Abu Dhabi’s MGX Eyes Up to $25 Billion for AI Investments
Abu Dhabi-based investment group MGX is exploring plans to raise as much as $25 billion from third-party investors to expand its artificial intelligence portfolio, Bloomberg News reported, citing sources familiar with the matter. The group, already backed by Mubadala Investment Co and AI firm G42, would retain these as its main supporters while seeking additional funding from both domestic and international financial and strategic investors.
MGX, chaired by Sheikh Tahnoon bin Zayed Al Nahyan — the UAE’s national security adviser and brother of President Sheikh Mohammed bin Zayed — has existing stakes in OpenAI and Elon Musk’s xAI. The potential fundraising aims to accelerate its role in the global AI race. No final decision on the plan has yet been made.
The news follows reports from the Financial Times that French AI startup Mistral is in talks with MGX and other investors to secure $1 billion in funding at a $10 billion valuation, further highlighting the UAE’s growing influence in AI investments.