(Bloomberg) — A day after his inauguration as U.S. president, Donald Trump unveiled a $100 billion venture to fund artificial intelligence infrastructure, backed by three of the biggest names in tech — Openai, Softbank Group Corp. and Oracle Corp. Next up was an Abu Dhabi-based company that few had heard of: Mgx.
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The Emirati investment vehicle is overseen by one of the world’s most influential projections – Sheikh Tahnoon bin Zayed Al Nahyan, who is the UAE’s national security advisor, brother of the country’s president and the man to a 1.5 trillion dollar empire that expands from everything from everything from everything that expands, from everything that expands, from everything that expands from everything that expands of everything that spans everything from Wealth Funds to the region’s first AI company, G42.
Conceived in March, with Mubadala Investment Co. and G42 as founding partners and eventually surpassing $100 billion in assets, MGX became a key tool in the country’s push for AI dominance. He plans to contribute about $7 billion to Trump’s plan, known as Stargate, the news reported.
Representatives for MGX declined to comment.
The company has backed OpenAI, while partnering with BlackRock Inc. and Microsoft Corp. on a $30 billion plan to create data warehouses and energy infrastructure. He poured money into Elon Musk’s XAI, and was among the investors in Databricks Inc., one of the world’s most valuable private technology companies.
It combines the financial clout of the $330 billion Mubadala – itself a significant force in the world of tech investing – with the AI arsenal of G42, a company that drew funding from Microsoft and signed agreements with Nvidia Corp. and Openai.
The fund has hired from the ranks of Mubadala, according to posts on LinkedIn, and its CEO, Ahmed Yahia Al Idrissi, was previously head of direct investments at the Sovereign Wealth Fund. MGX recently hired an executive from Swedish investment firm EQT AB’s procurement tool, Motherbrain, as head of AI architect, and brought in a McKinsey & Co. veteran to supply semiconductors.
Billion Dollar City
The moves come as Abu Dhabi, which sits atop 6% of the world’s crude reserves, races to diversify its economy away from oil. Although investments in sectors like healthcare and finance have been key planks of this strategy, AI has increasingly taken center stage.
Certainly, there have been obstacles to the city’s ambitions.