Abu Dhabi Launches MGX: A $100B Global AI Investment Powerhouse

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.

Focusing on Key AI Sectors

MGX will invest in three core areas:

• AI infrastructure, including data centers and connectivity
• Semiconductors, including logic and memory chip design and manufacturing
• AI core technologies and applications, such as AI models, software, data, life sciences, and robotics

By focusing on these critical sectors, MGX aims to drive innovation, foster economic growth, and enhance quality of life globally.

Foundational Partners: Mubadala and G42

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:

• M42: One of the region’s top healthcare technology and life sciences companies
• Space42: One of the largest geospatial technology companies in the world
• Khazna: A global data center infrastructure leader

Leadership and Governance

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:

• Khaldoon Khalifa Al Mubarak (Vice-Chair)
• Jassem Mohamed Bu Ataba Al Zaabi
• Peng Xiao
• Ahmed Yahia Al Idrissi (CEO)

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.

Driving Abu Dhabi’s AI Leadership

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:

• The Technology Innovation Institute (TII): A pioneering research center focused on applied research and advanced technologies
• Hub71: Abu Dhabi’s global tech ecosystem
• A thriving community of AI startups and companies

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.