Deals
Abu Dhabi Targets $100 Billion AUM for AI Investment Firm
- The new firm, MGX, will target deals in AI and semiconductors
- Mubadala and AI firm G42 named as MGX’s foundational partners
Abu Dhabi, United Arab Emirates.
Photographer: Christopher Pike/BloombergThis article is for subscribers only.
Abu Dhabi is setting up a technology investment firm targeting deals in artificial intelligence and semiconductors that could surpass $100 billion in assets under management in a few years, according to people familiar with the matter.
The company, called MGX, will count sovereign wealth fund Mubadala Investment Co. and AI firm G42 as founding 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.