Abu Dhabi is setting up a technology investment firm targeting deals in artificial intelligence and semiconductors that could surpass $100 billion in assets under management in a few years, according to people familiar with the matter. The emirate on Monday unveiled the company called MGX, led by sovereign wealth fund Mubadala Investment Co. and AI firm G42 as foundational partners. Ahmed Yahia Al Idrissi, who’s chief executive officer of Mubadala’s direct investments platform, will serve as the new entity’s CEO, according to a statement. Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteMITMIT Technology Leadership and InnovationVisitIIM KozhikodeIIMK Advanced Data Science For ManagersVisitIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitMubadala and G42’s portfolios will for now remain as they are, with MGX pursuing its own deals initially funded by new capital from Abu Dhabi’s government, said the people, who asked not to be identified as the matter is private. The new entity will pursue the best partners across its three main verticals — AI infrastructure, semiconductors as well as AI core technologies and applications, the people said.MGX will be chaired by United Arab Emirates National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan, with Mubadala CEO Khaldoon Al Mubarak acting as vice chairman. Additional board members include UAE Central Bank Vice Chairman Jassem Al Zaabi, G42 CEO Peng Xiao and Al Idrissi.“With the launch of MGX, we are entering a new era where Abu Dhabi is not only a global technology leader, but also shaping the AI roadmap of the world,” Xiao said. Mubadala declined to comment. Discover the stories of your interestBlockchain5 StoriesCyber-safety7 StoriesFintech9 StoriesE-comm9 StoriesML8 StoriesEdtech6 StoriesG42, part of a $1.5 trillion empire controlled by Sheikh Tahnoon, has been at the forefront of the country’s AI efforts. Its partnerships include one with OpenAI, which is teaming up with the Gulf firm as part of an expansion within the UAE and the broader region. OpenAI has held discussions with G42 to raise funding for a new chip venture, Bloomberg reported last year.It’s now paring back its presence in China and has pledged to invest in Western markets to assuage US concerns over ties to Beijing, CEO Xiao told Bloomberg News last month. G42 will focus on deploying capital in the US and other markets where its key AI partners operate, Xiao had said at the time.
