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The recently established Artificial Intelligence and Advanced Technology Council (AIATC) is rolling out a technology investment company dubbed MGX, to ramp up the development and adoption of AI in Abu Dhabi, reports the Abu Dhabi Media Office. The new company could rake in more than USD 100 bn in assets under management in a few years, Bloomberg reports, citing people familiar with the matter.
The details: The new company will develop “strategic partnerships” with domestic and global technology and investment companies, focusing on three main investment sectors. The company will pursue its own investments — separate from Mubadala and AI-focused tech group G42, who are the company’s foundational partners — with initial funding from the Abu Dhabi government, the sources said.
Focus areas: MGX will build on the emirate’s investments in 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.
Who’s heading the company? CEO of Mubadala’s direct investments platform Ahmed Yahia Al Idrissi was tapped as CEO, while AIATC Chair Sheikh Tahnoun Bin Zayed Al Nahyan will chair MGX’s board, and Khaldoon Khalifa Al Mubarak will serve as vice chair. e& and Modon Properties Chairman Jassem Mohamed Bu Ataba Al Zaabi, G42 CEO Peng Xiao, and Al Idrissi will also sit in as board members.
Background: President Sheikh Mohamed bin Zayed Al Nahyan issued a directive establishing the AIATC in January to take charge of policies and strategies related to Abu Dhabi’s research, infrastructure, and investments in AI and advanced technology.
