Abu Dhabi’s Palantir Rival Bets on Global South to Spur Growth - Bloomberg
Presight AI Holding Plc, a data analytics provider based in Abu Dhabi, is seeking global deals to drive its next phase of growth.
On Wednesday, the company reported first quarter sales of 563.9 million dirhams ($153.5 million), a 115% annual increase. Around 23% of those sales came from outside the United Arab Emirates. The company is “striving toward 40%” in international sales, focusing primarily on countries across Asia, Latin America and Africa that make up the Global South, according to chief executive Thomas Pramotedham.
“Now, and in the next ten years, this is the growth engine,” he said in an interview with Bloomberg Television.
The company’s majority shareholder is G42, the Emirati technology conglomerate backed by Microsoft Corp. Presight competes with larger tech firms like Palantir Technologies Inc. in selling data-crunching software to government agencies and industries such as energy and finance.
Presight has recently entered into deals with city governments. In February, the company unveiled a $190 million “smart city” project with Astana, the Kazakhstan capital. Presight has shared plans for similar initiatives in Albania, working on services like improving traffic management and public safety.
Pramotedham said Presight is planning to open an office in Albania, describing the Balkans as a growth region. The company signed an agreement with the Colombian government last year and is active in several African nations.
“So far, they have shown that they’re good partners,” Zhaslan Madiyev, Kazakhstan’s Minister of Digital Development, said in an interview late April. “All these algorithms with the cameras that they use [have] proven that they can help to create a safe environment.”
Presight has more than 700 employees, nearly double its total when it listed on the Abu Dhabi stock exchange in 2023, according to a company spokesperson.
Wednesday, 7 May 2025
Most Gulf markets ease on earnings, US-China talks, Fed policy in focus | Reuters
Most Gulf markets ease on earnings, US-China talks, Fed policy in focus | Reuters
Most stock markets in the Gulf closed lower on Wednesday following a string of lacklustre corporate earnings, while focus was also on U.S.-China trade negotiations and the Federal Reserve's policy decision.
Saudi Arabia's benchmark index (.TASI), opens new tab fell 0.3%, weighed down by a 1% fall in Al Rajhi Bank (1120.SE), opens new tab and an 8.3% plunge in Mobile Telecommunications Company (7030.SE), opens new tab. The telecom firm missed analysts' first-quarter profit estimates.
Savola Group Company (2050.SE), opens new tab tumbled more than 7%, following a sharp decline in quarterly profit.
Elsewhere, Leejam Sports Company (1830.SE), opens new tab dived 10% - to its daily maximum limit - after reporting about a 25% drop in first-quarter profit.
Dubai's main share index (.DFMGI), opens new tab declined 0.3%, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab losing 1.5%.
In Abu Dhabi, the index (.FTFADGI), opens new tab eased 0.1%.
The Fed will announce its policy decision later in the day. Expectations for cuts were dialled down after relatively solid U.S. labour data last week.
Markets imply nearly no chance of a move on Wednesday and only a 33% chance of a cut in June, down from 64% a month ago.
The Fed's decision affects monetary policy in the Gulf where most currencies, including the Saudi riyal, are pegged to the U.S. dollar.
The Qatari index (.QSI), opens new tab was down 0.1%, with Qatar Islamic Bank (QISB.QA), opens new tab losing 1.4%.
Meanwhile, U.S. Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer will meet China's economic tsar He Lifeng in Switzerland this weekend for talks that could be the first step toward resolving a trade war disrupting the global economy.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab declined 1.4%, as most of its constituents were in negative territory, including Commercial International Bank (COMI.CA), opens new tab, which was down 2.3%.
Egypt's non-oil private sector economy contracted further in April after a decline in domestic and foreign demand caused new orders and output to fall for a second month, according to a survey released on Tuesday.
Most stock markets in the Gulf closed lower on Wednesday following a string of lacklustre corporate earnings, while focus was also on U.S.-China trade negotiations and the Federal Reserve's policy decision.
Saudi Arabia's benchmark index (.TASI), opens new tab fell 0.3%, weighed down by a 1% fall in Al Rajhi Bank (1120.SE), opens new tab and an 8.3% plunge in Mobile Telecommunications Company (7030.SE), opens new tab. The telecom firm missed analysts' first-quarter profit estimates.
Savola Group Company (2050.SE), opens new tab tumbled more than 7%, following a sharp decline in quarterly profit.
Elsewhere, Leejam Sports Company (1830.SE), opens new tab dived 10% - to its daily maximum limit - after reporting about a 25% drop in first-quarter profit.
Dubai's main share index (.DFMGI), opens new tab declined 0.3%, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab losing 1.5%.
In Abu Dhabi, the index (.FTFADGI), opens new tab eased 0.1%.
The Fed will announce its policy decision later in the day. Expectations for cuts were dialled down after relatively solid U.S. labour data last week.
Markets imply nearly no chance of a move on Wednesday and only a 33% chance of a cut in June, down from 64% a month ago.
The Fed's decision affects monetary policy in the Gulf where most currencies, including the Saudi riyal, are pegged to the U.S. dollar.
The Qatari index (.QSI), opens new tab was down 0.1%, with Qatar Islamic Bank (QISB.QA), opens new tab losing 1.4%.
Meanwhile, U.S. Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer will meet China's economic tsar He Lifeng in Switzerland this weekend for talks that could be the first step toward resolving a trade war disrupting the global economy.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab declined 1.4%, as most of its constituents were in negative territory, including Commercial International Bank (COMI.CA), opens new tab, which was down 2.3%.
Egypt's non-oil private sector economy contracted further in April after a decline in domestic and foreign demand caused new orders and output to fall for a second month, according to a survey released on Tuesday.
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