Abu Dhabi: The Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) in Abu Dhabi and OurCrowd Arabia, the Abu Dhabi-based subsidiary of Israel’s OurCrowd, have signed a Memorandum of Understanding (MoU) to jointly launch several initiatives aiming to enhance the growth of the AI technology ecosystem on the university’s campus in Masdar City, Abu Dhabi.
The MoU lays out a number of plans, which include creating a venture capital investment fund focused on artificial intelligence (AI) to entice AI companies from Abu Dhabi and around the world to expand on a global scale. Additionally, it involves establishing a collaborative partnership between MBZUAI and Integrated Data Intelligence (IDI) Limited, a subsidiary of OurCrowd in Abu Dhabi, to conduct research projects in applied AI technologies across various industries.
The MoU further aims to enhance Abu Dhabi’s AI innovation ecosystem by developing strategic partnerships with the government and related entities and by providing MBZUAI graduates with job and internship opportunities through OurCrowd’s extensive network of technology startups and industry partners.
Mr. Sultan Al Hajji, MBZUAI’s Vice President of Public Affairs and Alumni Relations, commented that “part of MBZUAI’s existence is to foster entrepreneurship, and this partnership creates a mechanism for incubating startups and creating local opportunities for the university’s pipeline of talent. Through this strategic partnership with OurCrowd Arabia, MBZUAI is forging ahead with its mission to develop a dynamic, vibrant AI ecosystem that will help position Abu Dhabi as a global centre for AI. Together, we will encourage funding to enable AI start-ups to scale up in the UAE’s capital, help to develop and commercialise AI research, and provide exciting opportunities in the field for young AI talent, including graduates and researchers from MBZUAI. The proposed initiatives are a perfect complement to MBZUAI’s and OurCrowd Arabia’s areas of expertise.”
OurCrowd Arabia Executive Chairman, Mr. Sabah al-Binali, remarked that “we are honoured to have signed this MoU with MBZUAI to jointly grow the AI ecosystem in Abu Dhabi. OurCrowd Arabia continues to build on its strategic relationships, having started with our partnership with ADIO under its Innovation Program announced in November 2022. We look forward to continuing to leverage OurCrowd’s global experience and relationships to support the Abu Dhabi and UAE startup ecosystems.”