Asia Tech Wire (Mar 12) -- Abu Dhabi has set up tech investment firm MGX in its push for artificial intelligence (AI).

Sheikh Mohamed bin Zayed Al Nahyan (MBZ), President of the UAE and Ruler of Abu Dhabi, issued a law in January this year to establish the Artificial Intelligence and Advanced Technology Council (AIATC).

The AIATC announced on Monday the establishment of MGX, a technology investment company, to drive the deployment of cutting-edge technologies.

MGX will accelerate the development and adoption of AI and advanced technologies through investments in three main areas: AI infrastructure (including data centers and connectivity), semiconductors (including the design and manufacturing of logic and memory chips), and core AI technologies and applications (including AI models, software, data, life sciences and robotics).

The company will build on Abu Dhabi's existing investments in these areas and deploy capital with international technology and investment firms.

MGX aims to have assets under management that could grow to more than $100 billion within a few years, Bloomberg also reported, citing people familiar with the matter.

Abu Dhabi sovereign wealth fund Mubadala and AI firm G42 will serve as founding partners in the creation of MGX.

Sheikh Tahnoon bin Zayed al-Nahyan, National Security Advisor of UAE, Deputy Ruler of Abu Dhabi, brother of MBZ, and Chairman of the AIATC, will serve as Chairman of the Board of Directors of MGX.

Ahmed Yahia Al Idrissi, who currently serves as CEO of Mubadala's direct investments platform, will serve as CEO of MGX.