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Abu Dhabi has set its sights on a groundbreaking venture in the realm of artificial intelligence with the launch of MGX, a $100 billion investment firm aimed at spearheading AI innovation globally. The initiative, announced by the Artificial Intelligence and Advanced Technology Council, marks a significant step in the UAE’s ambition to become a global leader in AI technology.

MGX, set to be a partnership between sovereign wealth fund Mubadala and AI company G42, will focus on accelerating the development and adoption of AI and advanced technologies. The fund’s investments will target key areas such as AI infrastructure, semiconductors, and AI core technologies and applications, both within the UAE and internationally.

According to Sheikh Tahnoun bin Zayed Al Nahyan, deputy ruler of Abu Dhabi and Chair of the AIATC, MGX aims to establish a national champion in the field of AI and advanced technologies. The overarching goal is to leverage technology for the betterment of society, fostering prosperity and sustainability on a global scale while adhering to principles of responsible and inclusive AI development.

Backed by Mubadala and with a leadership team comprising industry veterans, including Ahmed Yahia Al Idrissi as CEO and Sheikh Tahnoun bin Zayed Al Nahyan as chairman, MGX is poised to make a significant impact in the AI landscape. Mubadala’s history of successful investments in semiconductor technology, coupled with G42’s expertise in AI, positions MGX as a formidable player in the tech investment sphere.