{"id":104317,"date":"2025-06-04T00:00:00","date_gmt":"2025-06-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/abu-dhabis-g42-among-key-backers-in-neuralink-series-e-round\/"},"modified":"2025-06-04T00:00:00","modified_gmt":"2025-06-04T00:00:00","slug":"abu-dhabis-g42-among-key-backers-in-neuralink-series-e-round","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/06\/04\/abu-dhabis-g42-among-key-backers-in-neuralink-series-e-round\/","title":{"rendered":"Abu Dhabi\u2019s G42 among key backers in Neuralink series E round"},"content":{"rendered":"

Good morning, friends.<\/strong> We\u2019re within arm\u2019s reach of a four-day weekend for Eid Al Adha, but it appears the news cycle caught a second wind before the break, giving us one last busy morning. Abu Dhabi is out with its 1Q 2025 trade figures, Edge landed a AED 9 bn supply contract for Kuwait\u2019s Defense Ministry, and ADGM\u2019s latest data shows a jump in AUM and new licenses. <\/p>\n

ALSO- It\u2019s PMI day:<\/strong> S&P Global\u2019s purchasing managers\u2019 index for the UAE is set to be released shortly after we hit \u201csend\u201d on this morning\u2019s issue. We\u2019ll have the full rundown in Monday morning\u2019s edition of EnterpriseAM UAE.<\/p>\n

** A QUICK PROGRAMMING NOTE BEFORE WE DIVE IN-<\/strong> EnterpriseAM UAE is off tomorrow and after for the Eid Al Adha holiday, and will be back in your inboxes at the usual time on Monday. <\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- <\/strong>G42 <\/strong>joins Neuralink\u2019s USD 650 mn funding round: <\/strong>Elon Musk\u2019s Neuralink raised USD 650 mn in a series E round with Abu Dhabi AI giant G42 among its key backers, alongside ARK Invest, Founders Fund, Sequoia, and others, according to a statement<\/a>. The funding will support expanded patient access and further development of its brain-computer interface technology.<\/p>\n

REMEMBER-<\/strong> The UAE is set to host Neuralink\u2019s first international human trials under the UAE-PRIME program, in partnership<\/a> with Cleveland Clinic Abu Dhabi and the Department of Health. The trials will implant Neuralink\u2019s chip in quadriplegic patients, aiming to restore motor and communication functions by enabling brain-controlled interaction with digital devices.<\/p>\n

\n

\n

<\/a> #2- <\/strong>Huda <\/strong>Beauty is once again fully-founder owned: <\/strong>Founder and Co-CEO of Huda Beauty<\/a> Huda Kattan bought back TSG Consumer Partners<\/a> \u2019 minority stake in the company for an undisclosed sum, reclaiming full control of the globally renowned beauty brand, according to a press release<\/a>. We reported in February that HUDA Beauty plans to spin off its fragrance arm<\/a>, giving Kattan runway to buy back the US PE firm\u2019s stake, which was acquired in 2017.<\/p>\n

<\/a> #3- Former <\/strong>Lebanese<\/strong> Prime Minister Saad Hariri is launching an Abu Dhabi-based<\/strong> investment firm<\/strong>, Bloomberg<\/a> reports, citing sources familiar with the matter. Genesis SPV<\/a> will invest across global tech while prioritizing AI ventures and Hariri is listed as its sole shareholder.<\/p>\n

BACKGROUND-<\/strong> Hariri has maintained close ties to the UAE\u2019s National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan since his move to Abu Dhabi in 2022, as the emirate looks to become a global leader in AI. <\/p>\n

\n

\n

#4- <\/strong>Rising ins. premiums are changing how UAE consumers spend: <\/strong>Soaring ins. costs are prompting UAE residents to reassess their spending habits and prioritize long-term financial stability, Gulf Business<\/a> reports, citing a new NielsenIQ (NIQ) survey. Over half of consumers surveyed reported recent increases in ins. premiums, with more than 80% expecting further hikes, particularly in auto ins. The shift has fueled stronger interest in cost-saving features, such as no-claims discounts, loyalty rewards, and reduced-coverage policies, according to the report.<\/p>\n

REMEMBER-<\/strong>Ins. premiums in the UAE have surged in recent months, with motor ins. rates up 15-20% y-o-y<\/a> and home ins. premiums rising 10-15%<\/a> in the wake of last year\u2019s record floods. Industry experts have pointed to reinsurer pressure and elevated climate-related claims as key drivers, warning of continued double-digit hikes across most categories.<\/p>\n

Consumers want predictability: <\/strong>The NIQ survey found that 76% of UAE consumers are interested in multi-year fixed-rate auto ins. policies to protect against future price shocks. Another 70% said they are willing to pay a premium for products that offer durability and longevity, underscoring a shift toward more strategic, stability-driven spending. <\/p>\n

DATA POINTS- <\/p>\n

The<\/strong> Dubai <\/strong>Future District Fund (DFDF) supported 190 startups with <\/strong>USD 1.7 bn<\/strong> in capital<\/strong> commitments across 2024<\/strong>, according to a DIFC statement<\/a>. Support came in the form of direct investments as well as fund initiatives. Among DFDF\u2019s key focus areas for 2025 are expanding capital deployment and channeling funds to build economic resilience.<\/p>\n

PSAs- <\/p>\n

#1- <\/strong>Planning to get around during Eid Al Adha? Here\u2019s what you need to know<\/strong>, according to the Dubai\u2019s Roads and Transport Authority (RTA<\/a>).<\/p>\n