The United Arab Emirates (UAE) is pursuing plans to become the top artificial intelligence (AI) hub in the Middle East by launching a company that will lead the investment strategy in the artificial intelligence (AI) field.
According to a statement from the Abu Dhabi Media Office, the new company, MGX, will focus on investing in AI and other emerging technologies to increase adoption levels in Gulf countries.
MGX is the brainchild of the newly established UAE’s Artificial Intelligence and Advanced Technologies Council (AIATC).
Investment firm Mubadala and Abu Dhabi-based technology company G42 form part of MGX’s initial group of primary partners, with several key industry players drafted in to join the high-profile board.
The Abu Dhabi Media Office said MGX has three key goals for AI, including exploring investment opportunities in AI infrastructure and focusing on expanding and building new data centres. The company plans to allocate one-third of its funds to semiconductor manufacturing to reduce dependence on foreign countries.
Sheikh Mohamed bin Zayed Al Nahyan, Chairman of AIATC, said: “At MGX, the UAE’s national focus is on AI and advanced technologies that will shape the future of enabling a more prosperous, sustainable and interconnected world through technology. “We are establishing a champion.”
Significant resources are expected to be deployed to explore new AI applications in key sectors of the UAE economy.
The newly formed investment firm will expand its horizons into robotics, life sciences and other emerging AI use cases. However, the press statement hinted that foreign investment firms would be permitted to deploy capital in MGX’s ventures, although it did not disclose the amount available for investment.
The MGX doesn’t start completely from scratch. Rather, the company’s new management said it would build on the UAE’s existing investments in AI to leapfrog certain pitfalls.
“Our sole focus is to accelerate the responsible and inclusive development of AI for the benefit of humanity, in line with Abu Dhabi’s global investment strategy in artificial intelligence,” said Zayed Al Nahyan.
AI Drive in UAE
Previously, the UAE established AIATC to drive AI development in the region by establishing innovation and adoption policies. Shortly after AIATC began operations, the government introduced a large-scale AI training campaign designed to deepen the talent pool for local companies.
In February, UAE officials signed an agreement with Serbia to collaborate on new AI use cases in finance, hospitality and other government services. The UAE’s attempts to localize large-scale language models (LLMs) to capture the nuances of Arab culture have since yielded initial results.
For artificial intelligence (AI) to function properly within the law and succeed in the face of growing challenges, it must integrate enterprise blockchain systems that ensure data input quality and ownership. This helps keep your data safe while ensuring immutability. data. Check out CoinGeek’s coverage of this emerging technology to learn more about why enterprise blockchain will become the backbone of AI.
Watch: Turning AI into ROI
Are you new to blockchain? To learn more about blockchain technology, check out CoinGeek’s Blockchain for Beginners section, our ultimate resource guide.