Abu Dhabi Launches MGX: A Global Tech Venture

Abu Dhabi Launches MGX: A Global Tech Venture

MGX will collaborate with the two companies and receive funding from new capital allocated by Abu Dhabi’s government.

thefinanceworld.comUpdated: Wednesday, March 13, 2024, 05:22 PM IST
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Abu Dhabi has established MGX, a technology investment firm specializing in artificial intelligence, microchips, and cutting-edge technologies.

The sovereign wealth fund Mubadala Investment and G42 are inaugural partners in the new company, which, as per a Bloomberg report, may exceed $100B in assets under management (AUM) within a few years. MGX will collaborate with the two companies and receive funding from new capital allocated by Abu Dhabi’s government.

The Artificial Intelligence and Advanced Technology Council (AIATC), formed earlier this year by President Sheikh Mohamed bin Zayed Al Nahyan, announced the establishment of MGX on Monday.

Sheikh Tahnoun bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and Chair of the AIATC, stated, “In MGX, we are establishing a UAE national champion focused on AI and advanced technologies that will shape a future where technology enables a more prosperous, sustainable and interconnected world.”

He added, “MGX builds from Abu Dhabi’s innovation and investment leadership and an extensive network of global technology partners.”

Sheikh Tahnoun will chair the new company’s Board of Directors, with Khaldoon Khalifa Al Mubarak as Vice-Chair. Board members include Jassem Mohamed Bu Ataba Al Zaabi, Ahmed Yahia Al Idrissi, and Peng Xiao, according to Arabian Business.

Al Idrissi, CEO of Mubadala’s direct investments platform, will serve as the CEO of MGX. Abu Dhabi’s AI and tech prowess is evident through G42, a global AI technology leader, and Mubadala, a significant investor in AMD and creator of GlobalFoundries.

Together, they developed Khazna, a global data centre infrastructure leader; launched M42, the region’s premier healthcare technology and life sciences company; and created Space42, one of the world’s largest geospatial technology companies. MGX’s investment strategy will focus on AI infrastructure, semiconductors, and AI core technologies and applications.

(The article is published under a mutual content partnership arrangement between The Free Press Journal and Finance World)

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