Abu Dhabi conglomerate International Holding Co. (IHC) on Friday said it has invested in 15% of the upcoming IPO of Presight AI, a G42 Group subsidiary.
The move comes as part of its long-term strategy to grow its capacity in the tech industry, IHC said in a regulatory filing on the Abu Dhabi Securities Market (ADX).
It has increased its technology deals by over 200% since 2021, crossing 2.1 billion dirhams ($572 million) in tech investment, it said.
Syed Basar Shueb, IHC’s Chief Executive Officer, said: “IHC is looking to deepen its engagement and investment in the tech space regionally and globally. Presight AI’s IPO is an excellent opportunity to help us create a diversified yet strong industry portfolio.”
Presight plans to float its big data analytics unit in an AED1.82 billion IPO.
(Reporting by Brinda Darasha; editing by Seban Scaria)