MGX raises $49bn as investors flock to AI

Abu Dhabi artificial intelligence investor MGX has closed its first dedicated AI fund with $49 billion in commitments, exceeding its target, as global institutional financiers pour money into the sector.

The MGX Fund I, which set an initial target of $45 billion, attracted diverse institutional and private investors from the Gulf, North America, Asia and Europe, MGX said in a statement.

The names of investors were not released.

Since inception, the fund has invested in 14 companies as part of a strategy to back semiconductor and AI infrastructure developers.

In June, MGX partnered with French and US companies in investing €7.5 billion ($8.7 billion) to expand the Campus AI initiative in France.

In October last year, a consortium that included MGX agreed to acquire Aligned Data Centers, a US data centre company, from private infrastructure funds managed by Macquarie for $40 billion.

MGX is chaired by UAE national-security adviser Sheikh Tahnoon bin Zayed Al Nahyan.

In September 2024, the company joined the $30 billion Global AI Infrastructure Investment Partnership, which will build data centres and energy infrastructure.

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