The council for artificial intelligence and advanced technologies, established through an initiative by Sheikh Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates, on January 22, 2024, announced the establishment of the “MGX Investment Company,” which aims to support the growth and utilization of modern and advanced technologies to enhance the quality of life for current and future generations.
“Mubadala Investment Company” and “G42” will be among the founding partners of the new entity. The company aims to drive development by leveraging artificial intelligence and modern technologies through forming local and global partnerships within and beyond the UAE.
The investment focus of “MGX” will be directed towards three core sectors: AI infrastructure, including data centers and communication networks; the semiconductor industry covering the design and production of storage units and logical processors; as well as key technologies and software related to artificial intelligence, encompassing AI modeling, specialized software, databases, biology, and robotics technology.
The new company seeks to capitalize on Abu Dhabi’s existing investments in these sectors and plans to leverage these investments with major global technology and investment companies.
In this context, Sheikh Tahnoon bin Zayed Al Nahyan, Deputy Governor of Abu Dhabi and National Security Advisor, as well as Chairman of the AI and Advanced Technologies Council, stated that there is a focus on establishing “MGX” as a national entity interested in developing artificial intelligence and advanced technologies. This is with the goal of laying the foundation for a future where technology plays a significant role in serving humanity, improving living standards, sustainability, and enhancing global communication.
He stated:
“Our main goal is to work towards accelerating the development of artificial intelligence in a professional and fair manner, in line with Abu Dhabi’s global strategic plans regarding investment in artificial intelligence. MGX will seize the opportunity to benefit from Abu Dhabi’s leading position globally in the fields of innovation and investment, and will collaborate with multiple international partnerships in the technology sector.”
The role of the company lies in strengthening the UAE’s position as a hub for attracting investors, innovators, and talented individuals in the technology sector.”
Both Mubadala Investment Company and “G42” have a strong and comprehensive financial foundation in vital sectors that formAn essential component of the new investment plan related to artificial intelligence.
“G42” is considered one of the prominent global companies in artificial intelligence technologies, active in sectors such as cloud computing, establishing advanced data centers, and developing specialized artificial intelligence applications. Its business expands to encompass diverse fields ranging from financial services to the development of smart cities. The investment fund “Mubadala” is a major supporter that has made significant contributions to the transformation of “AMD.” Additionally, “Mubadala” has established “Global Foundries,” a globally distinguished company in the semiconductor manufacturing sector. It is also a key investor in software, life sciences, and modern businesses.
“Mubadala” and “G42” have collaborated on the development of the “Kaznah” project to become a global leader in the field of data center infrastructure. They have also participated in founding M42, a leading company in health technologies and biological sciences in the region, as well as Space42, one of the largest geospatial technology companies in the world.
Sheikh Tahnoon bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi, National Security Advisor, and Chairman of the Artificial Intelligence and Modern Technology Council, will chair the new company’s board. Khaldoun Khalifa Al Mubarak will serve as Vice President, and the board will include Jassim Mohammed Buataba Al Zaabi, Bing Xiao, and Ahmed Yahya Al Idrissi as members.
Ahmed Yahya Al Idrissi, currently serving as the CEO of the Direct Investments sector at Mubadala Group, will assume the role of CEO of the new investment institution. Al Idrissi has over thirty years of experience in operations and investment, building a strong reputation for successful investments and establishing giant companies in the global technology sector.
