MGX

Abu Dhabi's MGX, a firm backing Anthropic and OpenAI, closed a $49 billion AI fund, surpassing its $45 billion target. The fund received backing from investors across the Gulf, North America, Asia, and Europe.

UAE's MGX raised a $49 billion AI fund, making it one of the largest. The company backs major AI firms like OpenAI, Anthropic, and Elon Musk's xAI, which is set to merge with SpaceX.

Abu Dhabi’s MGX has raised $49 billion for one of the largest AI funds ever. The funding highlights significant investment in artificial intelligence development.

Abu Dhabi’s MGX has raised $50 billion for AI investments, supported by regional sovereign wealth funds and global investors. The fund, launched in 2024 and chaired by Sheikh Tahnoon bin Zayed, aims to diversify the economy through AI. It has already invested in OpenAI, xAI, and Anthropic.

Sam Altman, CEO of OpenAI, canceled a planned visit to Abu Dhabi amid uncertainty related to the Iran war, with meetings intended with Mubadala, G42, MGX, and ADNOC. OpenAI, which is preparing for a public market debut, has deep ties to UAE entities, including MGX, an investor in the company.

Gulf sovereign wealth funds, including Saudi Arabia's PIF and Abu Dhabi's Mubadala, are investing heavily in AI ventures like SpaceX, HUMAIN, OpenAI, and Anthropic, aiming to diversify their economies and achieve significant GDP contributions through AI by 2031. These investments follow past criticisms of speculative tech bets but now promise substantial returns as SpaceX and AI firms prepare for high-profile listings.

Abu Dhabi’s Khaldoon Al Mubarak announced accelerated $1.4 trillion US investment commitments over a decade, focusing on technology and energy infrastructure despite economic challenges. The UAE has secured over $100 billion in trade and investment deals since 2025, with key partnerships in AI, energy, and manufacturing, including collaborations with firms like MGX, Judan, and G42.

Abu Dhabi's MGX is expanding its AI data center investments in France with a €7.5 billion joint venture involving Bpifrance, Nvidia, and Mistral. The project includes 3 gigawatts of water-free cooling compute capacity powered by France’s nuclear grid and a separate Core42 expansion in Buffalo, New York, to 60 megawatts.

UAE-based MGX increased its pre-IPO stake in Anthropic following a $65 billion fundraise, which values the AI company at $965 billion. MGX, chaired by Sheikh Tahnoon bin Zayed, holds stakes in Anthropic, OpenAI, and xAI, all expected to go public in 2024. Anthropic initially rejected regional investments but later accepted funding from Gulf states including the UAE, Qatar, and Saudi Arabia.

Two UAE officials linked to Sheikh Tahnoon bin Zayed Al Nahyan, the UAE's national security adviser, funneled $500 million into a cryptocurrency company tied to Donald Trump's family ahead of his 2025 presidency. The Trump family received $218 million from the deal, while their controlled entity, DT Marks DEFI LLC, owns 60% of World Liberty Financial, which issued the USD1 stablecoin. A subsequent $2 billion investment by Abu Dhabi's MGX in Binance via USD1 further amplified the Trump family's financial gains.

The FBI warns that foreign-developed apps, particularly from China, may collect extensive user data even after being closed, with risks including data sharing with overseas governments and potential malware. The alert highlights concerns about data privacy and border-crossing data flows, citing TikTok's U.S. operational shift as a recent example.