The Artificial Intelligence and Advanced Technology Council (AIATC), established by His Highness Sheikh Mohamed bin Zayed Al Nayan, the President of the United Arab Emirates in January 2024 has announced the creation of MGX, a technology investment company to enable the advancement and deployment of leading new technologies.
A note by the Abu Dhabi Media Office stated that G42 and Mubadala will serve as foundational partners in the creation of this new company. The fund will invest to accelerate the adoption and development of AI and advanced technologies through partnerships both in the UAE and globally.
The core investment strategy will focus on – semiconductors for memory and logic chip design and manufacturing, AI core technologies and applications like AI models, data, robotics, and life sciences, AI infrastructure like data centres and connectivity. MGX will build on Abu Dhabi’s existing investments in the area and focus on deploying capital alongside leading international technology and investment companies.
The deputy ruler of Abu Dhabi and Chair of AIATC His Highness Sheikh bin Zayed Al Nahyan 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. 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. MGX builds from Abu Dhabi’s innovation and investment leadership and an extensive network of global technology partners; in doing so, the company will further advance the UAE’s role as a home and ecosystem for top technology talent, investors and entrepreneurs.”
Both G42 and Mubadala have an investment foundation in sectors that are crucial to the new AI investment strategy. The note stated G42 is a global AI technology leader, operating in the fields of cloud computing, advanced data centers, and specialised AI applications, ranging from financial services to smart cities. Mubadala was a significant and transformational investor in AMD, and in 2009 created GlobalFoundries, one of the world’s top semiconductor manufacturing companies. Mubadala is also a leading investor in software, life sciences and new commerce.
Together both the giants have developed Khazna, into a global data center infrastructure leader; launched M42, the region’s top healthcare technology and life sciences company; and created Space42, one of the largest geospatial technology companies in the world.
His Highness Sheikh Tahnoun Bin Zayed Al Nahyan, chair of the AIATC, will be the Chairman of the new company’s Board of Directors. His Excellency Khaldoon Khalifa Al Mubarak will serve as Vice-Chair. Other Board members include His Excellency Jassem Mohamed Bu Ataba Al Zaabi, Mr. Peng Xiao and Mr. Ahmed Yahia Al Idrissi.
Ahmed Yahia Al Idrissi, who is currently the CEO of Mubadala’s Direct Investments platform, will be the CEO of the new investment company. Al Idrissi has 30 years of combined operational and investment experience, and a track record of investing and building global technology champions.
