UAE’s MGX joins $30bn AI infrastructure initiative

UAE technology investment company MGX is part of a new $30 billion initiative, which will invest in building data centres and energy infrastructure.

Other members of the Global AI Infrastructure Investment Partnership (GAIIP) are US-based BlackRock, Global Infrastructure Partners and Microsoft.

The proceeds, which will be raised through private equity capital, may reach up to $100 billion, including debt financing. These will be primarily invested in the US and the remainder in its partner countries.

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US-based AI chip company Nvidia will provide expertise in AI data centres and AI factories to GAIIP.

Sheikh Tahnoon bin Zayed Al Nahyan, chairman of MGX, said the partnership will enable faster innovation, technological breakthroughs, and transformational productivity gains across the global economy.  

“Data centres are the bedrock of the digital economy, and these investments will help power economic growth, create jobs, and drive AI technology innovation,” said Larry Fink, chairman and CEO of BlackRock.

In March, Abu Dhabi launched MGX, an AI-focused investment vehicle, with sovereign wealth fund Mubadala and AI company G42 as its founding partners.