WAM
19 Feb 2025

ABU DHABI, 19th February, 2025 (WAM) -- The UAE Ministry of Economy has announced that Qualcomm Technologies, Inc., a leading developer of advanced wireless technologies, advanced computing and AI, has joined its NextGen FDI initiative.

Through the programme, which was launched in 2022 to attract technology-driven companies to the UAE, Qualcomm has established a presence in Abu Dhabi and is broadening its engagement with local ecosystem players.

Founded in San Diego, California, Qualcomm Technologies is a major player in wireless technology and semiconductors and has been at the forefront of driving 3G, 4G and 5G technologies, high-performance, low-power computing and AI.

Recently, Qualcomm Technologies has collaborated with UAE-based AI firm G42 to integrate its Cloud AI products into G42's Core42.
In addition to establishing a presence in Abu Dhabi, Qualcomm Technologies will also support with the NextGen FDI initiative through its investment arm Qualcomm Ventures, which focuses on early to growth-stage companies across sectors such as 5G, AI, automotive, IoT, and Cloud and Enterprise.

The collaboration will involve assessing and potentially investing in promising NextGen FDI startups, and the NextGenFDI initiative will provide support to any Qualcomm Ventures' portfolio companies looking to expand in the UAE and the region.

Qualcomm Ventures boasts more than 150 active portfolio companies and numerous successful exits.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, welcomed the onboarding of Qualcomm Technologies as a major milestone for the UAE's NextGen FDI Programme, offering a significant boost to the nation's innovation ecosystem and economic efforts to become a global technology hub.

Al Zeyoudi said, "We met Qualcomm at CES 2025 in Las Vegas and were pleased to know of their plans for the UAE. Qualcomm's innovations in 5G, AI and the Internet of Things are already playing a crucial role in advancing our digital transformation and we are excited about the potential to extend their impact through the NextGen FDI initiative. The UAE's digital ambitions require the contribution of leading global entities and Qualcomm Technologies can support the development of our 5G and AI capabilities, which will provide a new range of possibilities for businesses, consumers and government services. Qualcomm Technologies' greater presence here will underpin our position as a global centre for innovation and technology and accelerate our digital transformation journey."

On behalf of Qualcomm Technologies, Akash Palkhiwala, Chief Financial Officer and Chief Operating Officer, stated, "Qualcomm is proud to be present now in Abu Dhabi and to support the NextGen FDI initiative. The latest advancements in 5G, AI and the Internet of Things are the catalysts for technology ecosystem growth. Qualcomm's presence in Abu Dhabi puts us at the centre of helping advance the UAE's digital ambitions. Qualcomm is already working closely with UAE companies to drive local and global technology solutions based on our solutions; most recently Core42 announced the launch of its Inference as a Service powered by Qualcomm Cloud AI Accelerators and Inference Suite, and we look forward to seeing even more collaborations in the future."