Abu Dhabi’s MGX has raised roughly $49 billion for a massive fund dedicated entirely to artificial intelligence, making it one of the largest pools of capital ever assembled with a singular focus on AI infrastructure and technology.
To put that number in perspective, the entire global venture capital market deployed about $330 billion in all of 2024. One fund, from one city-state, just locked up roughly 15% of that figure for a single sector.
What MGX is building
MGX was founded in March 2024 through a partnership between Mubadala Investment Company and G42, two pillars of the UAE’s technology and investment ecosystem. The firm’s leadership includes Sheikh Tahnoun bin Zayed Al Nahyan and Khaldoon Al Mubarak, figures who sit at the intersection of Abu Dhabi’s sovereign wealth apparatus and its tech ambitions.
The fund’s target is even more ambitious than the current raise. MGX is aiming for $100 billion in total assets under management, meaning this $49 billion haul is essentially the halfway mark of a much larger play.
