Abu Dhabi establishes an investment business for artificial intelligence and semi -conductors

Abu Dhabi establishes a technological investment business aimed at investing in the field of artificial intelligence and semi -conductors, which within a few years can exceed the value of assets under the $ 100 billion administration, according to people familiar with the case. The UAE Capital on Monday revealed that the company ‘MGX’ (MGX), led by the Sovereign Wealth Fund “Mubadala Investment” and the artificial intelligence business “G42” (G42) as founding partners. Ahmed Yahya Al -idrisi, CEO of the direct investment sector in Mubadala, will hold the position of the CEO of the new company, according to a statement. People who asked not to reveal their identity because the case is special, that the Governor of Mubadala and G42 will remain the same at the moment, while MGX will implement their private transactions at the beginning of the Abu Dhabi government. Partnerships in three main sectors reveal people that the new entity will search for the best partners in the three main sectors in which they work: the infrastructure of artificial intelligence, semi -conductors, as well as technologies and basic applications of artificial intelligence. Also read: President of Open Ai: The UAE can become an environment for testing artificial intelligence technology. MGX is chairman of National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan, and CEO of Mubadala Khaldean is chairman of Die Post as Vice Chairman of the Board of Directors. Among the additional members of the Board of Directors are Vice Chairman of the Emirates Central Bank, Jassem Al -zaabi, CEO of the G42 group, Ping Xiao and Idrisi. “With the introduction of the business, we enter a new era, so that Abu Dhabi is not only a world leader in the field of technology, but also works to form the map of the artificial intelligence path in the world.” As for “Mubadala”, she refused to comment. The group “G42”, which is part of a rich worth $ 1.5 trillion by Sheikh Tahnoun, was at the forefront of the country’s efforts in the field of artificial intelligence, and its partnerships include one with ‘Oben AI’, which works with the wave business as part of the expansion within the UAE and the region. Bloomberg reported last year that “Oben AI” had discussed “G42” discussions to raise financing for a new chips. Xiao said ‘Bloomberg News’ last month that the company is now reducing its presence in China, and has promised to invest in Western markets to calm US concerns about Beijing’s relationship. At the time, he continued that the group “G42” will focus on the distribution of capital in the United States and other markets in which its most important partners in the field of artificial intelligence work.