UAE establishes MGX to spearhead AI and advanced technology investments

The commitment is to drive progress in AI and advanced technologies.

In a bid to propel the United Arab Emirates (UAE) to the forefront of global technological innovation, the Artificial Intelligence and Advanced Technology Council (AIATC) was inaugurated on January 22, 2024, by Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE. The council announced the launch of MGX, a pioneering technology investment firm aimed at fostering the development and deployment of cutting-edge technologies with the aim of enhancing the lives of present and future generations.

Mubadala and G42, esteemed entities with a formidable presence in various sectors, have been designated as foundational partners in the establishment of MGX. This strategic alliance underscores a collective commitment to drive progress in the realms of artificial intelligence (AI) and advanced technologies.

The investment focus of MGX is delineated across three principal domains: AI infrastructure, semiconductor technologies, and AI core technologies and applications. With a keen emphasis on fostering collaboration both domestically and internationally, MGX endeavors to expedite the advancement and integration of AI across diverse sectors. The company will leverage Abu Dhabi’s existing investments in these domains while forging partnerships with leading global technology firms and investment entities.

Sheikh Tahnoun bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and Chair of the AIATC, articulated the overarching vision behind MGX. He emphasized the pivotal role of technology in fostering a more prosperous, sustainable, and interconnected global landscape. Sheikh Tahnoun underscored MGX’s dedication to the responsible and inclusive development of AI, aligned with Abu Dhabi’s overarching investment strategy in artificial intelligence.

Mubadala and G42 bring to the table a wealth of experience and expertise, having spearheaded transformative initiatives in sectors pivotal to MGX’s investment strategy. G42’s global prominence in AI technology, coupled with Mubadala’s transformative investments in semiconductor manufacturing and other critical domains, augur well for MGX’s endeavors.

The leadership structure of MGX reflects a convergence of visionary leadership and seasoned expertise.  Sheikh Tahnoun Bin Zayed Al Nahyan assumes the role of Chairman of the Board of Directors, with Khaldoon Khalifa Al Mubarak serving as Vice-Chair. The board comprises distinguished figures including Jassem Mohamed Bu Ataba Al Zaabi, Peng Xiao, and Ahmed Yahia Al Idrissi.

Ahmed Yahia Al Idrissi, currently serving as the CEO of Mubadala’s Direct Investments platform, has been appointed as the CEO of MGX. With over three decades of combined operational and investment experience, Al Idrissi’s appointment underscores MGX’s commitment to cultivating and nurturing global technology champions.

The establishment of MGX represents a significant milestone in the UAE’s quest to become a global hub for technological innovation. Through strategic investments and collaborative partnerships, MGX is poised to catalyze breakthroughs in AI and advanced technologies, thereby charting a path towards a brighter and more inclusive future for humanity.