Sam Altman, the CEO of OpenAI, has reportedly met with investors in the Middle East, including state-backed funds in Abu Dhabi, to raise nearly $50 billion in a new landmark fundraising round.
The discussions, which are still in their early stages, could see the ChatGPT developer secure new funding at a staggering valuation of between $750 billion and $830 billion.
A Deepening Partnership with Abu Dhabi
This potential investment deepens the already significant ties between OpenAI and Abu Dhabi’s burgeoning tech and investment ecosystem.
In October, Abu Dhabi technology investor MGX purchased shares in OpenAI through a $6.6 billion secondary sale that valued the US-based AI leader at $500 billion. This followed an earlier funding round in October 2024, where MGX also participated, which had placed OpenAI’s valuation at approximately $157 billion.
MGX, a strategic investment firm launched in March 2024 by Mubadala and artificial intelligence powerhouse G42, is sharply focused on critical AI sectors, including infrastructure, semiconductors, and core technologies.
Strategic AI Infrastructure in the UAE
The financial talks are complemented by strategic infrastructure partnerships. OpenAI has selected the UAE as the first international location for its ambitious Stargate data infrastructure project.
This project, designed to provide up to 5 gigawatts of computing power, will be developed by G42 in a major collaboration with OpenAI, Oracle, Nvidia, Cisco, and SoftBank. The deal highlights the UAE’s growing position as a global hub for AI development and follows the nation’s commitment last year to invest $1.4 trillion in the US.
The report also noted that in June, OpenAI met with Saudi Arabia’s Public Investment Fund (PIF) and India’s Reliance Industries alongside MGX regarding its financing needs.
About OpenAI
OpenAI is an AI research and deployment company. Its mission is to ensure that artificial general intelligence (AGI)—AI systems that are generally smarter than humans—benefits all of humanity. The company is known for its pioneering work in large-scale AI models, including the widely recognized GPT series and the ChatGPT service.
Source: AGBI
