Abu Dhabi's AI Corporation G42 Boards Jason Hu To Leads Shanghai Division

As per people familiar with the matter, Abu Dhabi artificial intelligence company G42's $10 billion tech fund has hired a former executive from Chinese e-commerce giant JD.com Inc. as it expands its footprint across Asia.

According to the sources, the 42X Fund has appointed Jason Hu, who was previously the head of strategic investments at JD.com, to lead its Shanghai office. It has also hired several other members for the China team, according to the people, who asked not to be identified because the information is confidential.

According to his LinkedIn profile, Hu has been with JD.com since 2019. He previously worked as a managing director at Chinese buyout firm CDH Investments and as a managing partner at Cathay Capital Private Equity. Earlier in his career, he worked as a consultant for Bain & Company.

When Hu was in charge of strategic investments, JD.com closed a number of deals. Last year, the e-commerce behemoth purchased China Logistics Property Holdings Co. for HK$19.8 billion ($2.5 billion). JD.com purchased a minority stake in Yonghui Superstores Co. for approximately 6.5 billion yuan ($939 million) the same year.

A G42 spokesperson stated that the 42X Fund has hired ten investment professionals in Shanghai, Singapore, and Jakarta, but declined to elaborate further. A JD.com representative did not immediately respond to a request for comment, and Hu did not respond to a LinkedIn message seeking comment.

The 42X Fund is hiring dozens of people across Asia to scout for investment opportunities, reported in February. The expansion into Asia comes as Abu Dhabi, one of the few cities in the world to manage more than $1 trillion in sovereign wealth capital, ramps up efforts to reinvest oil revenue in the technology sector and diversify its economy. Mubadala Investment Co., an Abu Dhabi wealth fund that owns a minority stake in G42, has itself stepped in to invest in the sector amid a recent rout.

Sheikh Tahnoon Bin Zayed, a key member of the ruling family whose business empire includes investment firm Royal Group and sovereign wealth fund ADQ, is the chairman of G42.

The company's operations range from energy to healthcare to autonomous vehicles, and it has been at the forefront of numerous national initiatives. It helped to facilitate the first overseas production of the Chinese Covid-19 vaccine, rolled out the Middle East's earliest driverless car trials and was the first UAE firm to open an Israel office after the countries normalised relations.