Abu Dhabi-based MGX investment company has raised $49 billion in the MGX Fund I AI fund with the participation of large institutional and private investors from the Middle East, North America, Asia and Europe. This is reported in the MGX press release.
Thus, MGX has become one of the most influential investors in the AI sector in line with its strategy to differentiate the economy and create a developed technology sector to increase its share in the most strategic assets of the industry.
MGX has previously acquired assets in the AI, semiconductor infrastructure, and data center segments, investing in OpenAI and xAI, as well as supporting global projects with BlackRock Inc. and Microsoft Corp. In addition, MGX participates in a joint Stargate project with OpenAI, Oracle and SoftBank for the construction of data centers in the USA.
Overall, MGX aims to achieve an asset management target of over $100 billion with annual investments of $10 billion over several years. MGX is funded by Abu Dhabi's sovereign wealth fund Mubadala Investment Company and G42 Group in the field of AI and cloud computing.
The attraction of third-party capital distinguishes MGX from traditional Middle Eastern sovereign funds, which mainly use public funds. MGX attracts institutional capital and invests in Abu Dhabi together with sponsors.
Abu Dhabi positions itself at the center of the AI ecosystem, combining capital, access to low-cost energy, and close ties with global technology leaders while competing with sovereign wealth funds and private equity firms.
MGX is a state—owned IT company with headquarters in Abu Dhabi (UAE), established in 2024 to develop artificial intelligence and the digital economy. The company owns stakes in SpaceX, Anthropic, Binance, OpenAI, Khazna, TikTok and Vantage Data Centers.
