MGX raises a $50bn AI fund and is already spending it

Abu Dhabi’s MGX AI fund has raised close to $50bn. For the first time, the emirate leaned on outside investors to do it, and the money is already going out the door.

MGX is the Abu Dhabi investment firm built for the AI era. It has pulled in nearly $50bn for a single fund, according to Bloomberg.

The cash came from regional sovereign wealth funds, global pension funds and large institutional investors. The fund closed in recent weeks. It ranks as one of the biggest pools of money ever raised purely to invest in artificial intelligence.

MGX has already started spending it.

Abu Dhabi flips the script

The raise marks a shift in how the emirate operates. Abu Dhabi has long been an exporter of capital, sending its oil wealth out into the world.

This time it did the opposite. It tapped its network to raise money at scale,...

Copyright of this story solely belongs to thenextweb.com. To see the full text click HERE