Abu Dhabi launches MGX for leading AI and technology investment
Artificial intelligence (AI), microchips, and other cutting-edge technologies are the areas of expertise for MGX, a cutting-edge technological investment corporation recently established in Abu Dhabi.
With assets under management (AUM) expected to surpass $100 billion in the next few years, this endeavor is primarily supported by G42 and Mubadala Investment, a sovereign wealth fund. The government of Abu Dhabi will support the program wholeheartedly.
The establishment of MGX was announced by the Artificial Intelligence and Advanced Technology Council (AIATC), formed earlier this year under the guidance of President Sheikh Mohamed bin Zayed Al Nahyan. The vision behind MGX is to foster technological advancements that will drive prosperity, sustainability, and global connectivity.
The Chair of the AIATC and Deputy Ruler of Abu Dhabi, Sheikh Tahnoun bin Zayed Al Nahyan, highlighted MGX's position as a national leader in AI and cutting-edge technology. The company is in line with Abu Dhabi's worldwide investment policy in this area and seeks to expedite the responsible and inclusive development of AI. MGX will strengthen Abu Dhabi's reputation as a center for top technological talent, investors, and entrepreneurs by utilizing the UAE's leadership in innovation and investment.
With Khaldoon Khalifa Al Mubarak in the Vice-Chair position, Sheikh Tahnoun will head MGX as Chairman of the Board of Directors. Distinguished members of the board include Ahmed Yahia Al Idrissi, Peng Xiao, and Jassem Mohamed Bu Ataba Al Zaabi. Al Idrissi, the CEO of Mubadala's direct investment platform, will take over as CEO of MGX, bringing with him more than thirty years of experience in both operations and investing in international technological businesses.
G42, renowned for its expertise in AI technology, operates across various domains, including cloud computing and specialized AI applications. Mubadala's track record includes significant investments in semiconductor manufacturing and tech infrastructure, notably AMD and GlobalFoundries. Collaboratively, G42 and Mubadala have spearheaded initiatives like Khazna, M42, and Space42, solidifying Abu Dhabi's position as an AI and tech powerhouse.
MGX's investment strategy will focus on three key areas: AI infrastructure, semiconductor technology, and AI core technologies and applications. This encompasses data centers, chip design and manufacturing, AI models, software, life sciences, and robotics, positioning MGX at the forefront of technological innovation and investment.
