MGX, a UAE-owned technology investment company, has entered talks with OpenAI to explore potential funding prospects in the AI giant’s recent multibillion-dollar fundraising round. The Wall Street Journal spoke to sources close to the matter, who emphasized ambiguity on the size of MGX’s potential investment.
The current funding round is led by Thrive Capital, a New York-headquartered venture-capital firm, who have committed $1 billion. Other tech titans such as Microsoft, Apple, and Nvidia are also in talks to pitch in, according to the WSJ report.
Founded in January 2024, MGX is chaired by Sheikh Tahnoun Bin Zayed Al Nahyan and focuses on investing in artificial intelligence projects. The venture is supported by Mubadala, Abu Dhabi’s sovereign wealth fund, and G42, an AI company based in the UAE. G42 entered a strategic partnership with OpenAI in October 2023 to deploy “advanced AI capabilities optimized for the UAE and the broader region.”
We are excited to announce the launch of a new partnership with @OpenAI to bring advanced AI solutions to the UAE and the broader region, enabling organizations to leverage the world’s most advanced generative AI models for financial services, energy, healthcare, and more. pic.twitter.com/5V9LEM42re
— G42 (@G42ai) October 18, 2023
