Abu Dhabi has bold ambitions to become a global leader in artificial intelligence and technology investment with the launch of a new $100 billion fund. The emirate unveiled MGX this week, a partnership between sovereign wealth fund Mubadala Investment Co. and AI heavyweight G42 to pursue high-potential deals in cutting-edge sectors.
Led by industry veteran Ahmed Yahia Al Idrissi as CEO, MGX will focus on three strategic areas poised for exponential growth – AI infrastructure, semiconductors, and core AI applications and technologies. With Mubadala and G42's expertise combined, the new venture is well-positioned to identify cutting-edge opportunities around the world. Abu Dhabi's government is providing initial capital to get MGX off the ground independently of its founding partners' existing portfolios.
Targeting a potential $100 billion in assets under management, MGX aims high. But with Abu Dhabi's financial backing and leadership from top AI and investment leaders, the fund has the firepower and vision to achieve audacious goals. As technology reshapes our world at unprecedented speed, MGX will help drive Abu Dhabi's leadership in areas critical to future innovation and economic success. Under the guidance of its prestigious board led by National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan, MGX is certainly one to watch in the high-stakes world of emerging tech investment.
