Abu Dhabi unveils AI investment firm, aims to surpass US$100b AUM
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The news: Abu Dhabi is setting up an investment firm targeting deals in AI and semiconductors that it hopes will exceed USD100 billion ($151.44 billion) in assets under management in the coming years. The firm will be backed by Mubadala Investment Co, and AI company G42 as foundational partners.
The numbers: Mubadala is one of Abu Dhabi’s three main sovereign wealth funds, with around USD300 billion in assets under management. G42 is part of a USD1.5 trillion empire controlled by His Highness Sheikh Tahnoun bin Zayed Al Nahyan, brother of the country’s President, and already boasts a partnership with OpenAI.
The context: MGX was unveiled by the Emirate’s Artificial Intelligence and Advanced Technology Council (AIATC) on Monday, and will be led by Ahmed Yahia Al Idrissi, who is currently the CEO of Mubadala’s Direct Investments platform. MGX’s investment strategy will focus on three main areas: AI infrastructure, semiconductors and AI core technologies and applications.
Last month, Mubadala announced a partnership with Goldman Sachs to deploy USD1 billion to hunt for private credit deals across APAC.
What they said: Sheikh Tahnoun bin Zayed Al Nahyan, deputy ruler of Abu Dhabi and chair of the AIATC, said: “In MGX, we are 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.”
The sources: Abu Dhabi Media Office Press Release, Bloomberg
