{"id":95909,"date":"2024-09-18T00:00:00","date_gmt":"2024-09-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/big-moves-from-g42-and-mgx\/"},"modified":"2024-09-18T00:00:00","modified_gmt":"2024-09-18T00:00:00","slug":"big-moves-from-g42-and-mgx","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/09\/18\/big-moves-from-g42-and-mgx\/","title":{"rendered":"Big moves from G42 and MGX"},"content":{"rendered":"

In another big development this predominantly AI-themed week, G42 and<\/strong> MGX are both working on separate projects to boost AI infrastructure<\/strong> \u2014 with MGX backing a massive USD 30 bn AI infrastructure fund, and G42 setting up two research centers in Abu Dhabi alongside Microsoft. <\/p>\n

#1- Abu Dhabi-based investment firm MGX will back a new USD 30 bn AI infrastr<\/strong>ucture <\/strong>fund launched by BlackRock and Global Infrastructure Partners as a general partner<\/strong>, alongside Microsoft, according to a statement<\/a>. Chipmaker Nvidia is also on board to provide its expertise, it added. The fund will be known as the Global AI Infrastructure Investment Partnership <\/p>\n

The details: <\/strong>The fund will aim to invest in data centers and energy projects to power them, primarily in the US, alongside others in \u201cUS partner countries,\u201d the statement said, without clarifying a timeline for investments. The fund will also aim to mobilize some USD 70 bn in debt financing by bringing on additional investors and pensions, according to the statement. <\/p>\n

A multi-tn USD industry?<\/strong> \u201cThe need to build out data centers globally is multi-tns of dollars to finance,\u201d BlackRock CEO Larry Fink told Bloomberg<\/a>, \u201cThis is just a great example of the capital markets building out infrastructure and building out the opportunities and new technologies.\u201d<\/p>\n

Background:<\/strong> MGX \u2014 which was set up earlier this year<\/a> by wealth fund Mubadala and G42 \u2014 is gunning for some USD 100 bn in AUM under MGX as it makes big regional and world-scale investments in AI and semiconductors. The company kicked off the month<\/a> with a board meeting that signaled \u201csignificant steps\u201d coming to establish itself as a premier AI investor. The fund is also rumored to be interested<\/a> in backing ChatGPT maker OpenAI\u2019s upcoming multi-bn USD funding round. <\/p>\n

#2- G42 and Microsoft will set up two AI centers in Abu Dhabi<\/strong> focused on boosting access to AI for the Middle East and Global South, according to a press release<\/a>. The first center, co-founded with the UAE\u2019s Artificial Intelligence and Advanced Technology Council (AIATC), will work on setting standards for ethical AI practices across the two regions, while the second \u2014 Microsoft\u2019s AI for Good Research Lap \u2014 will focus on creating large models for underserved languages and addressing challenges in food security and climate resilience.<\/p>\n

More assurances US tech is secure in the UAE:<\/strong> G42 will adopt a \u201cred teaming\u201d approach to test AI systems against cyberattacks, the statement reads.<\/p>\n

REMEMBER: <\/strong>The IHC-backed company started receiving AI chips from US chipmaker Nvidia<\/a> after the US government approved the sale earlier this year without making the transaction public. This came under Microsoft\u2019s USD 1.5 bn investment in April<\/a> in G42, for which the state-owned AI firm had offloaded all its stakes in Chinese businesses<\/a> in a bid to reportedly appease US partners. <\/p>\n","protected":false},"excerpt":{"rendered":"

The USD 30 bn AI fund will aim to invest in AI infrastructure in the US and its \u201cpartner countries\u201d<\/p>\n","protected":false},"author":1,"featured_media":95910,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1577],"tags":[1360,7,599,1042,787,1341],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-95909","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-_newspack_tech","tag-abu-dhabi","tag-enterpriseam-uae","tag-g42","tag-mgx","tag-microsoft","tag-tech","wpautop","entry"],"acf":{"mongo_id":"15281c45-4a21-43a3-b3c6-4f3c8781c388","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/1349.jpg","photo_position":"above","homepage_title":"","full_issue_title":"MGX to back new USD 30 bn AI infrastructure fund + G42, Microsoft to set up two AI research centers in Abu Dhabi","related_issue":[95904],"teaser":"The USD 30 bn AI fund will aim to invest in AI infrastructure in the US and its \u201cpartner countries\u201d","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.68756345-426a-4b33-9948-6aa4db115410.mp3"},"yoast_head":"\nBig moves from G42 and MGX - 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