News related to
global

A high-stakes bidding war is unfolding for PAL Cooling Holding , the district cooling subsidiary of Abu Dhabi’s Multiply Group, with global asset managers vying for a deal estimated at approximately $1 billion. Among the contenders are KKR, I Squared Capital, Investcorp, and CVC Capital Partners, the latter collaborating with Engie-backed National Central Cooling Company, known as Tabreed. Abu Dhabi’s energy firm TAQA is also reportedly evaluating a bid.

PCH, established in 2006, operates six state-of-the-art district cooling plants across Abu Dhabi, boasting a designed capacity of nearly 193,800 refrigeration tonnes . The company maintains long-term agreements with prominent developers such as Aldar Properties, Al Qudra, Al Tamouh Investment, and Reem Developers. Its services provide 24/7 chilled water for air conditioning to landmark residential, commercial, and mixed-use developments, contributing to the UAE’s strategy to reduce carbon emissions.

The sale of PCH aligns with Multiply Group’s broader strategy to capitalize on the construction boom in the UAE. The investment firm, controlled by International Holding Company and chaired by Sheikh Tahnoon bin Zayed Al Nahyan, is working with Standard Chartered Plc on the transaction. Sheikh Tahnoon, a key figure in the UAE’s ruling elite, oversees a sprawling business empire, including two sovereign wealth funds.

The district cooling sector in the Gulf region is experiencing significant growth, driven by the need for energy-efficient and environmentally friendly alternatives to traditional air conditioning. District cooling systems, which deliver chilled water via insulated pipes to cool buildings, are particularly suited to the region’s climate, where summer temperatures can exceed 50 degrees Celsius. These systems are approximately 50% more energy-efficient than conventional cooling methods, making them an attractive investment for firms focusing on sustainable infrastructure.

Tabreed, a major player in the district cooling industry, has been expanding its portfolio through strategic partnerships. The company, with significant shareholders including Mubadala and Engie , recently entered a joint venture with Dubai Holding Investments to provide district cooling services for Palm Jebel Ali in Dubai. This AED 1.5 billion project aims to deliver approximately 250,000 RTs of cooling capacity, with construction expected to commence in the second quarter of 2025 and the first cooling services anticipated by 2027.

stc Group has reaffirmed its commitment to motorsport by extending its title sponsorship of the Formula 1 Saudi Arabian Grand Prix for a fifth consecutive year. The telecommunications giant continues to play a pivotal role in enhancing the race experience through cutting-edge digital solutions.

The renewed partnership underscores stc’s dedication to integrating advanced technologies into the event. By deploying fixed mobile 5G communication towers, the company ensures internet speeds reaching up to 1.5 gigabytes per second. This infrastructure not only benefits the teams and drivers but also enriches the experience for fans attending the race.

Olayan Alwetaid, CEO of stc Group, expressed enthusiasm about the continued collaboration. He highlighted the company’s role in driving digital transformation across various sectors and emphasized the importance of providing seamless connectivity at major events. The theme “limitless drive” encapsulates stc’s vision for the Grand Prix, aiming to connect racers, teams, and fans in unprecedented ways.

Stefano Domenicali, President and CEO of Formula 1, acknowledged the significance of high-quality technology partners in the sport’s global growth. He noted that fans attending the race weekend in Jeddah can anticipate not only high-speed action on the track but also an exceptional experience off it, thanks to stc’s contributions.

The 2025 edition of the Formula 1 stc Saudi Arabian Grand Prix is scheduled to take place at the Jeddah Corniche Circuit from April 18 to 20. This event marks the fourth time the city has hosted the Grand Prix, with stc’s sponsorship playing a central role since the race’s inception in the Kingdom.

Saudi Arabia has unveiled a $100 billion initiative, Project Transcendence, to establish itself as a dominant force in artificial intelligence and advanced technology. Spearheaded by the Public Investment Fund in collaboration with Google, this ambitious project seeks to transform the Kingdom into a global tech powerhouse, challenging regional competitors and aligning with its Vision 2030 economic diversification strategy.

Project Transcendence focuses on developing a comprehensive AI ecosystem within Saudi Arabia. Key components include the construction of state-of-the-art data centers, support for local tech startups, and the creation of employment opportunities in the technology sector. The initiative also emphasizes fostering collaborations with international technology firms to position the Kingdom at the forefront of regional innovation.

A significant aspect of the project is the development of Arabic-language AI models, addressing a substantial gap in AI accessibility for the region. This endeavor aims to enhance digital inclusion and literacy, enabling broader participation in the digital economy. By investing in localized AI applications tailored to Saudi Arabia’s needs, the project seeks to bridge the technological divide and promote inclusive growth.

The initiative is part of a broader strategy to reduce the Kingdom’s reliance on oil revenues by investing in emerging technologies and industries. By cultivating a robust AI ecosystem, Saudi Arabia aims to diversify its economy and create new revenue streams. This approach aligns with the Vision 2030 plan, which outlines a roadmap for economic transformation and sustainable development.

To support the growth of the AI sector, the Kingdom is investing in education and training programs to develop a skilled workforce. Institutions like the King Abdullah University of Science and Technology are playing a pivotal role in this effort by offering specialized courses and research opportunities in AI and related fields. These initiatives aim to equip Saudi citizens with the skills necessary to thrive in a technology-driven economy.

In addition to educational investments, Saudi Arabia is actively seeking to attract global AI talent to the Kingdom. By offering competitive incentives and fostering a conducive environment for innovation, the project aims to position Saudi Arabia as a preferred destination for AI professionals and researchers. This strategy is intended to enhance the Kingdom’s capacity for technological innovation and accelerate the development of its AI industry.

The Kingdom’s commitment to AI is further demonstrated by its hosting of high-profile events, such as the Global AI Summit. These gatherings bring together industry leaders, policymakers, and researchers to discuss advancements in AI and explore opportunities for collaboration. By positioning itself as a hub for AI discourse and innovation, Saudi Arabia seeks to influence the global AI agenda and attract further investment.

Project Transcendence also includes plans for significant infrastructure development to support AI applications. This encompasses the establishment of advanced computing facilities and the enhancement of digital connectivity across the Kingdom. By building a robust technological infrastructure, Saudi Arabia aims to facilitate the deployment of AI solutions across various sectors, including healthcare, education, and transportation.

The healthcare sector, in particular, stands to benefit from the integration of AI technologies. By leveraging AI for diagnostics, treatment planning, and patient monitoring, the Kingdom aims to improve healthcare outcomes and efficiency. This aligns with broader efforts to enhance the quality of life for Saudi citizens and modernize public services.

In the realm of transportation, AI applications are expected to optimize traffic management, enhance public transit systems, and support the development of autonomous vehicles. These advancements are anticipated to contribute to the Kingdom’s goals of sustainability and urban development, as outlined in Vision 2030.

The United Arab Emirates is making significant strides toward securing access to advanced semiconductors from the United States, following its commitment to invest $1.4 trillion in the American economy over the next decade. This investment aims to bolster the UAE’s position in the global artificial intelligence landscape and reduce its reliance on oil revenues.

Peng Xiao, CEO of G42, the UAE’s leading AI firm, stated that the country is making “very good and tangible progress” in obtaining advanced semiconductors from the U.S. This development comes after the UAE pledged substantial investments in U.S. sectors, including AI infrastructure, semiconductors, energy, and manufacturing.

The UAE’s efforts are part of a broader strategy to enhance its technological capabilities and establish itself as a global AI leader. The country has been working closely with U.S. tech giants, such as Microsoft and Nvidia, to develop AI infrastructure and applications. Notably, G42 has partnered with Nvidia to build on the U.S. firm’s Earth-2 platform, focusing on high-resolution climate and weather simulations.

In addition to these collaborations, the UAE has taken steps to address U.S. concerns regarding the security of advanced technologies. G42 has distanced itself from Chinese companies, ceasing business with entities on the U.S. export controls list and removing Huawei technology from its data centers. Peng Xiao emphasized that the UAE can “guarantee the safety and the security” of U.S.-made chips when deployed and used within the country.

The U.S. has responded positively to these measures, approving the export of advanced AI chips to a Microsoft-operated facility in the UAE for use by G42. This approval, which had been delayed due to concerns about technology leakage to China, comes with conditions to ensure the security of the chips. Microsoft must restrict facility access to personnel from countries under U.S. arms embargoes or listed on the Bureau of Industry and Security Entity List.

Abu Dhabi is intensifying its investment in cultural infrastructure, exemplified by the development of the 17,000-square-metre teamLab Phenomena Abu Dhabi, despite fluctuations in oil prices. Situated within the Saadiyat Cultural District, this immersive digital art museum is poised to become a significant attraction in the emirate’s cultural landscape.

The teamLab Phenomena Abu Dhabi is designed to offer visitors an interactive experience where art, technology, and nature converge. The installations are dynamic, responding to environmental stimuli such as light and air, creating a constantly evolving artistic environment. This approach aligns with the broader vision of the Saadiyat Cultural District, which aims to be a hub for cultural dialogue and innovation.

Mohamed Khalifa Al Mubarak, Chairman of the Department of Culture and Tourism – Abu Dhabi, has emphasized the role of such institutions in fostering creativity and cultural exchange. He highlighted that the Saadiyat Cultural District hosts a concentration of cultural institutions that narrate stories of the UAE and the world, promoting artistic expression and creativity.

The Saadiyat Cultural District is already home to the Louvre Abu Dhabi, which has attracted over five million visitors since its opening in 2017. The district is also set to include the Zayed National Museum and the Guggenheim Abu Dhabi, further solidifying its status as a global cultural destination.

The development of these institutions is part of Abu Dhabi’s broader strategy to diversify its economy and reduce reliance on oil revenues. By investing in cultural tourism, the emirate aims to attract a global audience and position itself as a center for arts and culture in the region.

A strategic alliance between the Abu Dhabi Investment Office , the Department of Health – Abu Dhabi , and Hub71 has been formalised to accelerate the growth of HealthTech and life sciences startups through the newly established Health, Endurance, Longevity, and Medicine cluster. This initiative aims to position Abu Dhabi as a global centre for biotechnology, MedTech, and digital health innovation.

The HELM cluster is projected to contribute AED 94 billion to Abu Dhabi’s GDP and create 30,000 new jobs by 2045. Under the agreement, Hub71 will leverage its extensive venture capital partner network to showcase investment opportunities within the HELM cluster through targeted roadshows, networking engagements, and dedicated promotional initiatives.

The announcement was made during Abu Dhabi Global Health Week , an event that convenes global researchers, policymakers, healthcare professionals, investors, and entrepreneurs to address critical global health challenges. The 2025 edition of ADGHW, held from April 15-17 at the Abu Dhabi National Exhibition Centre, emphasised precision medicine, digital health, and artificial intelligence.

The HELM cluster complements existing initiatives such as HealthX, a startup programme developed in partnership with New York University Abu Dhabi and startAD. HealthX provides startups with access to world-class facilities, expert mentorship, and pilot opportunities, enabling the transition of innovative concepts to impactful healthcare solutions within Abu Dhabi’s ecosystem.

The Department of Health – Abu Dhabi has been recognised for its efforts in fostering a dynamic healthcare innovation ecosystem, receiving the Startup Ecosystem Stars Award 2024. Since 2021, the department has supported over 80 healthcare startups, contributing to an annual growth of 35.8 per cent in the life sciences sector and creating 926 specialised jobs.