Abu Dhabi-based MGX, an investment firm focused on AI, has raised US$49 billion for a new fund dedicated to AI deals. The funds successfully exceeded its US$45 billion target and attracting institutional and private investors globally.

The fund closed in recent weeks, and MGX has already deployed capital from it.

MGX is chaired by Sheikh Tahnoon bin Zayed Al Nahyan and backed by Mubadala Investment Co. and G42.

The firm has invested in OpenAI and xAI, and has also backed global projects with BlackRock and Microsoft.

The fundraising adds to Abu Dhabi’s push to expand its role in AI financing.

This expansion comes as training frontier AI models and building semiconductor infrastructure require increasingly massive pools of capital.

🔗 Source: Bloomberg

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