Abu Dhabi has recently announced a major development in the realm of technology and investment. The Artificial Intelligence and Advanced Technology Council (AIATC), established by His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, has introduced its latest initiative, MGX, a technology investment company with the aim of advancing and deploying cutting-edge technologies for the benefit of current and future generations. This venture is supported by foundational partners Mubadala and G42.
MGX’s investment strategy will focus on three key areas: AI infrastructure, semiconductors, and AI core technologies and applications. The company seeks to establish partnerships both within the UAE and on a global scale to expedite the development and implementation of AI and advanced technologies. This aligns with Abu Dhabi’s overarching global investment strategy for artificial intelligence, positioning the emirate as a leader in the field.
In a statement, His Highness Sheikh Tahnoun bin Zayed Al Nahyan, deputy ruler of Abu Dhabi and Chair of the AIATC, highlighted the significance of MGX in establishing a national champion focused on AI and advanced technologies. The goal is to create a future where technology plays a pivotal role in fostering prosperity, sustainability, and global interconnectedness. The company’s vision is to ensure that AI’s development is responsible and inclusive, ultimately benefiting humanity.
Mubadala and G42, the foundational partners of MGX, have a strong investment background in sectors crucial to the AI investment strategy. G42, a global AI technology leader, is renowned for its expertise in cloud computing, advanced data centers, and specialized AI applications. On the other hand, Mubadala has been a major player in semiconductor manufacturing and is a leading investor in software, life sciences, and new commerce.
The board of the new company will be chaired by His Highness Sheikh Tahnoun Bin Zayed Al Nahyan, with His Excellency Khaldoon Khalifa Al Mubarak serving as Vice-Chair. Other board members include His Excellency Jassem Mohamed Bu Ataba Al Zaabi, Mr. Peng Xiao, and Mr. Ahmed Yahia Al Idrissi. Al Idrissi, the current CEO of Mubadala’s Direct Investments platform, will serve as the CEO of the new investment company, leveraging his extensive operational and investment experience in the global technology sector.
This significant move by Abu Dhabi demonstrates its commitment to becoming a global hub for top technology talent, investors, and entrepreneurs. With MGX at the forefront of AI and advanced technologies, the emirate is poised to shape the future of technology and innovation, making a lasting impact on a global scale.
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