UAE Company Allocates $25 Billion to Expand Artificial Intelligence Investments
UAE-based technology investment firm MGX plans to raise $25 billion to expand its artificial intelligence ventures, according to a report by Bloomberg citing informed sources.
The capital will be raised through an investment fund structure, with expected backing from financial and strategic investors both inside and outside Abu Dhabi.
Mubadala Investment Company and AI firm G42 will remain MGX’s founding partners. G42 is backed by the UAE government, along with private-sector partners including Microsoft.
MGX is chaired by UAE National Security Advisor Sheikh Tahnoun bin Zayed Al Nahyan, while Khaldoon Al Mubarak, CEO of Mubadala, serves as vice chair.
In September of last year, MGX joined the Global Partnership for Artificial Intelligence Infrastructure Investment, a $30 billion initiative aimed at developing data centers and energy infrastructure.
Earlier reports from Bloomberg stated that MGX is targeting deals in artificial intelligence and semiconductors, with assets under management potentially surpassing $100 billion in the coming years.
The Financial Times also reported this week that French AI company Mistral is seeking one billion dollars in funding from MGX, in addition to other venture capital investors.
