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Abu Dhabi is launching a $100 billion investment vehicle focused on artificial intelligence called MGX, with sovereign wealth fund Mubadala and AI firm G42 as cornerstone partners.
The establishment of the fund was announced by the Artificial Intelligence and Advanced Technology Council, established in January by UAE President Sheikh Mohammed bin Zayed Al Nahyan.
According to AIATC, MGX’s investment aims to accelerate the development and deployment of AI and advanced technologies through partnerships in the UAE and internationally, focusing on three key areas: AI infrastructure, semiconductors, and AI core technologies and applications. It is said that
Investments in AI infrastructure include investments in data centers and connectivity, and investments in semiconductors include the design and manufacturing of logic and memory chips. Core technologies and applications of AI include AI models, software, data, life sciences, and robotics.
“At MGX, we are establishing a UAE national champion focused on AI and advanced technologies that will shape the future where technology enables a more prosperous, sustainable and interconnected world,” said Abu Dhabi Deputy Ruler and Chairman. Sheikh Tahanun bin Zayed Al Nahyan said. AIATC said in a release. “Our sole focus is to accelerate the responsible and inclusive development of AI for the benefit of humanity, building on Abu Dhabi’s global investment strategy for artificial intelligence.”
Abu Dhabi Startups, a website specializing in Abu Dhabi startups and tech companies that is backed in part by Mubadala, said the fund aims to have more than $100 billion in assets under management. Mubadala was an early and major investor in the semiconductor company AMD, and in 2009 formed the semiconductor manufacturing giant GlobalFoundries through a partnership with AMD.
Ahmed Yahia Al Idrisi, CEO of Mubadala Direct Investment Platform, has been appointed CEO of MGX, and Sheikh Tahanun bin Zayed Al Nahyan will be Chairman of the Board of the new investment company. Khaldoon Khalifa Al Mubarak, an Abu Dhabi executive, was appointed. He will be the vice-chairman of the parliament. Other board members include Jassem Mohamed Bu Ataba Al Zaabi, Chairman of the Abu Dhabi Ministry of Finance, Peng Xiao, CEO of G42, and CEO of Mubadala’s Direct Investment Division. This includes Mr. Ahmed Yahia Al Idrisi.
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Tags: Abu Dhabi, Ahmed Yahya Al Idrisi, Council for Artificial Intelligence and Advanced Technologies, G42, MGX, Mohammed bin Zayed Al Nahyan, Mubadala, Tanun bin Zayed Al Nahyan, United Arab Emirates
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