Abu Dhabi Targets Deals Crossing $100 Billion for AI Investment Firm

• Blockchain Council
• September 12, 2024

Abu Dhabi, a global hub for technological innovation, has once again captured the spotlight with its latest groundbreaking initiative. The Artificial Intelligence and Advanced Technology Council (AIATC) has announced the creation of MGX, a pioneering global technology investment company aimed at spearheading advancements in artificial intelligence (AI). This move underscores Abu Dhabi’s commitment to not only embracing cutting-edge technologies but also shaping their trajectory on a global scale.

At the helm of this ambitious venture are two heavyweight partners: Mubadala Investment Co., a sovereign wealth fund, and G42, a leading AI firm. Together, they bring a wealth of expertise and resources to the table, laying the foundation for MGX’s ambitious goal of surpassing $100 billion in assets under management.

Ahmed Yahia Al Idrissi, Chief Executive Officer of Mubadala’s direct investments platform, will lead MGX as its CEO, steering the company towards strategic investments in AI infrastructure, semiconductors, and core AI technologies and applications.

The decision to establish MGX reflects Abu Dhabi’s steadfast commitment to staying at the forefront of the global AI landscape. With the emirate’s leadership setting the stage for innovation, MGX is poised to play a pivotal role in shaping the future of AI technology.

Under the guidance of UAE National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan and Mubadala CEO Khaldoon Al Mubarak, MGX is well-positioned to capitalize on emerging opportunities in the AI sector. The company’s diverse board of directors, which includes luminaries such as Jassem Al Zaabi and Peng Xiao, underscores its commitment to excellence and strategic vision.

The launch of MGX marks a significant milestone in Abu Dhabi’s journey towards technological supremacy. By harnessing the power of AI and investing in cutting-edge technologies, Abu Dhabi is not only securing its economic future but also cementing its status as a global leader in innovation.

As MGX embarks on this transformative journey, the world watches with bated breath, eager to witness the impact of Abu Dhabi’s visionary approach to AI investment. With its sights set on $100 billion and beyond, MGX is poised to reshape the future of technology and propel Abu Dhabi to new heights of success on the global stage.