MGX Closes $50 Billion AI Fund
Abu Dhabi-based MGX has raised close to $50 billion from regional and global investors, marking one of the largest dedicated AI investment funds ever established. The fund, launched in 2024 by the Abu Dhabi government, will focus on AI infrastructure, semiconductors, and core AI technologies and applications. MGX's strategic investments include stakes in OpenAI and xAI, with the overarching goal of capturing the AI infrastructure market. This massive funding injection comes as the UAE accelerates its National AI Strategy targeting AI contributing 45% of national GDP by 2031 and achieving 100% paper-free government services.
This massive fund validates the MENA region's emergence as a serious AI investment hub. For Egyptian and Saudi developers, this signals unprecedented access to capital and infrastructure that could accelerate local AI ecosystems - a potential game-changer for regional tech founders.
How does MGX compare to other major AI funds?
MGX's $50 billion raise makes it one of the largest dedicated AI funds ever, larger than most venture capital rounds in the AI space.