Abu Dhabi’s Artificial Intelligence and Advanced Technology Council (AIATC) has partnered with Mubadala and G42 to launch a new technology investment company, focused on artificial intelligence (AI).
The new company, named MGX, will focus on three main areas: AI infrastructure (including data centres and connectivity); semiconductors (including logic and memory chip design and manufacturing); and AI core technologies and applications (including AI models, software, data, life sciences and robotics).
The company will build on Abu Dhabi’s existing investments in these areas and deploy capital alongside leading international technology and investment companies.
“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,” said HH Sheikh Tahnoun bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and Chair of the AIATC.
“Our singular focus is accelerating AI’s responsible and inclusive development for the benefit of humanity, guided by Abu Dhabi’s global investment strategy for artificial intelligence. MGX builds from Abu Dhabi’s innovation and investment leadership and an extensive network of global technology partners; in doing so, the company will further advance the UAE’s role as a home and ecosystem for top technology talent, investors and entrepreneurs.”
Mubadala was a significant and transformational investor in AMD, and in 2009 created GlobalFoundries, one of the world’s top semiconductor manufacturing companies. Mubadala is also a leading investor in software, life sciences and new commerce.
Together G42 and Mubadala have developed Khazna into a global data centre infrastructure leader; launched M42, the region’s top healthcare technology and life sciences company; and created Space42, one of the largest geospatial technology companies in the world.
Last week Mubadala Mubadala and Bpifrance, the French public investment bank made a joint investment in global technology investment firm Partech’s latest Africa-focused venture capital (VC) fund, Partech Africa II.
