The emirate on Monday unveiled the corporate known as MGX, led by sovereign wealth fund Mubadala Funding Co. and AI agency G42 as foundational companions. Ahmed Yahia Al Idrissi, who’s chief government officer of Mubadala’s direct investments platform, will function the brand new entity’s CEO, in response to an announcement.
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Mubadala and G42’s portfolios will for now stay as they’re, with MGX pursuing its personal offers initially funded by new capital from Abu Dhabi’s authorities, mentioned the individuals, who requested to not be recognized because the matter is non-public.
The brand new entity will pursue the most effective companions throughout its three foremost verticals — AI infrastructure, semiconductors in addition to AI core applied sciences and purposes, the individuals mentioned.
MGX will probably be chaired by United Arab Emirates Nationwide Safety Adviser Sheikh Tahnoon bin Zayed Al Nahyan, with Mubadala CEO Khaldoon Al Mubarak performing as vice chairman. Extra board members embrace UAE Central Financial institution Vice Chairman Jassem Al Zaabi, G42 CEO Peng Xiao and Al Idrissi.
“With the launch of MGX, we’re coming into a brand new period the place Abu Dhabi isn’t solely a worldwide know-how chief, but additionally shaping the AI roadmap of the world,” Xiao mentioned. Mubadala declined to remark.
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G42, a part of a $1.5 trillion empire managed by Sheikh Tahnoon, has been on the forefront of the nation’s AI efforts. Its partnerships embrace one with OpenAI, which is teaming up with the Gulf agency as a part of an enlargement throughout the UAE and the broader area. OpenAI has held discussions with G42 to lift funding for a brand new chip enterprise, Bloomberg reported final yr.
It’s now paring again its presence in China and has pledged to spend money on Western markets to assuage US considerations over ties to Beijing, CEO Xiao advised Bloomberg Information final month. G42 will give attention to deploying capital within the US and different markets the place its key AI companions function, Xiao had mentioned on the time.
