Skip to content Skip to Search
Skip navigation

G42 and OpenAI launch regional partnership 

Chat GPT G42 ChatGPT Shutterstock/T Schneider
G42 partnered with OpenAI in October to develop AI in the UAE and regional markets
  • G42 and OpenAI will ’empower’ businesses
  • OpenAI founder says region can play central role in AI
  • Middle East AI market growth 61%

Abu Dhabi’s leading artificial intelligence company G42 is teaming up with OpenAI, the research and development company behind ChatGPT, to develop AI in the UAE and regional markets.

The partnership, announced on Wednesday, aims to leverage OpenAI’s generative AI models across sectors where G42 already has expertise, including financial services, energy, healthcare and public services. 

Using solutions built by G42, organisations in the UAE and the region will be able to simplify the process of integrating OpenAI’s models.

“We aim to empower businesses and communities with effective solutions that resonate with nuances of the region,” said Sam Altman, co-founder and CEO of OpenAI.

G42 group CEO Peng Xiao added: “Our partnership with OpenAI transcends technological synergy; it’s a convergence of value and vision.”

The announcement was made on the sidelines of the Gitex Global tech show being held in Dubai. 

Altman has previously praised the UAE for being ahead of the curve on the development of AI.

In a visit to Abu Dhabi in June, he spoke highly of the Emirates’ “desire, commitment and willingness” to explore the technology. “I’m hopeful that the region can play a central role in this global conversation,” he said.

Last week Sundeep Gantori, CIO equity strategist at Swiss bank UBS, told AGBI the Middle East is in the very early stage of AI adoption.

The revenue opportunities in the region equated to “a few hundred million dollars” in 2022, he said, versus $28 billion globally, citing UBS research.

The same research has projected that the global AI market will grow at a compound annual growth rate of 61 percent between 2023 and 2027. Gantori said Mena’s generative AI market is set to exceed the global average, given its nascent stage. 

Latest articles

ADQ's holdings include Abu Dhabi National Energy Company (Taqa) and are worth almost $200 billion

ADQ: how Abu Dhabi’s ‘baby’ fund is finding its feet

Abu Dhabi sovereign wealth fund ADQ may be the younger, smaller sibling of ADIA and Mubadala but there are no signs of an inferiority complex as it executes billion-dollar deals at home and overseas. Most notable was the $35 billion agreement signed with the Egyptian government in February this year to develop Ras El Hekma, […]

Suriname oil

QatarEnergies buys into Suriname oil expansion

The state-owned giant QatarEnergy has signed a deal with US oil company Chevron to acquire a 20 percent interest in a production-sharing contract for an offshore concession in the South American country of Suriname. Chevron will keep a 40 percent interest in Surname’s block 5, as will Paradise Oil, an affiliate of Suriname’s national oil […]

Rakbank

Rakbank plans first bond to fund social projects

The National Bank of Ras Al Khaimah (Rakbank) is planning to launch its first social bond issuance, a news report has said. The Abu Dhabi-listed bank is seeking bids for the five-year benchmark-sized dollar-denominated bond, Reuters reported. The initial price was set at 170 basis points over US Treasuries, with the final pricing expected on confirmed […]

The proposed sharia standard 62, which aims to transition the industry towards asset-backed sukuk, will not affect 2024 issuance, says S&P

Sharia standard 62 may disrupt sukuk market, says S&P

Global sukuk issuances are likely to suffer next year if the proposed standard 62 sukuk changes to sharia guidelines are implemented, according to credit rating agency S&P. “Adopting Accounting and Auditing Organization for Islamic Financial Institutions standard 62 guidelines as they have been presented could disrupt the market,” it said in a new report. The […]