IonQ, Inc. ( IONQ ) shares are trading lower premarket on Monday. The company renewed its agreement with Abu Dhabi’s Quantum Research Center – Technology Innovation Institute (TII), to strengthen the UAE’s global position in science and technology.

TII will use IonQ’s quantum computing platform to advance research in areas such as simulating physical systems, quantum image processing, and solving linear equations.

The platform enhances financial portfolio optimization, estimates quantum system properties for chemistry and materials science, and innovates efficient methods for uploading classical data into quantum states.

This expanded partnership, which builds on the January 2023 agreement, includes access to IonQ Forte.

IonQ Forte, featuring 36 all-to-all connected qubits, enables TII to develop hybrid quantum/classical algorithms like variational quantum algorithms.

Rima Alameddine, chief revenue officer at IonQ ( IONQ ) said, ”Having renewed our relationship for the second time in less than two years, we value the confidence that UAE’s TII has shown in IonQ ( IONQ ) as one of their quantum partners,”

Last week, IonQ ( IONQ ) partnered with Busan, South Korea, to promote quantum computing and foster talent development in the region.

Investors can gain exposure to the stock via Spear Alpha ETF ( SPRX ) and Tidal ETF Trust II Pinnacle Focused Opportunities ETF .

Price Action: IONQ ( IONQ ) shares are down 5.64% at $38.46 premarket at the last check Monday.

Read Next:

Rigetti Computing, Quantum Stocks Soar On Project Stargate