UAE-based AI company invests in ByteDance

G42, an artificial intelligence technology and cloud computing company based in Abu Dhabi, has bought a stake in ByteDance worth over US$100 million (690 million yuan) over the past few months through its 42X foundation, Bloomberg reported Wednesday.

The 42X foundation has appointed HU Ningfeng to oversee its Shanghai office. Hu was previously the head of strategic investment of e-commerce giant A G42 spokesman said the 42X foundation has recruited over 10 professional investors in Shanghai, Singapore and Jakarta.