Abu Dhabi’s MGX could raise up to $25 billion for AI fund: Report

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Abu Dhabi-based MGX is considering plans to raise as much as $25 billion in third-party capital as the investment group looks to ramp up its artificial intelligence holdings, Bloomberg News reported on Tuesday, citing people familiar with the matter.

MGX declined to comment on the report and Reuters could not immediately verify it.

Company executives are weighing raising money from financial and strategic investors in Abu Dhabi and beyond, but Mubadala Investment and AI firm G42 will remain MGX’s main backers, the report said.

No final decisions have…



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Abu Dhabi’s MGX could raise up to $25 billion for AI fund: Report



Abu Dhabi-based MGX is considering plans to raise as much as $25 billion in third-party capital as the investment group looks to ramp up its artificial intelligence holdings, Bloomberg News reported on Tuesday, citing people familiar with the matter.

MGX declined to comment on the report and Reuters could not immediately verify it.

Company executives are weighing raising money from financial and strategic investors in Abu Dhabi and beyond, but Mubadala Investment and AI firm G42 will remain MGX’s main backers, the report said.

No final decisions have…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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