Abu Dhabi has unveiled MGX, a new technology investment company designed to propel the emirate's artificial intelligence (AI) ambitions and bolster its future economy. Announced on March 11, 2024, by the Abu Dhabi Artificial Intelligence and Advanced Technology Council (AIATC), MGX will spearhead investments and partnerships in the field of AI, both domestically within the UAE and internationally.
The AIATC, tasked with overseeing policies and strategies for AI research, infrastructure, and investment in Abu Dhabi, emphasized MGX's role in fostering a national champion for AI. Sheikh Tahnoun bin Zayed, Deputy Ruler of Abu Dhabi and chairman of the AIATC, underscored MGX's mission in a statement, highlighting its focus on "shaping a future where technology enables a more prosperous, sustainable and interconnected world."
MGX's establishment aligns with Abu Dhabi's broader push to position itself as a global leader in AI development. The emirate has already made significant strides in this domain. Mubadala, a state-owned investment company, and G42, a leading technology company partially owned by Mubadala, are poised to be foundational partners for MGX. G42 itself is a prominent player in the UAE's AI landscape, having collaborated on various AI projects with international partners.
The formation of MGX is a strategic move for Abu Dhabi, reflecting its commitment to capitalizing on the transformative potential of AI. AI is rapidly transforming numerous sectors, and Abu Dhabi is well aware of the economic and societal benefits it can bring. By establishing MGX, the emirate aims to become a hub for cutting-edge AI research, development, and implementation.
MGX's focus extends beyond just domestic endeavors. The council highlighted the company's role in forging international partnerships, a crucial step for propelling AI development on a global scale. Collaboration between countries and companies is essential for accelerating advancements in AI and ensuring its responsible and ethical application.
MGX's arrival on the scene is a significant development for the UAE's AI aspirations. With its focus on investment, partnerships, and responsible AI development, MGX has the potential to not only solidify Abu Dhabi's position as an AI leader but also contribute to shaping a more technologically advanced and interconnected future.