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DUBAI - Dubai Holding and Palantir Technologies have established Aither, Palantir’s first joint venture in the UAE, aimed at expanding AI capabilities across Dubai’s public and private sectors, according to a press release statement. Palantir, which has seen its stock surge over 400% in the past year, continues to expand its global footprint while maintaining impressive 80% gross profit margins.
The partnership, signed on October 31 in Dubai, formalizes 18 months of operational collaboration that has already shown results across Dubai Holding’s portfolio spanning real estate, hospitality, finance, and infrastructure.
Aither will serve as a platform to accelerate AI adoption across Dubai’s priority industries, supporting the Dubai Economic Agenda (D33), which aims to generate AED 100 billion annually through digital transformation initiatives.
The joint venture combines Dubai Holding’s market expertise with Palantir’s software and engineering capabilities to enhance operational efficiency and strengthen competitiveness in the region.
"This strategic joint venture with Palantir represents a transformative catalyst in Dubai’s AI evolution and a significant milestone in Dubai Holding’s own digital transformation journey," said Amit Kaushal, Group Chief Executive Officer of Dubai Holding.
Alex Karp, co-founder and CEO of Palantir Technologies, stated, "We are proud to partner with Dubai Holding to deploy Palantir’s world-class AI capabilities and further bolster Dubai’s position as a global innovation hub."
The signing ceremony took place in the presence of Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Holding, and Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs.
Dubai Holding is a diversified global investment company with investments in more than 30 countries and a combined workforce of over 45,000 people. Palantir Technologies is known for its operational artificial intelligence platforms.
In other recent news, Palantir Technologies Inc. reported strong third-quarter results with a 63% year-over-year revenue growth, marking the ninth consecutive quarter of accelerating revenue growth. The company achieved a revenue scale of $4.7 billion, significantly improving from the previous quarter’s 48% growth. Several financial firms responded to these results by adjusting their price targets for Palantir. Baird raised its price target to $200 from $170, maintaining a Neutral rating. UBS also increased its target to $205 from $165, citing the company’s consistent revenue acceleration. BofA Securities set a higher target of $255, maintaining a Buy rating, and emphasized the growing recognition of Palantir’s artificial intelligence offerings. Meanwhile, Jefferies raised its target to $70 from $60, despite maintaining an Underperform rating, and Mizuho also raised its target to $205, noting the company’s stellar growth performance. These adjustments reflect the positive sentiment among analysts regarding Palantir’s recent performance and growth trajectory.
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