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The UAE has become Africa’s fourth largest investor, with investments in the continent growing nearly fivefold over the past two decades, the Financial Times reports. Its cumulative investments have neared USD 60 bn over the past decade, the FT writes in its look at the global shift towards Africa amid China’s waning influence in the continent.
MEANWHILE- CNBC is the latest to look at Microsoft’s USD 1.5 bn investment in IHC-backed G42, spotlighting how it indirectly grants the US an edge in its tech race with China, thanks to the UAE’s favorable regulatory environment and state-capitalist governance driving “faster AI innovation.”
The US’ investment in the country means China “is less likely to be there,” a tech analyst told CNBC. Still, “Microsoft investing in AI in the UAE should be viewed positively by the tech community, as well as western governments,” the analyst said, adding that “in 10 years, you could see a bustling start-up community in the UAE where AI innovation happens.”
Also making headlines:
- Abu Dhabi’s “massive construction boom” and projects to transform its skyline with new museums and residential developments get ink, with, as the emirate makes a 10 bn push to ramp up tourism and cultural activities in the emirate. (Bloomberg)
- Dubai-based White Fox Ship Management was one of 400 global entities sanctioned by the US Treasury Department for its involvement with Russia. (Statement)
