Abu Dhabi-based technology investment company MGX says it is committed to large-scale investments in the technology and AI arena as it seeks to grow and scale the next generation of global AI champions.
The company is already playing its role in advancing “innovation and harnessing artificial intelligence” to boost productivity, enhance quality of life, and foster a more sustainable and abundant future for all, Abu Dhabi Media Office cited Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi, as saying on Sunday.
Sheikh Tahnoon, who is also the Chairman of MGX, chaired the second meeting of the company board and “reviewed and endorsed” large investments the company has made across the AI tech sector, including semiconductors, infrastructure and applications.
MGX has made an additional major investment in OpenAI in the company’s most recent US$300 billion valuation funding round, which underscores the Abu Dhabi holding firms “conviction in the company’s accelerating product momentum and revenue growth as user engagement deepens”, the media office said.
Other deals reviewed at the board meeting include MGX’s partnership with Silver Lake in the deal to acquire a 51 per cent stake in Altera, valuing the company at $8.7 billion, as well as MGX co-leading Databricks’ $1 billion Series K round.
“MGX is committed to enabling the growth and scaling of the next generation of global AI leaders,” Ahmed Yahia, chief executive and managing director of MGX, said at the board meeting.
“Working with leading technology and capital partners, we are building AI infrastructure and advancing innovation at the application layer, with the goal of boosting productivity and fostering sustainable economic growth for all.”
MGX has been on an investment spree in recent quarters as it looks to expand its portfolio of investments in the fast-evolving AI and tech landscape.
The company is also said to be among the investor group that will invest in TikTok after US President Donald Trump last week signed an executive order that allows the company to continue operating in the US.
The composition of the buyers’ group is not yet final, but Oracle, Silver Lake Management and MGX are in talks to invest in a US version of the social media platform and receive board seats in the new venture, according to a Bloomberg report.
In May, MGX and global chips giant Nvidia announced plans to build the largest AI campus in Europe along with French companies. The planned campus, which will be built near Paris, is expected to reach a capacity of 1.4 gigawatts, the companies said in a joint statement.
Bpifrance, Mistral AI and the French national investment bank are joining MGX and Nvidia in the joint venture.
The Abu Dhabi technology investment company is also investing $2 billion in Binance, marking the first institutional investment in the world’s largest cryptocurrency exchange, it said in March.
MGX has acquired a minority stake in Binance, with the deal the “single largest investment into a crypto company and the largest investment ever paid in crypto (stablecoin)”, the companies said at the time.
