historic Middle Eastern partnership on AI,' highlighting its role in expanding the American tech footprint and fulfilling President Trump's vision of US AI dominance. UAE's ongoing AI leadership The UAE has long led AI adoption, becoming the first country to appoint a federal Minister of Artificial Intelligence in 2017 and establishing the National AI strategy Launched in 2017, the UAE Strategy for Artificial Intelligence continues to drive transformative AI integration across sectors such as education, healthcare, transportation, and energy—cementing the UAE's role as a global AI hub.
Al Etihad
11-05-2025
- Business
- Al Etihad
Tahnoon bin Zayed chairs MGX's first board meeting of 2025
11 May 2025 19:51 ABU DHABI (ALETIHAD)His Highness Sheikh Tahnoon bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and Chairman of the MGX Board of Directors, has chaired MGX's inaugural board meeting of 2025. His Highness praised the company's rapid progress enabling accelerated technology development and innovation, and its emergence as a globally leading investor in AI infrastructure and technology that contributes to boosting productivity, enhancing quality of life, and ensuring a more sustainable and prosperous future for board reviewed MGX's financial performance for 2024, welcoming the remarkable progress achieved in the build-out of the MGX portfolio, including the latter's leading role in the establishment of the AI Infrastructure Partnership (AIP), which recently welcomed xAI and Nvidia to the founding partnership of MGX, BlackRock and Microsoft. The board similarly welcomed MGX investments in leading large language models (LLM's) including Open AI, Anthropic and xAI. The board also approved the company's 2024 financial statements and various forward-looking budgetary approvals, as well as the company's 2025 strategic priorities including planned investments in semiconductors, globally leading technology platforms and AI native response to directions from the board and as part of its support for the UAE's National Strategy for Artificial Intelligence 2031, MGX also introduced Ain, its proprietary AI-powered, voice-enabled board observer. Ain uses advanced AI models to pull data from MGX's internal systems and external data sources to provide deep, real-time insights in support of board investment decisions and risk offers clear and actionable recommendations and listens to and learns from the board and management discussions, continuously improving its understanding of the strategy and the business and helping MGX make faster and better Director and CEO of MGX, Ahmed Yahia Al Idrissi, said, 'Under the visionary leadership of His Highness Sheikh Tahnoon bin Zayed, MGX is laying the groundwork for a new era of AI-driven investing. The launch of Ain represents a breakthrough in corporate governance, seamlessly integrating artificial intelligence into the fabric of our decision-making processes. With Ain, AI emerges not merely as a tool, but as a trusted partner in shaping MGX's future.'The board meeting was attended by His Excellency Khaldoon Khalifa Al Mubarak, Vice Chairman of MGX, and board members including His Excellency Jassem Mohamed Bu Ataba Al Zaabi, Peng Xiao, Martin Edelman, and Ahmed Yahia Al was established in March 2024 by the Artificial Intelligence and Advanced Technology Council in Abu is a technology investment company focused on accelerating the development and adoption of artificial intelligence and advanced technologies through world-leading partnerships in the UAE and globally. MGX invests in sectors where AI can create broad economic value and impact, including semiconductors, infrastructure, software, tech-enabled services, life sciences, and AI infrastructure.
