Abu Dhabi’s MGX has pulled in almost $50 bn of third‑party capital, a first for the emirate’s sovereign‑wealth world. By mixing outside money with local backing, the fund shifts from traditional Gulf models that deploy government cash. MGX now targets more than $100 bn in assets under management, aiming to scale its AI reach through strategic investments.

MGX is chaired by Sheikh Tahnoon bin Zayed Al Nahyan and backed by Mubadala Investment and G42. The fund has already placed stakes in frontier AI models, semiconductor infrastructure, and data centres, including investments in OpenAI and xAI, and collaborations with BlackRock and Microsoft on global infrastructure projects to accelerate AI deployment.

The capital raise comes amid fierce competition for AI assets, as governments, sovereign wealth funds, and private equity firms scramble for exposure to what many see as the defining technology cycle of the next decade. Training frontier models and building the chips and data centres required costs run into billions, pushing investors toward larger pools.

MGX’s strategy to deploy up to $10 bn a year over the next few years positions it to outpace rivals in AI infrastructure. The fund’s rapid expansion and high‑profile partnerships signal a shift in Gulf investment focus from export of capital to active participation in global tech ecosystems, reshaping the region’s role in the AI race.