Abu Dhabi targets $100 billion AUM for AI investment firm
The company, called MGX, will count sovereign wealth fund Mubadala Investment Co. and AI firm G42 as founding partners
prativad 
ABU Dhabi is setting up a technology investment firm targeting deals in artificial intelligence and semiconductors that could surpass US$100 billion in assets under management (AUM) in a few years, according to people familiar with the matter.
The emirate on Monday (Mar 11) unveiled the company called MGX, led by sovereign wealth fund Mubadala Investment and AI firm G42 as foundational partners. Ahmed Yahia Al Idrissi, who’s chief executive officer of Mubadala’s direct investments platform, will serve as the new entity’s CEO, according to a statement.
Mubadala and G42’s portfolios will for now remain as they are, with MGX pursuing its own deals initially funded by new capital from Abu Dhabi’s government, said the people, who asked not to be identified as the matter is private.
The new entity will pursue the best partners across its three main verticals – AI infrastructure, semiconductors as well as AI core technologies and applications, the people said.
A representative for G42 didn’t immediately respond to requests for comment. Mubadala declined to comment.
MGX will be chaired by the United Arab Emirates National Security Adviser Sheikh Tahnoon Zayed Al Nahyan, with Mubadala CEO Khaldoon Al Mubarak acting as vice chairman. Additional board members include UAE Central Bank Vice Chairman Jassem Al Zaabi, G42 CEO Peng Xiao and Al Idrissi.
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