Abu Dhabi Establishes Tech Investment Company MGX Targeting AI and Semiconductor Sectors

According to Foresight News, Abu Dhabi is setting up a technology investment company called MGX, aiming to invest in artificial intelligence (AI) and semiconductor sectors, with assets under management potentially exceeding $100 billion within a few years. MGX will be based on a partnership between sovereign wealth fund Mubadala and AI company G42, with Ahmed Yahia Al Idrissi, CEO of Mubadala's direct investment platform, serving as the CEO of the new entity. Sheikh Tahnoon bin Zayed Al Nahyan, the UAE's national security advisor, will serve as the chairman of MGX, while Mubadala CEO Khaldoon Al Mubarak will serve as vice-chairman. Other board members include Jassem Al Zaabi, deputy governor of the UAE Central Bank, G42 CEO Peng Xiao, and Al Idrissi.