The UAE plans to invest 50 billion euros in data centers in France

An United Arab Emirates investment fund intends to spend between 30 and 50 billion euros ($ 31.2 billion and $ 52 billion) to establish a new headquarters for data centers in France, according to French officials. This investment falls within the framework of a joint statement between the two parties revealed before the summit of artificial intelligence held by French President Emmanuel Macron next week. France and the UAE signed a strategic partnership last May to improve the collaboration in artificial intelligence. In a joint statement issued on Friday, the two countries said they were aimed at building a 1 -gigatomatic artificial intelligence facility. The statement pointed out that the first investment segment will be announced during the main investment event held by Macron later this year, and will come from an alliance that includes French and Emirati businesses. But according to officials in the Elysee Palace, the initial financing of the facility from the company “MGX” will come from Abu Dhabi, without providing more details. UAE investments in artificial intelligence are ‘MGX’, an investment fund worth $ 100 billion, also one of the most important financiers of the “Star Gate” project, the ambitious initiative launched by ‘Soft Bank’ and ‘Oben AI’ to spend $ 500 billion in the United States. The project aims to build about 12 facilities, each with one capacity, according to the previous Bloomberg News. Also read: Emirates businesses invest a billion in artificial intelligence. Data centers and artificial intelligence have become an important pillar in the UAE’s strategy to diversify its economy and increase their political influence. Last January, an Emirati billionaire in Dubai promised to invest $ 20 billion in data centers in the United States. The technology company “G42”, based in Abu Dhabi, also announced large computer projects in the Middle East and Africa. In 2021, the UAE, rich in oil, signed an agreement of 17 billion euros to buy 80 French “Rafale” fighters during Macron’s visit to Abu Dhabi. The two countries also discussed the possibility of investing in the core sector, and they worked together last year to ask for a ceasefire on the border between Israel and Lebanon. Macron offered Sheikh Mohammed bin Zayed Al Nahyan, president of the Emirates, on Thursday to discuss the developments in artificial intelligence. The French president places his country’s ambitions in this area at the top of his priorities, but he faces challenges. Although some French startups, such as ‘Mistral’, have managed to raise significant funds compared to their European peers, they still find it difficult to compete with American and Chinese businesses.