Abu Dhabi established the MGX company specialized in technological investment in areas such as artificial intelligence, electronic chips, and other innovative technologies.
The sovereign wealth fund “Exchange” and the company G42 participated in establishing the MGX company. According to Bloomberg agency, the company’s assets are expected to exceed 100 billion dollars in the coming years.
MGX will operate in collaboration between “Exchange” and G42, and will be funded by injecting new capital by the Abu Dhabi government.
The statement was issued by the Artificial Intelligence and Advanced Technology Council “AIATC” founded by Sheikh Mohammed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi in the United Arab Emirates, earlier this year.
Sheikh Tahnoun bin Zayed Al Nahyan, Deputy Governor of Abu Dhabi and Chairman of the Artificial Intelligence and Advanced Technology Council, noted that they are working in the MGX company to create a national champion for the UAE focusing on artificial intelligence and advanced technologies, aiming to provide technology that enhances global prosperity, sustainability, and interconnectedness.
He declared: “We focus solely on accelerating the responsible and comprehensive development of artificial intelligence for the benefit of humanity, in line with Abu Dhabi’s strategy for global investment in artificial intelligence.”
He also emphasized that MGX relies on leadership in Abu Dhabi in innovation and investment, in addition to a broad global network of technology partners.
The company will work to enhance the role of the UAE as a hub and ecosystem for top technological talents, investors, and businessmen.
Sheikh Tahnoun will be appointed as the Chairman of the new company’s board, while Khaldoun Khalifa Al Mubarak will become the Vice-Chairman. The board will also include His Excellency Jasim Mohammad Buatabh Al Zaabi, His Excellency Ahmed Yehia Al Idrissi, and Benj Shaw.
Al Idrissi, the CEO of the Direct Investment Platform in “Exchange”, will assume the position of CEO of MGX, bringing over 30 years of experience in operations, investments, and building global technological companies.
