Abu Dhabi Founds AI Investor MGX
Posted on 03/11/2024
AI investor MGX has been founded to expedite artificial intelligence and technologies on behalf of Abu Dhabi. MGX was created under the umbrella of the Artificial Intelligence and Advanced Technology Council (AIATC), and is not limited to Abu Dhabi investments in the space. AI infrastructure, semiconductors, and core technologies including robotics are slated for investment. MGX will work in partnership with Mubadala Investment Company and cloud computing company G42. Group 42 Holding LTD, doing business as G42, is an Emirati artificial intelligence development holding company based in Abu Dhabi, founded in 2018. In 2020, state-owned Mubadala Investment Company took a stake in G42. Silver Lake Partners also owns a stake in G42. MGX is funded by new capital from Abu Dhabi’s government.
The technology investment firm targeting deals in artificial intelligence and semiconductors. Ahmed Yahia Al Idrissi is the chief executive officer of Mubadala’s direct investments platform. He will serve as MGX’s new CEO.
Sheikh Tahnoun bin Zayed, Deputy Ruler of Abu Dhabi and Chairman of AIATC said: “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.”
AIATC is responsible for developing and implementing policies and strategies related to research, infrastructure and investments in artificial intelligence and advanced technology in Abu Dhabi. In June 2023, Digital Dubai announced the launch of the Dubai AI platform in partnership with the Dubai Center for Artificial Intelligence (DCAI).
