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The Abu Dhabi fund helping bankroll Trump's $100 billion AI plan
Mint Chennai
|January 24, 2025
MGX has backed OpenAI, while also teaming up with BlackRock and Microsoft on a $30 billion plan
A day after his inauguration as US president, Donald Trump unveiled a $100 billion venture to fund artificial intelligence (AI) infrastructure, backed by three of the biggest names in tech—OpenAI, SoftBank Group Corp., and Oracle Corp. Then there was an Abu Dhabi-based firm that few had heard of: MGX.
The Emirati investment vehicle is overseen by one of the world's most influential dealmakers—Sheikh Tahnoon bin Zayed Al Nahyan, who's the United Arab Emirates' (UAE) national security advisor, brother to the country's president, and the man atop a $1.5 trillion empire that spans everything from wealth funds to the region's foremost AI firm, G42.
Set up in March, with Mubadala Investment Co. and G42 as founding partners and a goal of eventually topping $100 billion in assets, MGX has emerged as a key tool in the country's push for AI dominance. It plans to contribute about $7 billion to Trump's plan, known as Stargate, the Information has reported. Representatives for MGX declined to comment.
This story is from the January 24, 2025 edition of Mint Chennai.
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