MGX under the spotlight: Bloomberg is out with a piece looking at Abu Dhabi AI investor MGX as it expands its holdings in notable tech players, namely Anthropic, OpenAI, and xAI. The firm’s AI investment chief Ali Osman reiterated MGX’s plans to deploy as much as USD 10 bn in annual capital toward strategic investments over the coming years — a figure Bloomberg described as “staggering…even by the standards of Abu Dhabi’s constellation of investors.” Osman thinks that the generative AI market will be worth USD 700 bn in five years, which is markedly higher than other predictions.

The move to back major AI players comes as the UAE looks to become a global AI hub, with Stargate UAE — a massive data center cluster led by OpenAI, Oracle, Nvidia, and Abu Dhabi’s G42 — being an anchor of that ambition.

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