His Highness Sheikh Tahnoun bin Zayed Al Nahyan, the Deputy Ruler of Abu Dhabi and Chairman of the MGX Board, chaired the second board meeting of the year. During the meeting, His Highness highlighted the importance of MGX’s global role in fostering innovation and enhancing its tools, contributing to the integration of artificial intelligence technologies to boost productivity, improve quality of life, and achieve a more sustainable and prosperous future for all.
The board approved several investment projects focused on artificial intelligence, including ventures in semiconductors, infrastructure, and applications, with a notable additional investment in OpenAI, which was recently valued at around $300 billion. This investment reflects MGX’s growing confidence in OpenAI’s capabilities, its accelerating revenue growth, and its ongoing efforts to enhance user engagement.
Additionally, MGX has partnered with Silver Lake as a strategic investor in acquiring a 51% stake in Altera, valued at approximately $8.7 billion, solidifying its position as the largest independent global company specializing in programmable logic gate arrays. MGX has also led a $1 billion Series K funding round for Databricks, aligning with the company’s rapid growth trajectory.
Ahmed Al Idrisi, Managing Director and CEO of MGX, stated, “MGX is dedicated to facilitating growth and expansion for the next generation of artificial intelligence leaders worldwide. Through our partnerships with leading tech firms and investment institutions, we are working to develop advanced AI infrastructure and drive innovation in applications, contributing to enhanced productivity and fostering sustainable economic growth for everyone.”
The meeting was attended by Khaldoon Al Mubarak, Jassim Mohammed Buatabah Al Zaabi, Bing Xiao, Martin Edelman, and Ahmed Al Idrisi.
It is worth noting that MGX was established in March 2024 by the Abu Dhabi Artificial Intelligence and Advanced Technology Council. The company focuses on accelerating the development and adoption of AI and advanced technologies through leading global partnerships in the UAE and abroad.
MGX invests in sectors where artificial intelligence can create significant economic value and impact, including semiconductors, infrastructure, software, technology-driven services, life sciences, automation, and robotics.