UAE establishes MGX to lead AI and advanced technology investments

UAE, aiming to propel itself to the forefront of global technological innovation, inaugurated the Artificial Intelligence and Advanced Technology Council (AIATC) on January 22, 2024, under the patronage of Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE. With the launch of MGX, a pioneering technology investment firm, the council announced its commitment to foster the development and deployment of cutting-edge technologies for the betterment of present and future generations.

Foundational partners Mubadala and G42, distinguished entities known for their significant presence across various sectors, have been instrumental in the establishment of MGX. This strategic collaboration underscores a collective determination to drive progress in artificial intelligence (AI) and advanced technologies.

MGX’s investment focus spans AI infrastructure, semiconductor technologies, and AI core technologies and applications. Emphasizing collaboration on both domestic and international fronts, MGX seeks to accelerate the integration of AI across diverse sectors by leveraging Abu Dhabi’s existing investments and forging partnerships with leading global technology firms and investment entities.

Under the leadership of Sheikh Tahnoun bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and Chair of the AIATC, MGX is guided by a steadfast commitment to responsible and inclusive AI development, aligned with Abu Dhabi’s overarching investment strategy.

Mubadala and G42 bring a wealth of experience and expertise to MGX, having spearheaded transformative initiatives in sectors pivotal to its investment strategy. The global prominence of G42 in AI technology, coupled with Mubadala’s transformative investments in semiconductor manufacturing and other critical domains, bode 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. Distinguished figures including Jassem Mohamed Bu Ataba Al Zaabi, Peng Xiao, and Ahmed Yahia Al Idrissi constitute the board.

Ahmed Yahia Al Idrissi, 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 nurturing global technology champions.

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