11 March 2024
Abu Dhabi has unveiled MGX, a new technology investment company aimed at accelerating the development and adoption of artificial intelligence (AI) and advanced technologies. Launched by the Artificial Intelligence and Advanced Technology Council (AIATC), MGX is set to become one of the world’s largest funds focused solely on AI, with a target of surpassing $100 billion in assets under management.
MGX will invest in three core areas:
By focusing on these critical sectors, MGX aims to drive innovation, foster economic growth, and enhance quality of life globally.
The emirate’s sovereign wealth fund Mubadala Investment Company and AI and cloud computing firm G42 will serve as MGX’s foundational partners. Mubadala brings extensive investment experience, having been a significant investor in AMD and creating GlobalFoundries, one of the world’s top semiconductor manufacturing companies. G42 is a global AI technology leader, operating in cloud computing, advanced data centers, and specialized AI applications.
Together, Mubadala and G42 have already collaborated on major initiatives like:
MGX will be chaired by Sheikh Tahnoun bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and chairman of the AIATC. The board of directors also includes:
Al Idrissi, currently CEO of Mubadala’s direct investments platform, brings 30 years of operational and investment experience to his role as MGX’s chief executive.
The creation of MGX marks a significant milestone in Abu Dhabi’s journey to become a global AI and technology hub. It builds upon the emirate’s existing innovation ecosystem, which includes:
With MGX’s singular focus on accelerating the responsible development of AI for the benefit of humanity, Abu Dhabi is poised to shape the future of this transformative technology. The $100B fund is expected to attract top talent, investors, and entrepreneurs to the UAE, cementing its role as a nexus for AI innovation.
MGX represents a bold step forward - one that could propel Abu Dhabi to the forefront of the global AI race. By democratizing access to AI and fostering international partnerships, MGX aims to unlock the vast potential of this disruptive technology for the betterment of businesses, governments, and societies worldwide.
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Mubadala - Venture Capital in Abu DhabiMubadala - Venture Capital in Abu DhabiMubadala is a global investment company with a mandate to create sustainable financial returns for Abu Dhabi. We aspire to play a critical role in society both at home and overseas by driving positive change through our investments, as we pursue growth and yield as we advance together for a sustainable future. Locally, we are committed to furthering our shareholder’s strategic objective of a globally integrated and diversified economy. Internationally, we deploy capital with integrity across a variety of asset classes and geographies for the greater benefit of the United Arab Emirates.
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Abu Dhabi Launches MGX: A $100B Global AI Investment Powerhouse
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