Connect with us

News

Abu Dhabi’s G42 Acquires $100 Million Share In ByteDance

The move comes as TikTok considers a separation from its parent company to address ongoing privacy concerns.

Published

on

abu dhabi's g42 acquires $100 million share in bytedance

Thanks to substantial government investment, Abu Dhabi is rapidly emerging as a MENA tech hub, and with that, high-profile investments are taking place on a frequent basis. Abu Dhabi-based AI firm G42 continued the trend by recently acquiring a $100 million-plus stake in ByteDance, the Chinese parent company of TikTok.

G42 is led by the UAE’s Sheikh Tahnoon bin Zayed Al Nahyan, who acquired the stake from existing investors through the 42XFund.

Shortly after the move, another fund invested $225 billion to acquire ByteDance, a figure well off the company’s peak valuation of $460 billion back in 2021.

Also Read: Top 10 Best Video Games Set In The Middle East

It’s thought that G42’s investment was a nod to ByteDance’s long-term potential as the Chinese economy finally begins to rebound from endless pandemic restrictions. The growing enthusiasm for AI could also be part of renewed interest in ByteDance, as TikTok is acknowledged as pioneering algorithms a decade ago to get users hooked on videos and news.

Advertisement

📢 Get Exclusive Monthly Articles, Updates & Tech Tips Right In Your Inbox!

JOIN 17K+ SUBSCRIBERS

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

LEAP 2024 Will Shine A Light On Female Innovators In Technology

Women comprise nearly a third of the event’s speaker lineup alongside a dedicated program of high-level content, investment, and mentorship.

Published

on

leap 2024 will shine a light on female innovators in technology

LEAP 2024, a premier global technology event, will highlight the achievements of women in the technology sector as it returns for its third edition at the Riyadh Exhibition and Convention Centre in Malham district from March 4 to 7.

Hosted by Tahaluf, a strategic collaboration between Informa PLC, the Events Investment Fund (EIF), and the Saudi Federation for Cybersecurity, Programming, and Drones (SAFCSP), LEAP 2024 will feature a dedicated program titled “Women in Tech”. The program will offer enriching content, investment opportunities, networking sessions, mentorship programs, and a special startup award.

leap 2024 event women in tech

The initiative aims to inspire women to actively participate in the technology industry, aligning with broader diversity efforts. Reflecting the Kingdom’s commitment to equality, the focus on “Women in Tech” coincides with the increasing female participation at LEAP events.

Annabelle Mander, Senior Vice President of Tahaluf, emphasized the event’s commitment to gender inclusivity, stating, “Female representation is across all of LEAP’s features and reflects the event’s mission of driving economic diversification and providing market access to international business. Within Tahaluf itself, half of our team members are women, and women make up half of our SMT, too”.

Also Read: Saudi Arabia Aims For 70% Cashless Transactions By 2025

The “Women in Tech” program will feature distinguished speakers including Nadine Hachach Haram, CEO and Founder of Proximie, and Sahar Albanarna from IMPACTIQUE Bahrain, who explained: “Over 26 million women worldwide with professional experience and degrees are not in the global workplace. This demographic includes a huge pool of untapped talent which technology can help unleash to fuel the co-creation of exponential solutions across multiple sectors. To help women access productive employment, we urge industry leaders to support high-impact female entrepreneurs as a means to boost their economies and accelerate the UN’s sustainable development goals by promoting inclusive and sustainable economic growth”.

The event will also provide a platform for female-led startups and entrepreneurs to pitch for funding and support through various initiatives such as the Women’s Investor Forum, Entrepreneur Mentorship Scheme, and the Aviatrix Award at the Rocket Fuel pitch competition, offering a prize fund of US$150,000.

Continue Reading

#Trending