UAE’s MGX raises $49 billion fund to back AI companies
Abu Dhabi’s sovereign wealth fund MGX announced on Wednesday that it has closed a $49 billion fund to back AI companies, making it one of the largest ever investment vehicles focused on the sector.
Investors are racing to put money behind AI companies as they invest heavily in the technology’s transformational potential across the enterprise.
AI companies have raised a record $416.6 billion in funding so far this year, nearly double the figure raised in 2025, according to Dealroom.
Anthropic and OpenAI together received the majority of the capital raised in 2026, and a key backer of both is MGX.
The Emirati fund led Anthropic’s $30 billion raise in February and participated in the company’s $65 billion Series H in May. MGX also led OpenAI’s $122 billion raise in March and participated in Elon Musk’s xAI’s $20 billion raise in January, before the company’s merger. SpaceX.
The fund has backed 14 companies so far and plans to invest in the AI technology stack, including semiconductors, AI infrastructure, and AI-enabled technologies and platforms.
The fund, which was raised from institutional and private investors across the Gulf, North America, Asia and Europe, closed above its initial target fund size of $45 billion.
MGX is also investing money in the infrastructure needed for artificial intelligence. In June, the company announced that it would expand its artificial intelligence campus in France in partnership with Bpifrance and Mistral.
