UAE’s largest sovereign wealth fund Abu Dhabi Investment Authority (ADIA) will open an independent advanced data research centre.
The move is part of the UAE’s efforts to boost research and development. The lab will launch formally on December 2 this year.
Horst Simon will be director of the lab. Simon was previously at Berkeley Lab and at the US Department of Energy.
According to Reuters, the lab’s launch will bring together global experts in the data and computational science fields while helping to embed a scientific mindset throughout its organisation, ADIA, estimated by Global SWF to manage $829 billion in assets, said in a statement.
Research applications will focus on areas such as climate change and energy transition, blockchain technology, financial inclusion and investing, and cybersecurity among others.
“The UAE is trying to diversify its economy away from hydrocarbons and investing in increasing the contribution of digital innovation and advanced technology to overall economic growth. It is also seeking to attract high skilled professionals globally in these and other data science-led sectors,” Reuters said.
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