Abu Dhabi has set up a new investment firm, MGX, to pursue investment deals primarily on artificial intelligence in the UAE and internationally.
Abu Dhabi Media Office reported on Monday the company aims to accelerate the development and use of AI and advanced technologies. It will invest in three main areas, including AI infrastructure, semiconductors, and AI core technologies and applications.
MGX to Invest $100 Billion in AI
Bloomberg cited sources that claimed that MGX will aim to hold about $100 billion in assets under management over the next few years.
Mubadala and G42 were named as the foundational partners in the creation of MGX. Mubadala Investment Co., an Emirati state-owned holding company which controls $276 billion of assets, had said in February it would deploy significant capital into AI and space technology this year.
MGX will pursue its own investment deals on AI, separate from Mubadala and G42, and will initially be funded with new capital by Abu Dhabi’s government, Bloomberg reported, citing people familiar with the matter.
“The company will build on Abu Dhabi’s existing investments in these areas [AI infrastructure, semiconductors, and AI core technologies and applications] and deploy capital alongside leading international technology and investment companies,” the official report reads.
UAE Actively Investing in AI, Emerging Techs
MGX’s Board of Directors will be chaired by His Highness Sheikh Tahnoun Bin Zayed Al Nahyan, UAE’s National Security Adviser. Ahmed Yahia Al Idrissi, the current CEO of Mubadala, was also announced as the CEO of the new investment company. Mr. Peng Xiao, Group CEO of G42, was announced as one of the board members.
The creation of MGX comes at the heels of the UAE’s commitment to investing in emerging technologies, specifically AI. In January 2024, the Ruler of Abu Dhabi, HH Sheikh Mohamed, launched an Artificial Intelligence and Advanced Technology Council (AIATC), paving the way for the nation to champion developments in AI.
In February, the UAE government also launched a $500 million program to accelerate research and development into AI and other emerging technologies.
