The Middle East’s tech sector is experiencing a dynamic surge, marked by a series of notable developments ranging from acquisitions to groundbreaking launches. This week has witnessed significant strides in digital innovation, with companies in Saudi Arabia, the UAE, and beyond making strategic moves to bolster their positions in the rapidly evolving landscape.
From acquisitions aimed at localising innovation to the launch of cutting-edge AI solutions, the region is witnessing a transformation that underscores its commitment to technological advancement and economic growth. Let’s delve into the highlights of the latest advancements shaping the Middle East’s tech scene.
Here is what stood out this week:
Saudi Arabia’s T2 acquires Omani startup Promize
The Riyadh headquartered business development company T2 has acquired Omani data startup Promize.
This acquisition by T2 is a part of the Saudi company’s long-term strategy to achieve leadership in digital innovation, focussed on meeting the customers’ demands.
The move aims to help the company contribute to the local economy by localising innovation and creating new high-skilled job opportunities.
Saif Al-Issaie, CEO and co-founder of Promize, stated, “The innovative technological solutions and exceptional technology built within Promize will accelerate T2’s expansion process, enabling it to serve a new segment of customers and meet their needs, focusing heavily on enhancing user experience in applications.
The agreement was signed by Al-Issaie, and Mamdouh Al-Aqeel, CEO T2, in the presence of Dr. Ali Al-Shidhani, Undersecretary of the Ministry of Transport and Communications for Communications and Information Technology, and the accompanying Omani delegation.
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Dataiku launches LLM Cost Guard’s LLM Mesh
It is no secret large language models (LLMs) can come at a significantly high cost for organisations. The costs for enterprises significantly increase in the rush to harness the power of LLMs and build generative AI (gen AI) models. To combat this problem, Dataiku today announced the launch of its dedicated cost monitoring solution, LLM Cost Guard, a new component of the Dataiku LLM Mesh.
The LLM Cost Guard enables effective tracing and monitoring of enterprise LLM usage to better anticipate and control gen AI costs. It provides visibility into costs attributed to specific applications, providers, and users for a fine-grained understanding of which LLM use cases are driving what costs.
“AI is a critical strategy for every enterprise’s innovation and growth, yet we constantly hear business leaders’ concerns not only about the potential costs of Generative AI projects but the inherent variability of that cost,” said Florian Douetteau, co-founder and CEO, Dataiku in a note shared by the company.
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G42 develops BoardNavigator to reimagine boardroom dynamics
month after Abu Dhabi’s International Holding (IHC) announced the launch of Aidan, G42, the UAE-based technology group has announced the development of BoardNavigator, an AI board companion set to transform corporate strategy and governance.
International Holding Company (IHC), the global diversified multi-sector investment company and the UAE’s largest publicly traded entity, will be the first organization to adopt BoardNavigator in its Board operations. ‘Aiden Insight’, as it was named by IHC, will be utilised in IHC Board meetings as a decision-making tool, offering real-time insights to inform discussions and guide decisions.
In that capacity, Aiden Insight will be responsible for observation of the IHC Board’s meetings, providing data analysis, risk assessment, and strategic planning support in a secure and compliant manner.
BoardNavigator will be able to process decades of internal business data, financial information combined with external market trends and indicators which will help navigate the complexities of business resolutions, through superior analytical capabilities. BoardNavigator will enjoy the security, privacy, and compliance features of Microsoft Azure, helping customers with their regulatory obligations.
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Abu Dhabi has established MGX focussed on investments in AI
The Artificial Intelligence and Advanced Technology Council (AIATC), established by His Highness Sheikh Mohamed bin Zayed Al Nayan, the President of the United Arab Emirates in January 2024 has announced the creation of MGX, a technology investment company to enable the advancement and deployment of leading new technologies.
A note by the Abu Dhabi Media Office stated that G42 and Mubadala will serve as foundational partners in the creation of this new company. The fund will invest to accelerate the adoption and development of AI and advanced technologies through partnerships both in the UAE and globally.
The core investment strategy will focus on – semiconductors for memory and logic chip design and manufacturing, AI core technologies and applications like AI models, data, robotics, and life sciences, AI infrastructure like data centres and connectivity. MGX will build on Abu Dhabi’s existing investments in the area and focus on deploying capital alongside leading international technology and investment companies.
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