UAE unveils MGX to accelerate development and adoption of AI: Key details inside

UAE President HH Sheikh Mohamed bin Zayed inaugurated the Artificial Intelligence and Advanced Technology Council (AIATC) on January 22, 2024, in an effort to push the country to the forefront of global technological innovation.

The council recently announced the creation of MGX, a promising technology investment firm aimed at fostering the development and deployment of AI and other advanced technologies to enhance the lives of present and future generations.

Blend of seasoned expertise and visionary leadership

Mubadala and G42 have been designated as foundational partners in the establishment of MGX. The entities bring to the table a massive pot of experience and expertise, having already spearheaded initiatives in sectors important for MGX’s investment strategy.

Mubadala is prominent for its transformative investments in semiconductor manufacturing and other domains, while G42 holds global prominence in AI technology. The leadership structure of MGX is a convergence of seasoned expertise and visionary leadership.

The investment focus of MGX is centered on three principal domains:

1. AI infrastructure

2. AI core technologies and applications

3. Semiconductor technologies

Read More: UAE accelerating democratisation of AI, unveils $500 million programme

MGX to chart path towards more inclusive future

The company seeks to foster collaboration both domestically and internationally, besides expediting the advancement and integration of AI across different sectors. It is expected to leverage Abu Dhabi’s existing investments in these domains.

The current CEO of Mubadala’s Direct Investments platform has been appointed as the CEO of MGX. Ahmed Yahia Al Idrissi holds considerable operational and investment experience, and his appointment highlights MGX’s commitment to nurture global technology champions.

The creation of MGX shine light on the Emirates’ efforts to become a global hub for technological innovation. Through strategic investments and collaborative partnerships, it is prepared a chart a path towards a better and more inclusive future for humanity.

Reaffirming UAE’s position as a global hub for AI

The National Artificial Intelligence Strategy 2031 aims to position the UAE as a global leader in the evolving sector by 2031 and to develop an integrated system that employs the technology in numerous essential areas in the country.

The strategy includes eight objectives:

1. Reaffirming UAE’s position as a global hub for AI

2. Optimising AI governance and regulations

3. Increasing the competitive edge of the AI sector in UAE

4. Providing data-driven infrastructure to support AI experiments

5. Establishing an incubator for AI innovations

6. Attracting leading research capabilities

7. Attracting and training talents for jobs of the future

8. Employing AI in customer services to enhance quality of life

Read More: Can UAE become a leader in AI sector? Let’s hear OpenAI chief Sam Altman