Abu Dhabi Launches MGX: A $100 Billion AI Investment Powerhouse Emerges

Abu Dhabi unveils MGX, a cutting-edge investment firm targeting AI and semiconductor sectors, with ambitions to reach $100 billion in assets.

Mar 11, 2024 - 10:54
Mar 11, 2024 - 10:55
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Abu Dhabi Launches MGX: A $100 Billion AI Investment Powerhouse Emerges
Abu Dhabi Launches MGX: A $100 Billion AI Investment Powerhouse Emerges

Abu Dhabi has announced the launch of MGX, a pioneering investment entity aimed at spearheading investments in artificial intelligence (AI) and semiconductor industries. With a bold vision to amass over $100 billion in assets under management, MGX marks a strategic collaboration between Mubadala Investment Co. and leading AI firm G42.

At the helm of MGX is Ahmed Yahia Al Idrissi, chief executive officer of Mubadala’s direct investments platform, who assumes the role of CEO for the new venture. Backed by substantial capital from Abu Dhabi’s government, MGX is poised to pursue lucrative opportunities in AI infrastructure, semiconductor technologies, and AI applications.

Chaired by Sheikh Tahnoon bin Zayed Al Nahyan, the United Arab Emirates National Security Adviser, MGX boasts a distinguished board of directors, including Khaldoon Al Mubarak, CEO of Mubadala, and Jassem Al Zaabi, Vice Chairman of the UAE Central Bank.

Peng Xiao, CEO of G42, expressed optimism about MGX's potential impact, emphasizing Abu Dhabi's emergence as a global technology leader and its pivotal role in shaping the AI landscape.

G42, a key player in the UAE's AI sector, has established strategic partnerships, including collaborations with OpenAI, aimed at advancing AI capabilities both domestically and internationally. Recent discussions between G42 and OpenAI regarding a new chip venture underscore the firm's commitment to technological innovation.

Amid shifting geopolitical dynamics, G42 has redirected its focus from China to Western markets, particularly the US, where it aims to deploy capital and foster collaborations with key AI partners. This strategic pivot reaffirms G42's dedication to global AI leadership and its adaptability to evolving market trends.

Also Read: US-China AI Competition Intensifies: A Battle for Technological Supremacy

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