Vault Hill launches blockchain digital ecosystem at Abu Dhabi AIM Congress

Vault Hill launches blockchain digital ecosystem at Abu Dhabi AIM Congress

Vault Hill blockchain with its offices in Ras El Khaimah UAE, has launched its digital ecosystem Vault Hill 3.0 at the AIM Congress in Abu Dhabi. The system is set to redefine the integration of gaming, artificial intelligence (AI), and immersive social experiences. This upgrade goes beyond a simple refresh, introducing a re-engineered platform that is poised to become a central hub for digital innovation, mainly focusing on enriching the technological terrain of Africa.

Vault Hill has crafted interactive spaces where users worldwide, and especially in Africa, can engage, create, and explore within a richly immersive environment. “With Vault Hill 3.0, our focus sharpens on empowering the African community, harnessing advanced technologies to propel regional development and connect the continent to global digital trends”, says Jimi Daodu, CEO of Vault Hill.

Step into the future of gaming with VH Games, where blockchain technology meets immersive gameplay. “VH Games introduces a tokenized economy, utilizing tokens to blend play with real value creation, providing gamers not just entertainment but also economic opportunities within our expansive digital realms,” says Tayo Kalejaiye, Head of Gaming at Vault Hill.

Also introduced is Hilda an AI partner that serves as a dynamic companion for businesses and government agencies, facilitating sophisticated digital strategies and enhancing customer interactions with predictive analytics and personalized service.

Digital assets on the table in MOU between Qatar Financial Authority and Hong Kong FSDC

Digital assets on the table in MOU between Qatar Financial Authority and Hong Kong FSDC

On behalf of the Hong Kong SAR Government, the Financial Services Development Council (FSDC) signed an MoU with the Qatar Financial Centre (QFC) with the goal of deepening the collaboration across multiple financial services areas between Qatar and Hong Kong including digital assets.

The Hong Kong and Mainland China delegates to Qatar have had numerous group meetings and networking opportunities with the local Qatar stakeholders – QFC, QIA, QDB ( Qatar Development Bank), Invest Qatar, Qatar Foundation, QSTP, regulators, investors, family offices, channel partners in digital assets, fintech, wealth management, to deepen the collaboration and uncover concrete business opportunities.

This MoU signing is a follow-up from an earlier visit to Qatar by the Secretary for Financial Services and the Treasury, Christopher Hui, in 2023. Since then, Qatar leaders also visited Hong Kong during the Asian Financial Forum in early 2024.

King Leung, Global Head of Financial Services and Fintech, InvestHK told Qatar Pennisula media, that “Qatar can leverage Hong Kong’s strengths to its advantage. In Hong Kong, we have been experimenting lots of innovation such as tokenization and digital assets and would like to work more closely with Qatar.”

Sharing his perspectives on the intersection between fintech and AI, Global Head of Financial Services and Fintech Leung stated, “We are seeing the intersection of AI, big data, blockchain, and cloud. A lot of the financial institutions are now using fintech, which with that AI capability can help streamline a lot of the internal processes. We have seen a lot of AI innovation in the fintech space that are empowering the financial institutions to transform their operation, to raise their ability to service their clients.”

There have been regular follow-ups by both organizations, as well as InvestHK. We are committed to deepen our collaboration in key financial services areas – asset and wealth management, fintech, digital assets, and family offices.

The Undersecretary for Financial Services and the Treasury, Joseph Chan, the Financial Services Development Council (FSDC), InvestHK, and Cyberport led a delegation of over 30 Hong Kong and Mainland China business leaders to Doha on May 5-6.

Highlighting some of the key sectors of interest for investors from Hong Kong, Leung added, “The senior officials have been making our stance very clear in terms of our positioning as a major green finance and green tech hub. We would love to work with investors around the world to promote these movements. It could be new energy, new materials, or any of the technology layers that can promote a better tracking of the green behaviour. We see quite a lot of green fintechs using different technologies and access to different data.”

crypto companies to have streamlined regulatory process in UAE

crypto companies to have streamlined regulatory process in UAE

Nucleus AI (https://besocial.ai), offering advanced artificial intelligence solutions, has partnered with the Dubai Blockchain Center (https://blockchaincenter.ae) to revolutionize how blockchain and crypto companies establish operations in Dubai by streamlining the regulatory processes.

“We are at the cusp of a transformative era where blockchain and artificial intelligence converge to create unprecedented opportunities,” said Dr. Marwan Alzarouni, CEO of Dubai Blockchain Center. “This collaboration marks a significant milestone in harnessing the synergies of these revolutionary technologies to foster an ecosystem that empowers businesses and drives innovation within Area 2071, Dubai, the UAE and beyond.”

At the core of this initiative lies Nucleus AI’s advanced AI platform, which enables enterprises, SMEs, and government entities to transform their existing knowledge bases into intelligent systems capable of understanding and acting upon complex data relationships.

“Our platform allows enterprises to deploy sophisticated AI-driven processes that operate across multiple tiers, drastically improving efficiency and effectiveness,” stated Raakin Iqbal, CEO and Co-founder of Nucleus AI. “We’re fundamentally enhancing how organizations manage and utilize their knowledge assets.”

“Our Pre-AGI technology doesn’t just automate – it innovates, making each regulatory interaction smarter and more effective,” Iqbal explained. “We’re pushing the boundaries of what AI can achieve in streamlining operational landscapes.”

The partnership will enable an AI-driven proof-of-concept that guides blockchain and crypto companies through the entire regulatory journey – from initial inquiry to final licensing – with unprecedented efficiency. Key capabilities include:

– Intelligent Reasoning: Applying complex logic to understand nuanced regulations and processes.

– Dynamic Knowledge Bases: Continuously updated to ensure adherence to the latest policies.

– Autonomous Action Models: Leveraging datasets and reasoning to autonomously navigate processes while ensuring compliance.

– Multilingual Support: Facilitating global adoption with AI-powered support across 25+ languages.

At the core of this initiative is an AI-powered interface that combines conversational AI with action-driven modeling to shepherd companies through every step, from initial inquiry to final licensing. “Nucleus AI’s platform ingests complex knowledge bases and autonomously executes actions based on logical inferencing – making it ideal for streamlining this intricate regulatory journey,” stated Kiran Ali, Co-founder.

“Our partnership with the Dubai Blockchain Center showcases how advanced AI can revolutionize regulatory frameworks through reasoning and autonomous execution,” Iqbal said. “We’re developing systems that deeply understand operational nuances to radically simplify business establishment.”

The Dubai Blockchain Center’s visionary leadership echoes this innovative spirit: “In our pursuit to position Dubai as a beacon for the blockchain sector, we aim to create an environment conducive to growth,” Dr. Alzarouni stated. “Our initiatives make it seamless for blockchain and crypto companies to operate here, fostering an ecosystem where innovation thrives.”

UAE digital asset Blockchain platform partners with AIREV for AI to spur adoption in MENA

UAE digital asset Blockchain platform partners with AIREV for AI to spur adoption in MENA

Abu Dhabi-based BT Commerce a Bridgetower SPV entity that offers institutional grade digital asset platforms to facilitate the growth of AI and Blockchain in the Middle East, has partnered with AIREV, an Abu Dhabi-based pioneer in AI solutions, to converge the transformative technologies of Artificial Intelligence and Blockchain to drive global adoption across public and private markets.

BT Commerce and AIREV will collaborate on a comprehensive range of AI services leveraging blockchain and Web3 technologies. Their focus is to tackle fundamental challenges facing AI thereby ensuring data verification, establishing AI proof-of authenticity, and facilitating global distribution over secure private networks. This includes AI modeling, Large Language Models (LLM), AI GPU compute, and the distribution of sensitive data customized to fulfill the unique requirements of their clientele.

BT Commerce, headquartered in Abu Dhabi Global Market (ADGM), brings over $250 million of delegated assets for turnkey staking, as well as extensive expertise operating blockchain node validation for the world’s largest blockchains.

As per the medium post, BT Commerce will utilize its proprietary Web3 Commerce Platform to provide customers with customized marketplaces that are fortified by more than 25 years of digital asset, capital deployment, and business operations experience. The company also brings vast resources made available through its local Abu Dhabi and global partnerships.

“I am thrilled about our partnership with Bridgetower and BT Commerce,” said Muhammed Khalid Founder of AIREV. “This collaboration marks a significant milestone, setting a global benchmark in blockchain and AI integration. Together, we’re poised to drive innovation and growth not only in the GCC but worldwide, propelling us towards a future of transformative digital success.”

“We are excited to enter into partnership with AIREV — a fellow Abu Dhabi company — and contribute to the rapidly growing digital asset, blockchain, and AI explosion that has occurred in the UAE over the past two years,” said BT Commerce CEO Cory Pugh. “This region is leading the way globally and we believe Blockchain/AI solutions from AIREV powered by BT Commerce and the broader Bridgetower family will have a broad and lasting impact.”

In addition to augmenting AIREV’s existing 3 million School Hack users, the companies will work together on AIREV’s ONDEMAND platform that revolutionizes generative AI product development with its easy-to-use interface, a plethora of plugin offerings and AI agents for swift customization and integration. The ONDEMAND platform enables businesses to rapidly deploy sophisticated AI solutions, slashing development time and complexity to deliver innovative GEN AI products.

Lebanese DigiWeb introduces AI and Blockchain in real-state sector

Lebanese DigiWeb introduces AI and Blockchain in real-state sector

The real estate industry globally and in the region is undergoing a transformation. Once known for its intense paper trails and reliance on human interactions, real estate sector transforming with the use of AI and Blockchain technology.


Beirut based DigiWeb, a tech marketing firm, which had previously worked with multinational leading real estate developers and agents is implementing an innovative solution that utilizes both AI and Blockchain.


Built on the Polygon Blockchain, the solution will replace outdated real-estate sale processes that not only take a lot of time, effort, and information queries with a more streamlined and transparent process.


Previously DigiWeb using a CRM (Customer Relationship Management) system was able to connect credit solvable buyers with real estate developers in minutes.


Yet DigiWeb founder noticed that although digital marketing entities such as their own, could carry out large scale data mining campaigns for their clients, and analyze them, the data at one time or another becomes obsolete as new cities arise, client taste change and technology evolves.


Fady El Sayah, Founder and CEO of DigiWeb explained, “Years ago we developed a solution for a real estate developer utilized at one of their sales events. Potential buyers registered their pre interest, the information was then shared with credit entities who either considered them as solvable or not.


These buyers would then talk to a sales team, once the buyer committed, they had to pay a down payment of booking fee”
He adds “At the event there were stands for banks, the bank would then process the booking fee, and the information would then be sent to the legal department of the real estate developer where a contract was set up.”


While this process managed through a CRM allowed the real estate developer sell 90 apartments and 100 offices in just four hours, DigiWeb is now ready to take this a step further utilizing Blockchain and AI.


At present instead of a real estate sales event, there will be a virtual room. A potential buyer from anywhere in the world can access the digital meeting room, interact with EDA an AI AVR and visit each floor and each apartment in a complex checking out the interior and exterior as they move along using their joystick.


Al Sayah explains, “If a potential buyer would like to change the internal set up of an apartment, the AI can do so. In addition, the AI can place an order and the buyer can use their crypto or digital assets wallet to pay.”
AVR Chatbots powered by AI can answer basic questions 24/7, freeing up human agents for more complex interactions. The entire sales process from viewing up to purchasing will be done utilizing blockchain.


Al Sayah notes that this doesn’t just fall into the real-estate sector. He has already prepared a demo for the biggest distributor of home appliances in Ghana. As such DigiWeb wants to incorporate AI and Blockchain not only in real-estate but also shopping
malls and retail sector.
In conclusion while some believe that Blockchain for the real-estate sector is centered on tokenization of assets, it can also be utilized in the manual processes by streamlining it with automation.


Today it is data that helps realtors assess potential clients as well as help clients to make more informed decisions note solely based on gut feeling. The future is in AI algorithms that can analyze user preferences and suggest properties that perfectly match their needs.

Companies like DigiWeb are continuing to evolve. In the past DigiWeb has designed and developed virtual tours, created automated sales solutions for multimillion-dollar real estate projects, and executed multi-million real estate marketing campaigns.

As Al Sayah notes, “Our approach has always been holistic, integrating technology with marketing strategies to deliver exceptional results. Today utilizing AI and Blockchain we can ensure better services such as dynamic pricing, and better customer interfaces.”

DEWA uses cutting edge tech including blockchain for sustainable energy solutions

DEWA uses cutting edge tech including blockchain for sustainable energy solutions

UAE based Dubai Electricity and Water Authority (DEWA) announced that it is utilizing cutting edge technologies including blockchain to develop innovative and sustainable energy solutions to provide its electricity services according to the highest standards of availability, reliability, sustainability, and quality. This is supported by an advanced infrastructure for managing facilities and services through smart and integrated systems, utilising cutting-edge technologies such as the smart grid, artificial intelligence (AI), Space-D programme, blockchain, energy storage and integration of its sources, Internet of Things (IoT), and 3D printing, among others.

HE Saeed Mohammed Al Tayer, MD & CEO of DEWA, emphasised DEWA’s ongoing efforts and commitment to global sustainability goals, leadership in digital transformation, and spearheading clean and renewable energy projects and initiatives. These efforts are aligned with the vision of the wise leadership to enhance effective adaptation to future developments and address challenges securely and sustainably across all areas. DEWA’s preparedness reflects its strategy and unwavering efforts to achieve its vision of being a globally leading sustainable and innovative corporation committed to achieving Net-Zero by 2050.

Energy production and storage projects:

DEWA relies on pioneering initiatives and projects to diversify clean energy production sources. This includes clean and renewable energy technologies such as photovoltaic panel technology, concentrated solar energy, and green hydrogen production using solar energy, along with projects and initiatives to increase energy efficiency.

DEWA is also developing energy storage technologies through several pioneering projects, including the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, which will have the largest energy storage capacity in the world of 15 hours, allowing for energy availability around the clock, and the pumped-storage hydroelectric power plant in Hatta.

Smart grid:

DEWA aims to enhance its leadership in innovation, sustainability, and future shaping across all its projects and initiatives, focusing on Fourth Industrial Revolution technologies and digital transformation. To achieve this goal, DEWA has developed a comprehensive strategy to implement a smart water and electricity infrastructure, known as the Smart Grid. This intelligent grid incorporates advanced features such as automated decision-making and interoperability throughout the electricity and water network.

Among the programmes launched by DEWA under the umbrella of the smart grid is an Automatic Smart Grid Restoration System (ASGR), the first of its kind in the MENA region, to increase the control, management, and monitoring of its power network. The system works around the clock without any human intervention. It uses a smart, innovative, and central system that locates the fault in the power network, isolates it, and automatically restores the service.

Smart meters

Smart meters serve as the backbone of the smart grid and play a pivotal role in driving digital transformation. They enhance operational efficiency and mitigate losses. In Dubai, all active traditional meters for electricity and water have been upgraded to smart meters. These smart meters offer numerous benefits, enabling customers to proactively and digitally manage their consumption without the need to contact DEWA. The Smart Meters Analysis and Diagnosis Centre remotely monitors the smart meters every 15 minutes. As of the end of 2023, the number of smart meters in Dubai reached 2.2 million.

Automatic Smart Grid Restoration System (ASGR):

Among the programmes launched by DEWA under the umbrella of the smart grid is an Automatic Smart Grid Restoration System (ASGR), the first of its kind in the Middle East and North Africa, to increase the control, management, and monitoring of its power network. The system works around the clock without any human intervention. It uses a smart, innovative, and central system that locates the fault in the power network, isolates it, and automatically restores the service. This improves grid automation, fault detection and retrieval of connections.

Enhancing efficiency through Space-D

DEWA’s Space-D programme contributes to raising the development, maintenance and planning of electricity and water networks. It improves the efficiency of DEWA’s generation, transmission, and distribution divisions by monitoring solar power plants and enhancing the accuracy of generation predictions. This is achieved through forecasting weather patterns, seawater temperature and salinity, and monitoring electricity transmission lines. Additionally, it aids in detecting water leaks and identifying any changes in the infrastructure, further optimising DEWA’s operations. As part of its Space-D programme, DEWA launched two nanosatellites DEWA-SAT1 in January 2022, and DEWA-SAT2 in April 2023. DEWA is the first utility in the world to launch nanosatellites to improve its operations.

Innovative initiatives for the production, transmission, and distribution divisions:

DEWA’s initiatives for its production, transportation and distribution sectors, which rely on expertise, experiences and capabilities, contribute to enhancing DEWA’s leadership and excellence. These initiatives ensure the sustainability and preservation of resources and provide ways to develop them by applying best practices in all initiatives and projects to raise production and operational efficiency. During 2023, there were many initiatives undertaken by various divisions within DEWA, the most important of which were: Distribution Automation of Secondary Distribution Substations, Distribution Network Smart Centre, and DEWA Cable Lab.

Globally competitive results:

The seamless, swift, and effective operation of the smart grid has enabled DEWA to achieve competitive results that surpass prominent European and American companies in terms of efficiency and reliability. DEWA has reduced electricity Customer Minutes Lost (CML) in Dubai from 4.9 minutes in 2014 to 1.06 minutes in 2023, which is the lowest in the world. DEWA has also reduced losses in electricity transmission and distribution networks from 3.3% in 2014 to 2.0% last year by adopting the best international technical standards and the most accurate engineering practices in the planning, design, construction, and operation of energy systems. This percentage is also the lowest worldwide. In 2014, water network losses were at 9.1%, and reached 4.6% in 2023, which is the lowest in the world.

UAE Zand Bank enters the realm of Blockchain and AI

UAE Zand Bank enters the realm of Blockchain and AI

UAE Zand Bank, UAE’s first digital only bank has subscribed to Infosys Finacle Solutions, a wholly owned subsidiary of Infosys suite to power its corporate banking services and enable it to innovate and integrate solutions on Blockchain and AI.

The deployment of Infosys Finacle’s advanced cloud-native solutions on Microsoft Azure is a testament to Zand’s commitment to provide a customer-centric, future-ready banking experience, underpinned by the latest in AI and predictive analytics.

The Finacle Corporate Banking Solution Suite’s modular framework and expansive suite of features, including an array of Open APIs, will significantly accelerate the launch of innovative services, supporting Zand’s objective of continuous innovation and commitment to customer delight.

Infosys Finacle enables Zand’s capability to assimilate and process a vast array of data, equips it to partner with sophisticated analytics platforms, thereby offering cutting-edge services to its customers.

The collaboration enables Zand to innovate and integrate emergent technologies like AI, blockchain, and digital asset management and drive a competitive advantage in the evolving landscape of digital finance.

Michael Chan, Chief Executive Officer of Zand, said, “We are delighted to announce our adoption of the Finacle modular core banking system. This strategic move empowers us to fortify our position at the forefront of innovation, enabling seamless deployment of digital assets, AI, and blockchain technologies. Embracing the future, we are poised to redefine banking experiences and drive unparalleled value for our customers.”

Sajit Vijayakumar, Chief Business Officer, Infosys Finacle, said, “A digital revolution is shaking up the corporate banking sector, paving the way for modern, customer-centric models. We are delighted that Zand, as a trailblazer in this domain, has chosen Infosys Finacle for their ambitious project to redefine corporate banking excellence. We are committed to enabling Zand, fast-track its journey towards offering differentiated customer-centric and world-class corporate banking services. Our collaboration with the bank is yet another testimony to the flexibility of the Infosys Finacle Corporate Banking Suite and the enduring trust that banks in the Gulf Cooperation Council place in us.”

ZAND Bank and ADGM partnered sometime back to offer preferential services to virtual asset service providers.

UAE Ghaf Capital partners invests in AI Blockchain avatar startup

UAE Ghaf Capital partners invests in AI Blockchain avatar startup

UAE based Ghaf Capital Partners has joined Binance, crypto.com, Polygon and Multicoin capital in investing into Alethea Ai, which utilizes both blockchain and AI to create interactive smart avatars.

Alethea AI has built MyCharacter.ai which is the first external decentralized application (dApp) built on the AI Protocol that makes CharacterGPT V2 widely accessible, enabling the generation of realistic, interactive, and emotionally expressive AI Characters that are tokenizable on the blockchain.

According to Ghaf post on LinkedIn, “MyCharacter.ai, built on the AI Protocol, exemplifies Alethea AI’s commitment to making this advanced technology accessible, allowing users to craft and tokenize lifelike, emotionally expressive AI characters. The launch of CharacterGPT and subsequent innovations like Revenants 2.0 and Open Fusion underscore Alethea AI’s role in pushing the boundaries of AI and blockchain integration.”

The post adds, “As part of our portfolio, Alethea AI represents Ghaf Capital Partners’ dedication to supporting cutting-edge technologies that redefine digital interaction and ownership, highlighting our commitment to fostering innovation within the blockchain ecosystem.”

The blending of AI and Blockchain is going mainstream especially with the recent announcement by Fetch AI that they were merging with two fellow titans of decentralized AI, SingularityNET and Ocean Protocol, to create the largest independent player in AI research and development called The Superintelligence Alliance. The tokens from the three respective organizations will all merge to form one universal AI token known as the Artificial Superintelligence token $ASI.

Fetch.ai, alongside SingularityNET and Ocean Protocol form three of the longest-serving teams in decentralized AI, committed to building open and beneficial AI and striving to build exit ramps away from centralized monopolies. they aim to give AI researchers, companies and governments an alternative that doesn’t lock them into walled gardens, tilt to a particular bias, or worse, allow the risk of user de-platforming and the loss of their intellectual property, social graph and followers.

Ghaf Capital has made investments in a large number of blockchain startups in various sectors, and as per their website will be announcing 17 new ones.

Blockchain AI real estate DAO sets up in UAE

Blockchain AI real estate DAO sets up in UAE

BrickLayer DAO a tokenized RWA platform built on Blockchain, and AI, for real estate has set up in the UAE and is seeking a license from FSRA in ADGM (Abu Dhabi Global Market) as well as a license in VARA (Dubai’s virtual asset regulatory Authority).

According to their website, Bricklayer platform is fueled by AI and virtual assets, providing a decentralized Blockchain access to institutional grade real estate. It also offers over-leverage crypto holders with access to institutional real estate without sacrificing the speculative gains, providing consistent change to real yield dividends in ‘$MORTAR’.

As per their website and linkedIn post, Bricklayer DAO is in the process of being regulating under FRSA, VARA and UAE common law, giving a legal layer of protection to investors.

Nick Prescott one of the founders who was a former executive at Amazon and now the co-founder of BrickLayer explored blockchain but faced uncertainty in picking genuine projects. Nick’s frustration with corporate hierarchies fueleda quest for a blended solution—a platform combining blockchain’s speculative nature with REIT’s stability, all while giving investors a voice.

Nick delved into DAOs, decentralized environments where everyone’s voice matters. After completing a cryptocurrency course at MIT, he left Amazon and founded Bricklayer. This real estate fund, powered by Ethereum blockchain, adopted a decentralized strategy influenced by $BRICKS token holders. It offered a unique blend of speculation, hedged with one of the safest of asset classes.

Bricklayer is now incorporated the UAE. Bricklayer aspires to become the Robinhood of real estate, reshaping the traditional landlord-occupier dynamic. As stated, “We’re committed to increasing leasehold flexibility and reducing occupational costs, forging partnerships with occupiers to create a more equitable and flexible real estate ecosystem. Bricklayer is dedicated to advancing blockchain adoption within the real estate industry. We’re on a mission to persuade vendors to embrace virtual assets as a valid form of exchange in real estate transactions, ushering in a new era of efficiency and transparency.”

Tokenization of real estate in UAE is picking up with recent Desert Pearl project.

Again Saudi Arabia is barred from an AI investment

Again Saudi Arabia is barred from an AI investment

Once again Saudi Arabia has not been allowed to invest in an AI entity out of the United States. This time the company is Anthropic partly owned by the fallen FTX crypto exchange. As per CNBC, while sovereign wealth funds are among the investors eyeing to buy into Anthropic, including UAE Mubadala, Saudi Arabia is not one of them.

Anthropic according to sources speaking to CNBC, has ruled out taking money from investors or sovereign wealth fund in KSA. Anthropic executives cited national security, one of the sources told CNBC.

The stake in Anthropic is for sale because it belongs to FTX, the failed cryptocurrency exchange started by Sam Bankman-Fried, and is being unloaded as part of the company’s bankruptcy proceedings. FTX bought the shares three years ago for $500 million. The 8% stake is now worth more than $1 billion due to the recent boom in AI.

As per the article proceeds from the sale will be used to repay FTX customers. The transaction is ongoing and is on track to wrap up in the next couple weeks, said people with knowledge of the talks who asked not to be named because the negotiations are private.

The class B shares, which don’t come with voting rights, are being sold at Anthropic’s last valuation of $18.4 billion, sources said. Anthropic has raised roughly $7 billion in the last few years from tech giants like Amazon, Alphabet and Salesforce

While Anthropic’s founders told bankers they wouldn’t accept Saudi money, they don’t plan to challenge funding from other sovereign wealth funds, including United Arab Emirates fund Mubadala. The UAE-based firm is actively looking at investing, according to one of the sources.

In November 2023, The Biden administration forced a Saudi Aramco-backed venture capital firm to sell its shares in a Silicon Valley AI chip startup backed by OpenAI co-founder Sam Altman, as per Bloomberg

Altman-backed Rain Neuromorphics, a startup designing chips that mimic the way the brain works and aims to serve companies using artificial intelligence algorithms, raised $25 million in 2022.

Aramco’s Prosperity7, a lead investor in the $25 million round for Rain AI, sold its shares in the startup after a review by the Committee on Foreign Investment in the United States, people familiar with the matter said, according to the Bloomberg report.

The agency, a U.S. watchdog for deals with national security implications, told the Saudi fund to unwind that deal sometime over the past year, the report said.

This comes as Saudi Arabia plans to create a fund of about $40 billion to invest in artificial intelligence. In recent weeks, representatives of Saudi Arabia’s Public Investment Fund have discussed a potential partnership with Andreessen Horowitz, one of Silicon Valley’s top venture capital firms.