Abu Dhabi Forms Tech Investment Company to Harness Leading Edge Technologies

The Artificial Intelligence and Advanced Technology Council (AIATC) – established on January 22, 2024 by the UAE President, H H Sheikh Mohamed bin Zayed Al Nahyan, has announced creation of MGX, a technology investment company, to enable the advancement and deployment of leading edge technologies intended to improve the lives of current and future generations.

Mubadala and G42 will serve as foundational partners in the creation of the new company. The new company will invest to accelerate the development and adoption of AI and advanced technologies through world-leading partnerships both in the UAE and globally.

Mubadala and G42 have an extensive and robust investment foundation in sectors that are crucial to the new AI investment strategy. 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 created GlobalFoundries in 2009, 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 centre 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.

Focus on Three Areas

MGX’s investment strategy will focus on three main areas: AI infrastructure (including data centres 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). The company will build on Abu Dhabi’s existing investments in these areas and deploy capital alongside leading international technology and investment companies.

H H Sheikh Tahnoun bin Zayed Al Nahyan, deputy ruler of Abu Dhabi and Chair of the AIATC, said that in MGX, they were 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.

H H Sheikh Tahnoun Bin Zayed Al Nahyan will be the Chairman of the new company’s Board of Directors and 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.

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.