🔥Early Access: Land A High Paying Web3 Job In 90 Days LEARN MORE

Abu Dhabi Bets Big on AI With New $100 Billion Ambition

482442
Abu Dhabi Bets Big on AI With New $100 Billion AmbitionAbu Dhabi Bets Big on AI With New $100 Billion Ambition

In this post:

  • The Abu Dhabi government launched MGX, an investment firm focused on artificial intelligence (AI) and semiconductors.
  • MGX aims to reach $100 billion in assets under management and collaborate with international technology companies.
  • This initiative highlights the UAE’s commitment to becoming a global leader in AI development.

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. 

See also  Ripple's Chris Larsen donates $1 million in XRP to Kamala Harris

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. 

Share link:

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Related News

Cryptopolitan
Subscribe to CryptoPolitan