Abu Dhabi’s Presight, a listed technology company majority-owned by state-backed AI giant G42, has teamed up with Sharjah-based Shorooq Partners to launch a $100 million global fund dedicated to artificial intelligence.
The Presight-Shorooq Fund will focus on ventures in smart cities, energy, fintech, gaming, and deep tech, with operations anchored in the Abu Dhabi Global Market (ADGM).
The move marks the UAE’s latest push to cement itself as a global player in emerging technologies. While $100 million may appear modest compared to multi-billion-dollar AI funds in the US and China, it sends a strong signal about Abu Dhabi’s ambition to become a capital exporter in strategic technologies.
Positioning the fund out of ADGM is also deliberate; it bolsters the UAE capital’s bid to rival Singapore and London as a fintech and innovation hub.
The timing is also notable. According to CB Insights, global AI funding reached $42.5 billion in the first half of 2025, up 16% from last year. Within MENA, AI-focused deals accounted for nearly 8% of all venture investments in 2024, a figure that’s expected to climb as regional governments integrate AI into their national strategies.
By anchoring capital locally, Presight and Shorooq are betting on this momentum while signaling confidence in the UAE’s AI ecosystem.
Beyond Returns: A Strategic Hedge
Presight CEO Thomas Pramotedham highlighted that the fund will back “bold entrepreneurs” building transformative AI solutions worldwide. But behind the rhetoric lies a strategic hedge: sovereign-backed firms in the UAE are not just chasing financial returns, they’re also securing technological footholds in areas like data infrastructure and smart governance.
This aligns with long-term ambitions under UAE Vision 2071 and complements the country’s broader national AI strategy.
The fund’s success will depend on its ability to balance global reach with local relevance. If it channels even a fraction of its resources into UAE and Gulf-based founders, it could accelerate the region’s positioning as an AI testbed.
But if the bulk of capital flows outward, the real win may be reputational, cementing the UAE as a hub where global innovation capital is structured, managed, and deployed.
What It Means for MENA Startups
For founders in the Middle East, the launch presents both opportunity and challenge. On one hand, the fund could open the door for regional startups to access growth capital, especially in sectors like smart infrastructure and deep tech, where local innovation is already emerging.
On the other hand, the fund’s global mandate means MENA startups will be competing with peers from Silicon Valley to Southeast Asia for attention and backing. Whether UAE-based ventures will get preferential exposure remains to be seen.
