This Abu Dhabi-based investment group wants to raise $25B
What's the story
Abu Dhabi-based investment group, MGX, is said to be considering raising up to $25 billion in third-party capital. The move comes as part of the company's strategy to expand its artificial intelligence (AI) portfolio. According to Bloomberg, executives at MGX are exploring funding options from investors both in Abu Dhabi and globally.
Financial backing
Mubadala, G42 likely to remain main backers
Despite the potential capital raise, Mubadala Investment and AI firm G42 are likely to remain the main backers of MGX. The investment group has a history of investing in leading AI companies, including OpenAI and Elon Musk's xAI. Sheikh Tahnoon bin Zayed Al Nahyan, UAE's National Security Adviser and brother of President Sheikh Mohammed bin Zayed, chairs MGX.
Investment discussions
MGX's investment in AI landscape
Last week, The Financial Times reported that French AI start-up Mistral is in talks with MGX and other investors to raise $1 billion. The funding would value the company at $10 billion. This further illustrates MGX's active role in the global AI investment landscape and its potential contributions to this rapidly evolving industry.