A new technology investment company, MGX, was announced in the UAE on Monday, with Mubadala and G42 serving as its founding partners.
The company will invest to accelerate the development and adoption of AI and advanced technologies through world-leading partnerships both in the UAE and globally.
Investment strategy
MGX’s investment strategy will focus on three main areas: AI infrastructure (including data centers and connectivity); semiconductors (including logic and memory chip design and manufacturing); and AI core technologies and applications (including AI models, software, data, life sciences and robotics).
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The company will build on Abu Dhabi’s existing investments in these areas and deploy capital alongside leading international technology and investment companies.
The announcement was made by the Artificial Intelligence and Advanced Technology Council (AIATC), established on January 22, 2024 by President His Highness Sheikh Mohamed bin Zayed Al Nahyan.
Leadership team
Sheikh Tahnoun bin Zayed Al Nahyan, chair of the AIATC, will be the chairman of the new company’s board of directors. Khaldoon Khalifa Al Mubarak will serve as vice-chair. Other board members include Jassem Mohamed Bu Ataba Al Zaabi, Peng Xiao and Ahmed Yahia Al Idrissi.
Al Idrissi, who is currently the CEO of Mubadala’s Direct Investments platform, will also be the CEO of the new investment company.
Sheikh Tahnoun bin Zayed Al Nahyan, deputy ruler of Abu Dhabi, 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,” he added.
Mubadala and G42 have an extensive and robust investment foundation in key sectors. G42 is a global AI technology leader, operating in the fields of cloud computing, advanced data centers, and specialized 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 G42 and Mubadala developed Khazna into a global data center infrastructure leader. They launched M42, the region’s top healthcare technology and life sciences company. They also created Space42, one of the largest geospatial technology companies in the world.
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