MGX Fund Management Limited
 | |
| Company type | Government-owned |
|---|---|
| Industry | |
| Founded | 2024 |
| Founder | Abu Dhabi Government |
| Headquarters | Abu Dhabi, United Arab Emirates |
Key people |
|
| Products | Artificial intelligence, technology funds |
| Website | mgx |
MGX Fund Management Limited (MGX) is an Emirati state-owned investment firm for artificial intelligence (AI) technologies. Established by the government of Abu Dhabi in 2024, MGX aims to become a vehicle for AI-driven investments with a target of managing US$100 billion in assets.[1][2][3]
History
[edit]MGX was established in 2024 by the government of Abu Dhabi to channel investments into AI-driven technologies and startups and to foster innovation and drive economic growth within the region.[1] MGX was launched in March by two entities: global investment company Mubadala and an artificial intelligence firm G42. MGX's board chair is Sheikh Tahnoun bin Zayed Al Nahyan and Khaldoon Al Mubarak is the vice chair.[3][4] In September 2024, MGX, BlackRock, and Microsoft announced the Global AI Infrastructure Investment Partnership, an AI investment fund that will focus on data centers and their power infrastructure.[5]
In January 2025, MGX partnered with OpenAI and Oracle on the Stargate Project.[6] In March 2025, MGX made a minority investment in Binance, using World Liberty Financial's Stablecoin for the $2 billion investment.[7] The transaction was announced by the Trump family, with The New York Times calling the announcement "a public and vivid illustration of the ethical conflicts swirling around Mr. Trump’s crypto firm."[8]
Operations
[edit]MGX operates primarily within the global AI technology sector, focusing on identifying and investing in high-potential AI startups and established companies[2][3] and has AI ventures across North America, Europe, Asia, and the Middle East.[3][9]
References
[edit]- ^ a b "Abu Dhabi Launches Artificial Intelligence Tech Investment Vehicle MGX". Chief Investment Officer. 2024-03-13. Retrieved 2025-01-22.
- ^ a b "What to know about MGX, UAE's latest AI investment firm - AL-Monitor: The Middle Eastʼs leading independent news source since 2012". www.al-monitor.com. Retrieved 2025-01-22.
- ^ a b c d Bartenstein, Ben (2024-03-11). "Abu Dhabi Targets $100 Billion AUM for AI Investment Firm". Bloomberg.com. Retrieved 2025-01-22.
- ^ "Report: UAE State-Backed Investment Company MGX Considers Investment in OpenAI". PYMNTS.com. 2024-09-13. Retrieved 2025-01-22.
- ^ "BlackRock, Microsoft Partner on Massive New AI Infrastructure Fund". The Wall Street Journal. 2024-09-17. Retrieved 2025-01-22.
- ^ "U.S.-UAE Deepen Tech Cooperation with $500 Billion AI Deal - Daily Euro Times". 2025-01-23. Retrieved 2025-01-23.
- ^ Nicolle, Emily. "Trump-Tied Stablecoin Used for MGX's $2 Billion Binance Deal". Bloomberg. Retrieved May 2, 2025.
- ^ Yaffe-Bellany, David (May 1, 2025). "At a Dubai Conference, Trump's Conflicts Take Center Stage". New York Times. Retrieved May 1, 2025.
- ^ "Abu Dhabi Said to Target $100 Billion AUM for AI Investment Firm". Bloomberg. Retrieved 2025-01-22.