Abu Dhabi Sets up MGX Tech Company with Global Amitions
Abu Dhabi has unveiled MGX, a new technology investment company aimed at accelerating the development and adoption of artificial intelligence (AI) and advanced technologies. Launched by the Artificial Intelligence and Advanced Technology Council (AIATC), MGX is set to become one of the world’s largest funds focused solely on AI, with a target of surpassing $100 billion in assets under management.
Focusing on Key AI Sectors
MGX will invest in three core areas:
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- AI infrastructure, including data centers and connectivity
- Semiconductors, including logic and memory chip design and manufacturing
- AI core technologies and applications, such as AI models, software, data, life sciences, and robotics
By focusing on these critical sectors, MGX aims to drive innovation, foster economic growth, and enhance quality of life globally.
Foundational Partners: Mubadala and G42
The emirate’s sovereign wealth fund Mubadala Investment Company and AI and cloud computing firm G42 will serve as MGX’s foundational partners. Mubadala brings extensive investment experience, having been a significant investor in AMD and creating GlobalFoundries, one of the world’s top semiconductor manufacturing companies. G42 is a global AI technology leader, operating in cloud computing, advanced data centers, and specialized AI applications.
Together, Mubadala and G42 have already collaborated on major initiatives like:
- M42: One of the region’s top healthcare technology and life sciences companies
- Space42: One of the largest geospatial technology companies in the world
- Khazna: A global data center infrastructure leader
Leadership and Governance
MGX will be chaired by Sheikh Tahnoun bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and chairman of the AIATC. The board of directors also includes:
- Khaldoon Khalifa Al Mubarak (Vice-Chair)
- Jassem Mohamed Bu Ataba Al Zaabi
- Peng Xiao
- Ahmed Yahia Al Idrissi (CEO)
Al Idrissi, currently CEO of Mubadala’s direct investments platform, brings 30 years of operational and investment experience to his role as MGX’s chief executive.
