Abu Dhabi formed the technology investment company MGX, further accelerating its progress in the field of AI.
On March 11th, The Abu Dhabi Artificial Intelligence and Advanced Technology Committee announced the formation of the technology investment company MGX. According to official statements, MGX will be responsible for advancing the development and application of advanced technologies, focusing its investments in three main areas: AI infrastructure, semiconductors, and core AI technologies and applications. Leveraging Abu Dhabi's existing investments in these fields, MGX will collaborate with international technology and investment firms in the management of capitals, which could exceed $100 billion within a few years. Sheikh Tahnoun bin Zayed Al Nahyan, the UAE National Security Advisor, Abu Dhabi Crown Prince, and AIATC Chairman, will serve as the Chairman of MGX, while Ahmed Yahia Al Idrissi will assume the role of CEO.
With the rise of new technologies, particularly generative AI, startups across various sectors are emerging, strengthening the deployment of cutting-edge technologies. This not only promises robust economic growth but could also overall elevate national technological prowess. According to a recent report cited by Middle Eastern media outlet The National, if investments in generative AI persist, the Gulf nations are anticipated to receive $235 billion worth of economic returns by 2030.
Expressing optimism for the future of AI, the UAE has undertaken a series of strategic initiatives over the past two years. In 2017, the UAE appointed the 27-year-old Omar Sultan Al Olama as the Minister of Artificial Intelligence. In 2019, the UAE Cabinet approved the "National Artificial Intelligence Strategy 2031," aiming to become a global leader in AI by 2031. In March 2023, Abu Dhabi's state-owned Technology Innovation Institute introduced the Arabic open-source language model Falcon, followed by another Arabic language model, Jais, just five months later. Additionally, in June 2023, Dubai launched the AI Center to assist in government technology deployment and provide support to local and global advanced startups.
As of 2024, the UAE's strides in AI continue to accelerate. In January of this year, President Sheikh Mohamed bin Zayed Al Nahyan issued a law establishing the Artificial Intelligence and Advanced Technology Committee (AIATC) to formulate and implement relevant policies, promoting AI research and infrastructure investments in Abu Dhabi. Two months later, MGX was founded. Despite that the new technology investment company was just established, it is evident that the UAE has been strategically planning with ambitious goals. With the robust financial strength of the Gulf region entering the race, the global landscape in cutting-edge technology is poised for further evolution.