MGX makes another AI wager, another int’l player lands in DIFC, a cold chain hub for Abu Dhabi, Gallega adds capacity to Jafza, another real estate project with Bildco in tow, Adia subsidiary heads for another Medline share sale

MGX is making another major AI wager

Abu Dhabi AI investor MGX joined a USD 2.1 bn Series B funding round for UK-based Isomorphic Labs, a drug-design and development company using AI models to identify viable drug candidates and develop new meds, according to a press release (pdf). Fresh capital will go toward global expansion, hiring, and scaling the firm’s AI drug-design engine.

Also involved: Leading the funding round was Joshua Kushner’s Thrive Capital, which MGX has invested alongside in the past. Existing backers Alphabet and Google Ventures also participated alongside Temasek, CapitalG, and the UK Sovereign AI Fund.

It’s been a busy year for MGX so far: This year alone, the state-backed investor has poured funds into three major AI rivals — OpenAI, xAI, and Anthropic. It plans to accumulate over USD 100 bn in assets under management in a few years.

Another one for DIFC

Another fund-services player is planting deeper roots in Dubai International Financial Center. Gordian Capital, an institutional cross-border fund platform owned by investor-services group IQ-EQ, secured approval from the Dubai Financial Services Authority to establish a presence in the emirate, according to a statement. The move gives the firm, which manages USD 17 bn in assets, a regulated base to manage funds and assets, structure products, and facilitate regional capital flows, adding Dubai to hubs in Singapore, Tokyo, Hong Kong, Shanghai, and Melbourne.

It adds to a wider influx of firms deepening their Dubai footprint, including Century 21 and Chinese payments firm Lianlian DigiTech just this week.

A cold chain hub is coming to Abu Dhabi + Gallega adds capacity to Jafza

Axione to build a new cold chain hub: Abu Dhabi Food Hub signed an agreement with UAE-based Axione Development to build advanced cold chain infrastructure on a 37k sqm plot under a 50-year land lease. The facility will be operationally ready by 4Q this year.

The move comes as the UAE continues to shore up its food supply chain, especially against the backdrop of regional disruptions. NRTC recently partnered with Saudi’s Dava Agricultural to collaborate on GCC produce, agricultural, and supply chain operations, while UAE-based third-party logistics provider Gallega Global Logistics just inaugurated a 215k sq ft multi-user logistics hub at Jebel Ali Freezone, adding new warehousing and fulfilment capacity for distribution across the UAE and wider GCC.

Some of Medline’s biggest backers are heading for the exit window again

Abu Dhabi money is cashing out further from one of private equity’s biggest healthcare plays. An Abu Dhabi Investment Authority (Adia) subsidiary, alongside shareholders linked to Blackstone and Hellman & Friedman, are selling 60 mn shares in US-based public healthcare giant Medline through a secondary public offering, with underwriters holding the option to purchase another 9 mn shares, according to a pressrelease.

The transaction will not raise fresh capital for Medline itself, with proceeds going entirely to the selling shareholders. The firm filed a registration statement (pdf) to the Securities and Exchange Commission but it is not yet effective.

Not the first: Earlier this year we reported that an Adia subsidiary and several international investment players sold USD 75 mn shares in Medline for a total of USD 3.1 bn, with the subsidiary accounting for 5.1 mn of the shares sold.

ADVISORS- Goldman Sachs, Morgan Stanley, BofA Securities, and JP Morgan are joint bookrunning managers and global coordinators for the offering. Blackstone Capital Markets is co-manager.

Another real estate project, with Bildco in tow

Abu Dhabi National Company for Building Materials (Bildco) and Dubai-based Wujod Real Estate Development signed an agreement to build an integrated sustainable mixed-use development in Abu Dhabi, according to a statement (pdf).

What we know: The project will span an initial 10 mn sqm (around 107 mn sq ft), with first-phase investments estimated at AED 2 bn, subject to approved development plans and regulatory requirements. The masterplan includes ecological estate living, wellness destinations, and tourism-linked assets such as equestrian and golf facilities.

IN CONTEXT- The latest move from Bildco comes just as the UAE construction stack is feeling the pressure, with building-material prices rising 1.5%-14% in just two weeks amid shipping disruption, tighter logistics, and strong infrastructure demand. Still, Bildco is pushing ahead, recently pledging to add 1 mcm of concrete capacity in Abu Dhabi as suppliers race to ease bottlenecks and expand local supply.