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Abu Dhabi’s MGX Eyes Up to $25 Billion for AI Investments

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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.

EU Firm on AI Rules Timeline Despite Industry Calls for Delay

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The European Commission reaffirmed on Friday that it will adhere to the legal timeline for implementing the European Union’s groundbreaking Artificial Intelligence Act, rejecting recent appeals from major tech companies and some member states to postpone the rollout.

Key Points:

  • Major tech players including Alphabet (Google), Meta (Facebook), as well as European firms like Mistral and ASML, had urged the Commission to delay the AI Act by several years.

  • Commission spokesperson Thomas Regnier made clear at a press conference:

    • No pause, no grace period, and no stop-the-clock on the AI Act timeline.

    • Initial provisions took effect in February 2024.

    • Rules for general purpose AI models will begin enforcement in August 2024.

    • Requirements for high-risk AI models will start in August 2026.

  • The Commission indicated plans to simplify digital rules later this year, potentially reducing reporting obligations for smaller companies.

  • Concerns from companies center on the compliance costs and strict regulations, as the AI Act seeks to regulate a technology critical to sectors dominated by the US and China.

EU’s AI Code of Practice for Firms Likely Delayed Until End of 2025

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The European Commission announced on Thursday that the Code of Practice designed to help companies comply with the EU’s Artificial Intelligence Act (AI Act) may only come into effect by late 2025. This code aims to guide thousands of businesses on meeting the new AI regulations, especially for general-purpose AI (GPAI) models like OpenAI’s ChatGPT, Google’s, and Mistral’s AI systems.

Background and Delay Calls

  • The Code of Practice was originally slated for publication on May 2, 2025, but its release has been delayed.

  • Major tech companies, including Alphabet (Google), Meta, and European firms such as Mistral and ASML, alongside some EU governments, have requested postponements due to the lack of clear compliance guidelines.

  • The European AI Board is currently debating the timeline, with end of 2025 under consideration for full implementation.

Voluntary but Important

  • Signing up for the Code is voluntary, but companies that refuse will not gain the legal certainty given to signatories.

  • The Code will clarify the expected quality standards AI service users can demand, reducing risks of misleading claims by providers, according to Nick Moës, Executive Director of AI advocacy group The Future Society.

  • The Code also involves oversight by legally mandated authorities to assess AI service quality.

EU’s Position and Industry Reaction

  • Despite calls for delay, the Commission insists it remains committed to the AI Act’s goals of harmonized, risk-based AI regulations and market safety.

  • Critics, such as campaign group Corporate Europe Observatory, accuse Big Tech of using delay tactics to weaken crucial AI safeguards.

Enforcement Timeline

  • The AI Act’s rules on GPAI models become legally binding on August 2, 2025, but enforcement will begin only a year later, on August 2, 2026, for new models entering the market.

  • Existing AI models have until August 2, 2027, to comply fully with the regulations.