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OpenAI CEO Sam Altman to Visit Abu Dhabi for Fundraising Talks with MGX

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Sam Altman, CEO of OpenAI, is set to visit the United Arab Emirates this week to engage in fundraising discussions with the Abu Dhabi-based investment group MGX. Sources familiar with the matter confirmed that the meetings will center on raising funds for OpenAI’s ambitious model development and infrastructure project, Stargate. The company is seeking about $40 billion to fuel its growth amid increasing competition from cheaper AI alternatives like China’s DeepSeek.

MGX was involved in OpenAI’s previous funding round, which raised $6.6 billion in October. Known for its growing presence in the U.S. AI landscape, MGX has invested in companies such as xAI and Databricks. The firm was not immediately available for comment on Altman’s upcoming visit.

This trip follows a series of discussions in Asia, including an announcement of a new AI services partnership with Japan’s SoftBank. As the UAE pushes to become a leader in AI, it faces increasing competition from regional neighbors like Qatar and Saudi Arabia. In December, UAE President Sheikh Mohamed bin Zayed Al Nahyan emphasized AI as a key priority during his visit to Washington.

In addition to the talks with MGX, Altman is also navigating partnerships for OpenAI’s Stargate initiative, a joint venture involving OpenAI, SoftBank, and Oracle, with MGX participating. The venture aims to invest up to $500 billion over the next four years in server infrastructure to support AI development.

Altman’s visit to India earlier this week included discussions on building a low-cost AI ecosystem, further highlighting OpenAI’s global strategy. While the company has seen rapid growth—reaching over 300 million weekly active users in two years—competition from cost-effective AI models, such as DeepSeek, poses a new challenge. OpenAI is part-owned by Microsoft, which also plays a role in its expanding AI ventures.

The UAE’s AI push is largely driven by state-backed companies G42 and MGX, with the Mubadala wealth fund serving as a key partner. However, there are concerns in the U.S. about the UAE’s growing ties with China, particularly regarding the potential sharing of U.S. technology.

 

OpenAI Partners with Kakao and Explores Stargate Project with SoftBank and Samsung

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OpenAI has announced a significant partnership with South Korea’s Kakao, marking a second high-profile alliance in Asia this week. The collaboration will focus on developing artificial intelligence products tailored for the South Korean market. Kakao, known for operating the popular messaging app KakaoTalk, which holds 97% of the local market share, is keen on leveraging OpenAI’s technology to fuel its expansion into AI, e-commerce, payments, and gaming. Despite its efforts, analysts note Kakao has lagged behind local rival Naver in the AI sector.

OpenAI’s CEO, Sam Altman, who is currently on a tour of Asia, also met with executives from Samsung Electronics, SoftBank, and Arm Holdings in Seoul. Discussions centered around the Stargate project, an AI data centre initiative in the U.S. that is supported by U.S. President Donald Trump. SoftBank’s Masayoshi Son confirmed that potential cooperation between SoftBank, Samsung, and OpenAI regarding Stargate was discussed, though no specific details were shared. Altman declined to comment on the partnership talks, emphasizing the need for confidentiality.

The Stargate initiative aims to enhance AI capabilities in the U.S. through a collaboration between OpenAI and Oracle. Altman mentioned that several South Korean companies, particularly those in energy, semiconductors, and the internet, would play a crucial role in supporting the project. Furthermore, discussions were held with SK Group’s chairman, Chey Tae-won, regarding potential collaborations in AI chips and the broader AI ecosystem, with both Samsung and SK Hynix producing essential memory chips for AI processors.

OpenAI is also actively considering involvement in South Korea’s national AI computing centre project, which is expected to attract up to 2 trillion won ($1.4 billion) in public and private investment. This marks a continued push by OpenAI to expand its presence in Asia and solidify partnerships with major players in the region.

Following the announcement, Kakao’s stock fell by 2%, reversing the 9% surge it experienced the previous day.

 

SoftBank and OpenAI Announce AI Joint Venture in Japan

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SoftBank Group has partnered with OpenAI to establish a joint venture in Japan, aimed at delivering artificial intelligence services to corporate clients. The venture, named SB OpenAI Japan, will be co-owned by OpenAI and a company created by SoftBank, alongside its domestic telecom arm. This collaboration signifies SoftBank’s deepening relationship with OpenAI, as the Japanese conglomerate commits to investing $3 billion annually to integrate OpenAI’s technology across its global operations.

SoftBank’s CEO Masayoshi Son announced the deal on Monday, further signaling his interest in increasing his exposure to OpenAI, which aligns with SoftBank’s broader investment strategy. In addition to this venture, SoftBank is considering investing between $15 billion and $25 billion in OpenAI, as well as committing another $15 billion to Stargate, a joint AI project between OpenAI, SoftBank, and Oracle.

The launch of Stargate last month marked a notable moment for Son, who was seen with former U.S. President Donald Trump, highlighting his continued presence in high-profile international business dealings. However, concerns have emerged with the rise of China’s DeepSeek, a company whose AI model is seen as a potential competitor to U.S. giants, adding uncertainty to the massive financial investments being funneled into the AI sector.

Despite these concerns, OpenAI’s CEO Sam Altman emphasized the increasing global demand for computational power, noting that “the world is going to just need so much compute.” The joint venture with SoftBank represents a strategic push to expand AI services and capabilities in Japan, an important move as AI technology continues to shape the future of global business.