Abu Dhabi’s newly formed technology investment company, MGX, has acquired a stake in the pioneering artificial intelligence firm OpenAI. The investment was part of a major secondary share sale where a number of current and former OpenAI employees sold their holdings.
A Strategic Move into Global AI
MGX joined a consortium of high-profile global investors in the deal, including Thrive Capital, SoftBank, Dragoneer Investment Group, and T. Rowe Price. This strategic acquisition places the Emirati firm alongside established players in backing one of the world’s most influential AI companies, marking a significant move for the UAE’s growing ambitions in the global technology landscape.
High-Level Discussions in Abu Dhabi
The investment follows recent high-level engagement between OpenAI’s leadership and key figures in the UAE. Sam Altman, CEO of OpenAI, visited Abu Dhabi in February to hold discussions with MGX regarding new funding initiatives. More recently, Altman also met with UAE President Sheikh Mohamed bin Zayed Al Nahyan, signaling deepening ties between the AI leader and the nation.
About MGX
Launched in March 2024, MGX is an Abu Dhabi-based investment company created through a partnership between Mubadala Investment Company and G42. The firm is focused on accelerating the development and adoption of AI and advanced technologies by investing in AI infrastructure, semiconductors, and core technologies.
Source: Jawlah
