NEWS
ADNOC forms
joint venture
with Group 42
to develop AI
products for
energy industry
GITEX has positive impact on
Dubai’s wider economy
T
he Abu Dhabi National Oil Company
(ADNOC) has signed an agreement
with Group 42 (G42), an Abu Dhabi-based
Artificial Intelligence (AI), cloud and
supercomputing company, to establish a
joint venture to develop and commercialise
AI products for the oil and gas industry.
Under the terms of the agreement, a
new company will be established as a
separate legal and operating entity. The
agreement was signed at the Abu Dhabi
International Petroleum Exhibition and
Conference (ADIPEC) by Omar Suwaina
Al Suwaidi, Director, Executive Office
Directorate, ADNOC, and Peng Xiao, CEO
of G42. The signing of the agreement
was witnessed by His Excellency Dr Sultan
Ahmed Al Jaber, UAE Minister of State and
ADNOC Group CEO.
HE Dr Al Jaber said: “As we prepare for the
opportunities and challenges the fourth
industrial age will present, this joint venture
is a pro-active approach using an innovative
partnership to create the oil and gas
technology solutions of tomorrow. It reflects
ADNOC’s commitment to deploying the
power of advanced technology to maximise
value from every molecule we produce and
will strengthen Abu Dhabi and the UAE’s
leading position at the cutting edge of AI
and the global energy sector.”
The partnership will enable ADNOC to
leverage G42’s sophisticated CPU and
GPU-based computing clusters, world-class
data scientists, software engineers and
domain experts.
8
INTELLIGENTCIO
G
ITEX Technology week continues
to have a positive impact on
Dubai’s economy.
Results published in the GITEX
Technology Week Economic Impact
Assessment 2019 Report, issued by Dubai
World Trade Centre, have revealed:
• Last year’s event generated a total
sales output of AED1.6 billion and
AED919 million in retained value for
Dubai’s GDP – excluding deals and
infrastructure
• For every AED1 spent by an attendee
at GITEX, 4.5 times the revenue
impact was generated across Dubai’s
wider economy
• The 2019 event hosted 171,282
attendees, 33% of whom were
international and contributed 75% of
overall direct spend
• GITEX is estimated to have supported
6,239 jobs, creating AED300 million
in surplus disposable wealth for
domestic consumerism
The report provides in-depth insights into
how the scale of global exhibitors and
visitors at GITEX collectively yield a ripple
effect beyond the technology sector.
HE Helal Saeed Almarri, Director General,
Dubai World Trade Centre Authority
and Dubai Department of Tourism and
Commerce Marketing, said: “The 2019
GITEX Economic Impact Assessment
Report sheds light on DWTC’s approach
and proven ability to unlock ecosystem-
wide economic value, creating even more
critical wider socio-economic impact,
ultimately spurring business expansion
investment and leadership for Dubai as a
global hub for international business.”
www.intelligentcio.com