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The United Arab Emirates on Monday announced the launch of a new technology company focused on artificial intelligence, further demonstrating the Gulf state’s push for artificial intelligence despite concerns over its use.
The UAE Artificial Intelligence and Advanced Technology Council has established technology investment company MGX, according to a statement from the Abu Dhabi Media Office.
“The company will invest through world-leading partnerships in the UAE and globally to accelerate the development and adoption of artificial intelligence and advanced technologies,” the office said.
MGX will pay particular attention to the following aspects in its investment strategy:
- Artificial Intelligence infrastructure, including data centers and connectivity.
- Semiconductors, including design and manufacturing of wafers.
- Artificial intelligence related technologies, including artificial intelligence models, software, life sciences and robotics.
The statement said that the UAE sovereign fund Mubadala and the UAE artificial intelligence company G42 will serve as “basic partners” in establishing MGX.
Bloomberg reported earlier on Monday that MGX would target artificial intelligence and semiconductor deals and could have assets worth more than $100 billion in the next few years.
UAE President Mohamed bin Zayed established the Council for Artificial Intelligence and Advanced Technologies in January.
Why it’s important: The UAE is seeking to become a global powerhouse in artificial intelligence and established an artificial intelligence unit in 2017. The focus on artificial intelligence is part of the Gulf state’s broader plans to diversify its economy and reduce its reliance on oil and gas.
The launch of MGX is the latest in a series of AI-related developments in the UAE over the past few months. Last week, G42 signed a memorandum of understanding with EcoCloud Kenya to establish a data center in the East African country. According to an official report by the Emirates News Agency, under the agreement, the two entities will cooperate in artificial intelligence services and cloud computing.
International Holdings Corporation, also known as IHC, announced last month the appointment of an artificial intelligence observer to the company’s board of directors. IHC is the largest company in the UAE.
In December last year, Emirati companies Yahsat and Bayanat established Space42, an artificial intelligence space technology company worth $4 billion.
At the same time, according to Bloomberg reports in the same month, OpenAI CEO Sam Altman has been seeking to raise billions of dollars in funding for a chip company and has held discussions with G42 to this end. OpenAI is the creator of the popular ChatGPT chatbot.
learn more: The development of artificial intelligence in the UAE has not been without controversy. The G42 has been closely watched by the United States in particular because of its relationship with China. CEO Peng Xiao said in December last year that G42 would reduce its use of Chinese hardware due to pressure from the United States.
Speaking at the World Government Summit in Dubai last month, Altman said artificial intelligence had the potential to unintentionally disrupt society.
“I’m more interested in very subtle social disorders where we just put these systems in society with no particular malice and things get really bad,” he said.
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