UAE launches a global strategy to invest in artificial intelligence through MGX

The Artificial Intelligence and Advanced Technology Council, launched by His Highness Sheikh Mohammed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi “may God protect him”, on January 22, 2024, announced the establishment of “MGX”, a technology investment company aimed at empowering, developing, and deploying cutting-edge technology to improve the lives of current and future generations. Both Mubadala Investment Company and “G42” will be founding partners in the new company.

The company will invest to accelerate the development and adoption of artificial intelligence and advanced technology by entering into partnerships in the United Arab Emirates and globally.

MGX’s investment strategy will focus on three main areas: artificial intelligence infrastructure (including data centers and communication), semiconductors (including memory and logic unit design and manufacturing), and core artificial intelligence technologies and applications (including artificial intelligence models, software, data, life sciences, and robotics).

The new company will leverage Abu Dhabi’s current investments in these areas and collaborate with leading global technology and investment companies.

In this regard, His Highness Sheikh Tahnoon bin Zayed Al Nahyan, Deputy Governor of Abu Dhabi and Chairman of the Artificial Intelligence and Advanced Technology Council, said: “We are establishing MGX as a national company working to develop artificial intelligence and advanced technology, with the aim of building a future where technology plays a major role in serving humanity and enhancing well-being, sustainability, and communication among nations.”

He added: “Our main goal is to accelerate the development of artificial intelligence in a responsible and comprehensive manner, in line with Abu Dhabi’s global strategy for investing in artificial intelligence. MGX will benefit from Abu Dhabi’s leading global position in innovation and investment and will collaborate with a range of global technology partners. The company will contribute to enhancing the UAE’s position as a hub for technology investors, entrepreneurs, and talent.”

Both Mubadala Investment Company and “G42” possess a strong and broad investment base in vital sectors for the new artificial intelligence investment strategy. G42 is a global leader in artificial intelligence technology, operating in areas from cloud computing to advanced data centers and specialized artificial intelligence applications, from financial services to smart cities.

Mubadala has been a significant investor in transformative technology companies, founding “Global Foundries”, one of the world’s leading semiconductor manufacturing companies. Mubadala is also a leading investor in software, life sciences, and new commerce.

Mubadala and G42 have worked to develop “Kizad” into a leading global company in data center infrastructure, and they have launched M42, a leading company in healthcare technology and life sciences in the region, in addition to Space42, one of the largest geospatial technology companies in the world.

His Highness Sheikh Tahnoon bin Zayed Al Nahyan, Chairman of the Artificial Intelligence and Advanced Technology Council, will chair the board of the new company.

Khaldoon Khalifa Al Mubarak will serve as Vice Chairman, with members of the board including Jassem Mohammed Buatabh Al Zaabi, Bing Xiao, and Ahmed Yahia El Idrissi.

Ahmed Yahia El Idrissi, currently serving as CEO of Direct Investments at Mubadala, will assume the position of CEO of the new investment company.

El Idrissi brings over 30 years of experience in operational and investment fields, with a strong track record in investment and founding global technology companies.