United Arab Emirates: Artificial Intelligence and Advanced Technology Council (AIATC) Announces the Establishment of MGX

On March 11, 2024, the United Arab Emirates’ Artificial Intelligence and Advanced Technology Council (AIATC) announced the establishment of MGX, a technology investment firm that includes Mubadala and G42 as founding partners.  MGX’s mandate is to make investments to expedite the development and adoption of AI and advanced technologies through strategic partnerships both domestically in the UAE and internationally.  Its investment priorities will be focused on three key domains:

• AI infrastructure, encompassing data centers and connectivity;
• Semiconductors, covering logic and memory chip design and manufacturing; and
• AI core technologies and applications, including AI models, software, data, life sciences, and robotics.

The company will leverage Mubadala and G42’s substantial expertise and investments in these sectors, in collaboration with prominent international technology and investment firms.

TMT Law has deep partnerships with various players in the UAE angel investment and venture capital ecosystem.  We are available to provide legal support to AI and tech startups in order to join them on their growth journey.  Our services cover all aspects of funding deals including due diligence, term sheets, structuring, warranties and disclosure and IP issues.