Abu Dhabi’s MGX AI fund has raised close to $50bn. For the first time, the emirate leaned on outside investors to do it, and the money is already going out the door.
MGX is the Abu Dhabi investment firm built for the AI era. It has pulled in nearly $50bn for a single fund, according to Bloomberg.
The cash came from regional sovereign wealth funds, global pension funds and large institutional investors. The fund closed in recent weeks. It ranks as one of the biggest pools of money ever raised purely to invest in artificial intelligence.
MGX has already started spending it.
Abu Dhabi flips the script
