Abu Dhabi's MGX Closes $49 Billion AI Fund, Four Billion Above Target

Abu Dhabi's MGX closed its first fund on July 1 at $49 billion, four billion dollars above its target and the largest sovereign wealth fund bet on artificial intelligence to date, Forbes reported. The fund adds to an existing portfolio that includes equity stakes in OpenAI, Anthropic and xAI, a share of a $40 billion data center operator, and a position in TikTok's American entity.

Mubadala and G42 established MGX.

Sheikh Tahnoon bin Zayed, who chairs both entities and serves as the UAE's national security adviser, also chairs MGX. Saudi Arabia's Public Investment Fund operates HUMAIN, which has signed roughly $23 billion in agreements with Nvidia, AMD, Amazon Web Services and Qualcomm.

HUMAIN includes a $10 billion joint venture with AMD for 500 megawatts of compute and plans 1.9 gigawatts of AI-dedicated data center capacity by 2030, scaling toward 6.6 gigawatts later.

Aramco has taken a stake in HUMAIN's AI infrastructure plans. Qatar's Qai formed a $20 billion joint venture with Brookfield in December 2025 to build AI infrastructure inside Qatar and in select international markets. Qai has stated it will not build foundation models.

Singapore's GIC was a co-lead in Anthropic's $65 billion Series H round in May 2026, which valued the company at $965 billion. Temasek participated in the same round and holds a position in OpenAI. MGX also made a $2 billion investment in Binance, settled in the USD1 stablecoin tied to Donald Trump's World Liberty Financial.

S&P rates Abu Dhabi's net asset position at 358 percent of GDP.