News

NEOM Fund Invests $100 Million In Pony.ai Self-Driving Vehicles

The collaboration will help to develop advanced vehicles and smart infrastructure for NEOM and other regional markets.

Published

1 year ago

October 26, 2023

neom fund invests $100 million in pony.ai self-driving vehicles

The NEOM Investment Fund, a newly formed organization that works on behalf of Saudi Arabia’s mega-city NEOM, has invested $100 million in Pony.ai, a California-based autonomous vehicle solutions company.

As part of the investment, a joint partnership will be formed between NEOM and Pony.ai to develop, manufacture, and deliver self-driving autonomous vehicles and their required infrastructure.

The investment aligns with NEOM‘s plans to provide sustainable, hyperconnected transport across the $500 billion urban development, explained Majid Mufti, chief executive of the NIF, who said, “Pony.ai’s autonomous driving technology is already available today, and we are excited to be able to utilize it in NEOM in the near future,” he said.

neom investment fund agreement with pony.ai

Pony.ai’s expansion into NEOM isn’t the company’s first entry into the MENA region. Last week, the vehicle firm joined Abu Dhabi’s Smart and Autonomous Vehicles Industry, which will trial its latest technologies at the Yas Island testing zone.

NEOM is a vital part of Saudi Arabia’s Vision 2030 strategy, a major economic diversification program that hopes to shift the country’s reliance from the oil industry to technological developments. The NIF will focus on private sector investment and will directly fund solutions piloted and grown in NEOM, which could then be exported worldwide.

Also Read: Saudi Arabia Plans Digital Twins For 5 Cities, Including Mecca

The fund will also assume the role of portfolio manager for NEOM’s assets and companies, safeguarding returns for shareholders and investors and underpinning NEOM’s long-term financial sustainability.

The NIF’s strategy is designed to align NEOM’s objectives with those of institutional investors and innovators, “de-risking opportunities for them to participate in creating core global growth businesses and a thriving economy” in the new mega-city, Mr. Mufti explained.

Related Topics:Automotive NEOM Saudi Arabia

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“AI Seal” Certification Now Required For Dubai Gov Partnerships

The new mandatory certification is designed to build trust in AI companies and create a reliable network of providers for government and public collaboration.

Published

19 hours ago

January 21, 2025

Nour Nasir

ai seal certification now required for dubai gov partnerships

Dubai Media Office

Dubai has introduced the Dubai AI Seal, a certification designed to establish trust in artificial intelligence (AI) companies and solutions. This initiative, directed by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister, aims to create a reliable network of AI providers which government entities and businesses can collaborate confidently.

Companies must now obtain the AI Seal to qualify for UAE or Dubai government contracts. The Dubai Centre for Artificial Intelligence (DCAI), which developed the certification, sees it as a competitive edge for companies looking to participate in key national projects. Once certified, businesses will be permitted to showcase the seal across their websites and marketing materials, signaling their credibility and dependability.

The evaluation process will consider six main criteria: the company’s services and operations, the number of employees specializing in AI, ongoing and future projects, as well as existing partnerships with public and private sector entities.

dubai ai seal certification

Khalfan Belhoul, CEO of the Dubai Future Foundation, which oversees the DCAI, commented on the initiative’s potential: “This initiative will help create powerful partnerships between the public and private sectors, locally, regionally, and globally. It will help drive new economic opportunities by leveraging AI to serve better the economy, society, and the future we aspire to”.

Also Read: Top Free AI Chatbots Available In The Middle East

The Dubai AI Seal’s goals include providing a clear framework for verifying AI providers, fostering business opportunities for AI companies, and acknowledging the industry’s strategic importance to Dubai’s economy. The initiative emphasizes AI’s role in driving economic growth, creating jobs, and strengthening collaboration between government bodies and technology firms.

All technology companies operating in Dubai and offering AI-related services or products are eligible to apply for the certification at no cost through the official website.