By Rachna Uppal
ABU DHABI (Reuters) – Abu Dhabi’s M42, an artificial intelligence (AI)-powered healthcare company backed by sovereign wealth fund Mubadala, announced a new operating structure on Thursday, as it readies for future growth, more acquisitions and expansion into new markets.
M42 has implemented four specialised platforms as part of its internal restructure, which will have greater autonomy and accountability, the company said in a statement.
The global patient care platform will integrate M42’s domestic and global health assets, while the AI life sciences platform aims to focus on drug discovery and development. The other two platforms will concentrate on national programmes and population health, including genomics and digital health.
M42’s strategic mergers and acquisitions, the wider company strategy, as well as corporate financing decisions will remain under the group level, led by Group CEO Hasan Jasem Al Nowais.
“We are actively reviewing a shortlist of deals that are a good strategic fit for us and support our strategic ambitions,” Al Nowais told Reuters in written comments, adding that priority markets were the UK and U.S., Europe, Middle East and Asia.
“We have a strong balance sheet with a very healthy cash position, enabling us to pursue further growth opportunities.”
Abu Dhabi, the capital of oil-rich United Arab Emirates, is accelerating plans to diversify its economy and bolster non-oil GDP, with both AI and advanced technology, and the health sector key areas for growth as part of the strategy.
M42 was established in 2022 by combining the health assets of two major Abu Dhabi entities, Mubadala and G42, an AI firm controlled by Sheikh Tahnoon bin Zayed Al Nahyan, a prominent royal and businessman, as well as the UAE’s national security adviser.
Mubadala is Abu Dhabi’s second-biggest wealth fund and manages about $330 billion in assets.
M42’s portfolio includes the Abu Dhabi franchise of Cleveland Clinic, as well as global dialysis services provider Diaverum, which it acquired in 2023 from Bridgepoint Group. It is present in 26 countries.
(Reporting by Rachna Uppal; Editing by Subhranshu Sahu)
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