The Council for Artificial Intelligence and Advanced Technology, initiated by Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE, on January 22, 2024, has announced the establishment of “MGX”, a tech investment company aimed at empowering, developing, and utilizing cutting-edge technology to enhance the lives of current and future generations.
Mubadala Investment Company and “G42” are founding partners of this new venture, which will invest in accelerating the development and adoption of artificial intelligence and advanced technologies through partnerships both in the United Arab Emirates and globally.
MGX’s investment strategy will focus on three main areas: AI infrastructure (including data centers and connectivity), semiconductors (including design and manufacturing of memory and logic units), and core AI technologies and applications (including AI models, software, data, life sciences, and robotics).
Leveraging Abu Dhabi’s existing investments in these areas, the new company aims to collaborate with leading global tech and investment firms. Sheikh Tahnoon bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and Chairman of the Council for Artificial Intelligence and Advanced Technology, stated, “MGX is being established as a national company focused on advancing AI and technology with the vision of building a future where technology significantly serves humanity, enhancing wellbeing, sustainability, and global connectivity.”
“Our main objective is to responsibly and inclusively accelerate AI development, aligning with Abu Dhabi’s global strategy for AI investment.
MGX will benefit from Abu Dhabi’s leading position in innovation and investment, partnering with a range of global technology partners, and contributing to the UAE’s position as a hub for investors, entrepreneurs, and talent in technology.”
Both Mubadala Investment Company and G42 have a strong and extensive investment base in the critical sectors of the new AI investment strategy. G42 is a global leader in AI technology, specializing in cloud computing, advanced data centers, and AI applications ranging from financial services to smart cities.
Mubadala has played a transformative role in the journey of “AMD” and established “GlobalFoundries”, a world leader in semiconductor manufacturing, and is also a leading investor in software, life sciences, and new commerce.
Together, Mubadala and G42 have developed “Khazna” into a global leader in data center infrastructure and launched M42, a leading healthcare and life sciences technology company in the region, and Space42, one of the world’s largest geospatial technology companies.
Sheikh Tahnoon bin Zayed Al Nahyan will chair the new company’s board, with Khaldoon Khalifa Al Mubarak as the vice-chairman. Board members include Jasim Mohammed Buatabah Al Zaabi, Peng Xiao, and Ahmed Yahia Al Idrissi, who will also serve as the CEO of the new investment company.
Al Idrissi, currently the CEO of the Direct Investments sector at Mubadala, brings over 30 years of operational and investment experience, with a proven track record in investing and establishing leading global technology companies.
