Abu Dhabi is launching a $100 billion artificial intelligence-focused investment vehicle called MGX that will have sovereign wealth fund Mubadala and AI company G42 as its foundational partners.
The creation of the fund was announced by the Artificial Intelligence and Advanced Technology Council, which was created in January by United Arab Emirates President Sheikh Mohamed bin Zayed Al Nahyan.
The AIATC said MGX’s investments will aim to accelerate the development and adoption of AI and advanced technologies through partnerships in the UAE and internationally, with a focus on three main areas: AI infrastructure, semiconductors and AI core technologies and applications.
The AI infrastructure investments will include investing in data centers and connectivity, while the investment in semiconductors will include logic and memory chip design and manufacturing. The AI core technologies and applications will include AI models, software, data, life sciences, and robotics.
“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,” Sheikh Tahnoun bin Zayed Al Nahyan, deputy ruler of Abu Dhabi and Chair of the AIATC, said in a release. “Our singular focus is accelerating AI’s responsible and inclusive development for the benefit of humanity, guided by Abu Dhabi’s global investment strategy for artificial intelligence.”
Abu Dhabi Startups, a website dedicated to startups and tech firms in Abu Dhabi that is backed in part by Mubadala, said the fund will aim to have assets under management of more than $100 billion. Mubadala was an early major investor in semiconductor company AMD and created semiconductor manufacturing giant GlobalFoundries in 2009 through a partnership with AMD.
Ahmed Yahia Al Idrissi, CEO of Mubadala’s direct investments platform, has been tapped as CEO of MGX, Sheikh Tahnoun bin Zayed Al Nahyan has been named chairman of the new investment company’s board of directors and Khaldoon Khalifa Al Mubarak, a member of Abu Dhabi’s executive council, will be vice chairman. Other board members include Jassem Mohamed Bu Ataba Al Zaabi, chairman of Abu Dhabi’s department of finance, G42 CEO Peng Xiao, and Ahmed Yahia Al Idrissi, who is CEO, direct investments at Mubadala.
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Tags: Abu Dhabi, Ahmed Yahia Al Idrissi, Artificial Intelligence and Advanced Technology Council, G42, MGX, Mohamed bin Zayed Al Nahyan, Mubadala, Tahnoun bin Zayed Al Nahyan, United Arab Emirates
