Technology Consulting Abu Dhabi
  • March 13, 2024

Abu Dhabi Establishes MGX to Drive AI and Tech Growth

Focus on AI and Advanced Technology:

  • Abu Dhabi launched a new tech investment firm, MGX, to accelerate the development of Artificial Intelligence (AI) and other cutting-edge technologies.
  • This initiative aims to strengthen Abu Dhabi’s future economy.

MGX’s Mission:

  • The company will concentrate on three key areas: AI infrastructure (data centers and connectivity), semiconductors, and core technology applications (AI models, software, data, life sciences, and robotics).
  • MGX will forge partnerships within the UAE and internationally.

Foundational Partners:

  • Mubadala Investment Company (sovereign wealth fund) and G42 (AI and cloud computing firm) are the founding partners of MGX.

UAE’s Push for Technological Innovation:

  • The establishment of MGX aligns with the UAE’s goal of becoming a global center for innovation and adopting digital transformation across its economy and society.
  • Abu Dhabi has already been recognized for its digital initiatives, being named the smartest city in the Middle East and North Africa.

Economic Benefits of AI:

  • Investments in AI, particularly generative AI, are expected to yield significant economic benefits for Gulf nations, with an estimated $23.5 billion projected by 2030.

MGX Leadership:

  • Sheikh Tahnoun bin Zayed, Deputy Ruler of Abu Dhabi, will chair MGX’s board of directors.
  • Ahmed Yahia Al Idrissi, from Mubadala, will serve as MGX’s CEO.

Successful Collaboration Between Founding Partners:

  • Mubadala and G42 have a history of successful collaborations in technology, including M42 (healthcare tech) and Space42 (geospatial tech).
  • Mubadala anticipates significant investments in AI and space technology, two rapidly growing sectors.

AI Adoption in Major UAE Entities:

  • Several major entities in the UAE are leveraging AI, including Emirates Global Aluminium (industrial data centers for AI-powered operations) and Adnoc (generating $500 million through AI solutions in 2023).
  • International Holding Company plans to incorporate an AI observer on its board to aid decision-making.

Overall, MGX signifies Abu Dhabi’s commitment to becoming a leader in AI and advanced technology, aiming to shape a more prosperous and interconnected future.

 

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