The Artificial Intelligence and Advanced Technology Council, initiated by His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE, announced on January 22, 2024, the establishment of “MGX,” a technological investment company aimed at empowering, developing, and deploying cutting-edge technology to enhance the lives of current and future generations.
“Mubadala” and “G42” will be founding partners in the new company which will focus its investment on accelerating the development and adoption of artificial intelligence and advanced technology by entering into partnerships in the UAE and globally.
MGX’s investment strategy will focus on three main areas: artificial intelligence infrastructure (including data centres and communication), semiconductors (including the design, manufacture, and processing units), 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 existing investments in these areas, while also collaborating with leading global technology and investment companies.
In this regard, His Highness Sheikh Tahnoon bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi, National Security Adviser, and Chairman of the Artificial Intelligence and Advanced Technology Council, said: “We are establishing MGX as a national company to develop artificial intelligence and advanced technology, aiming to build a future where technology plays a major role in serving humanity and enhancing welfare, sustainability, and communication among nations.”
He added: “Our main goal is to accelerate the development of artificial intelligence responsibly and comprehensively, 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 cooperate with a range of global technology partners.”
The company will contribute to enhancing the UAE’s position as a hub for attracting investors, entrepreneurs, and talented individuals in the field of technology.
Both Mubadala 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 such as cloud computing, advanced data centres, and specialised artificial intelligence applications, ranging from financial services to smart cities. Mubadala has been a significant investor, playing a transformative role in the journey of “AMD” and establishing “Global Foundries,” one of the world’s leading semiconductor manufacturing companies.
Additionally, Mubadala is a leading investor in software, life sciences, and new commerce.
Moreover, Mubadala and “G42” collaborated on developing “Khazna” transforming it into a leading global company in the field of data centre infrastructure.
The two companies also launched M42, a pioneering company in healthcare technology and life sciences in the region, along with Space42, one of the largest geospatial technology companies in the world.
Furthermore, His Highness Sheikh Tahnoon bin Zayed Al Nahyan will head the board of the new company. His Excellency Khaldoon Khalifa Al Mubarak will assume the position of Vice Chairman, with His Excellency Jassim Mohammed Buatabh Al Zaabi and Mr. Bing Xiao, as well as Mr. Ahmed Yahia Al Idrissi, among the board members.
Ahmed Yahia Al Idrissi, currently serving as the CEO of the Direct Investments sector at Mubadala, will assume the position of CEO of the new investment company. Al Idrissi brings over 30 years of expertise in operational and investment domains, boasting a distinguished track record in investment and founding globally renowned technology companies.
