Abu Dhabi Targets $100 Billion AUM for AI Investment Firm MGX

Abu Dhabi is setting up a technology investment firm targeting deals in artificial intelligence and semiconductors that could surpass $100 billion in assets under management in a few years, according to people familiar with the matter.

The emirate on Monday unveiled the company called MGX, led by sovereign wealth fund Mubadala Investment Co. and AI firm G42 as foundational partners. Ahmed Yahia Al Idrissi, who’s chief executive officer of Mubadala’s direct investments platform, will serve as the new entity’s CEO, according to a statement.