Abu Dhabi's Lunate weighs up to $1b commitment to AI investor MGX

MGX, a G42-Mubadala JV, has invested in OpenAl and xAl

- BY JUSTIN VARGHESE Your Money Editor

Abu Dhabi’s fast-growing asset manager Lunate is considering committing as much as $1 billion to the emirate-backed artificial intelligence investor MGX, in what would mark another significant step in the UAE’s strategy to position itself at the forefront of global AI development.

Lunate is currently in advanced discussions over the potential commitment, people familiar with the matter told Bloomberg, which would support MGX’s expanding portfolio of AI-focused investments.

The sources, who spoke anonymously because the information remains private, said the structure of the investment is still being finalised and may involve one of Lunate’s specialised fund platforms.