Updated
Updated · Bloomberg · Jun 23
Abu Dhabi's MGX Raises Nearly $50 Billion for AI Infrastructure
Updated
Updated · Bloomberg · Jun 23

Abu Dhabi's MGX Raises Nearly $50 Billion for AI Infrastructure

3 articles · Updated · Bloomberg · Jun 23

Summary

  • Nearly $50 billion has been raised by Abu Dhabi’s MGX to speed investment in artificial intelligence infrastructure and technology, according to people familiar with the matter.
  • Regional sovereign wealth funds supplied part of the capital, alongside global pension funds and other large institutional investors.
  • The fundraising gives MGX a much larger pool of capital to pursue AI-related deals as Gulf investors deepen bets on computing infrastructure and advanced technology.

Insights

As MGX funds rival AI giants, how will it enforce ethical governance and prevent a race to the bottom?
Having exited OPEC for AI, is the UAE successfully trading oil power for compute power on the world stage?
With its massive AI push, can Abu Dhabi build gigawatt data centers without creating an energy and water crisis?