Abu Dhabi, July 13 (WAM) - Inseption42, a regional leader in the innovation of AI-powered products and solutions, has signed a memorandum of understanding with NXT Holdings, an Abu Dhabi-based AI company owned by The Group 42.

The MoU establishes a framework for strategic cooperation between the two companies in five key areas: AI consulting, training and capacity building, developing AI solutions for institutions, product distribution, and joint business development.

The memorandum was signed by Ashish Kushi, CEO of Inseption42, and Sara Al Ahbabi, Director of Private Companies and Portfolio Relations at NXT Holdings.

The partnership reflects the shared commitment of both parties to accelerate the responsible adoption of AI solutions to create a tangible impact within the UAE and global markets.

The partnership combines Inseption 42's advanced sovereign capabilities in developing AI solutions for institutions with NXT Holdings' growing ecosystem of operational companies, leveraging the complementary strengths of both parties to deliver sustainable value to governments and institutions in regional and global markets, including strategic consulting and initial outreach, solution implementation, and integration into operational processes.

Sheikha Fatima بنت طحنون بن زايد بن سلطان آل نهيان, founder and chairman of the board of directors of Shem Capital and XTX Capital, said that the United Arab Emirates has placed artificial intelligence at the heart of its national vision. Partnerships like this are a key tool for turning this vision into tangible capabilities, reflecting the strength of our institutions and the integration of their objectives, and highlighting the country’s unwavering commitment to leading advanced technology fields capable of shaping the future.

Ashish Kushi, CEO of Insception42, said that Inception42 was designed to provide sovereign AI solutions at an institutional level that are scalable. He noted that the partnership with XTX Capital will help the company reach institutions ready to move from exploring AI potential to applying it in practice.

He added that the memorandum of understanding allows the company to employ its product and platform development capabilities, combined with XTX Capital’s expertise in reaching various markets and valuable investments. This creates a strong channel for making a tangible and measurable impact in the field of artificial intelligence within the UAE and beyond.

Fahmi Abu Bakr, general manager of Shem Capital, said that XTX Capital was established in response to the structural transformation brought about by AI in the ways economies and institutions work. Its responsibility is to enable governments and institutions to keep pace with this transformation and benefit from it. The agreement with Inception42 reinforces the commitment to providing practical and effective solutions, and he expressed his hope for the active value that will result from this partnership.