Sharjah24 - WAM: His Highness Sheikh Tahnoon bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and Chairman of the MGX Board of Directors, chaired MGX’s board meeting. During the meeting, Sheikh Tahnoon highlighted MGX’s global role in advancing innovation and harnessing artificial intelligence to boost productivity, enhance quality of life, and foster a more sustainable and abundant future for all.
The board reviewed and endorsed a series of large investments across the AI tech stack, spanning semiconductors, infrastructure, and applications. These include: an additional major investment in OpenAI in its most recent $300 billion valuation funding round, underscoring MGX’s conviction in the company’s accelerating product momentum and revenue growth as user engagement deepens. MGX also partnered with Silver Lake as a strategic investor in the acquisition of a 51% stake in Altera, valuing the company at $8.7 billion and establishing the world’s largest independent pure-play FPGA business. In addition, MGX co-led Databricks’ $1 billion Series K round as the company’s rapid growth continues to accelerate.
Ahmed Yahia, CEO and Managing Director of MGX, said:“ MGX is commited to enabling the growth and scaling of the next generation of global AI leaders. Working with leading technology and capital partners, we are building AI infrastructure and advancing innovation at the application layer, with the goal of boosting productivity and fostering sustainable economic growth for all.”
The board meeting was attended by Khaldoon Khalifa Al Mubarak, Jassem Mohamed Bu Ataba Al Zaabi, Peng Xiao, Martin Edelman, and Ahmed Yahia Al Idrissi.
MGX was established in March 2024 by the Artificial Intelligence and Advanced Technology Council in Abu Dhabi. It is a technology investment company focused on accelerating the development and adoption of artificial intelligence and advanced technologies through world-leading partnerships in the UAE and globally. MGX invests in sectors where AI can create broad economic value and impact, including semiconductors, infrastructure, software, tech-enabled services, life sciences, automation and robotics.
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