Abu Dhabi-based technology investment company MGX says it is committed to large-scale investments in the technology and AI arena as it seeks to grow and scale the next generation of global AI champions.
The company is already playing its role in advancing “innovation and harnessing artificial intelligence” to boost productivity, enhance quality of life, and foster a more sustainable and abundant future for all, Abu Dhabi Media Office cited Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi, as saying on Sunday.
Sheikh Tahnoon, who is also the Chairman of MGX, chaired the second meeting of the company board and “reviewed and endorsed” large investments the company has made across the AI tech sector, including semiconductors, infrastructure and applications.
MGX has made an additional major investment in OpenAI in the company’s most recent US$300 billion valuation funding round, which underscores the Abu Dhabi holding firms “conviction in the company’s accelerating product momentum and revenue growth as user engagement deepens”, the media office said.
Other deals reviewed at the board meeting include MGX’s partnership with Silver Lake in the deal to acquire a 51 per cent stake in Altera, valuing the company at $8.7 billion, as well as MGX co-leading Databricks’ $1 billion Series K round.
“MGX is committed to enabling the growth and scaling of the next generation of global AI leaders,” Ahmed Yahia, chief executive and managing director of MGX, said at the board meeting.
MGX has been on an investment spree in recent quarters as it looks to expand its portfolio of investments in the fast-evolving AI and tech landscape.
The company is also said to be among the investor group that will invest in TikTok after US President Donald Trump last week signed an executive order that allows the company to continue operating in the US.
The composition of the buyers’ group is not yet final, but Oracle, Silver Lake Management and MGX are in talks to invest in a US version of the social media platform and receive board seats in the new venture, according to a Bloomberg report.
In May, MGX and global chips giant Nvidia announced plans to build the largest AI campus in Europe along with French companies. The planned campus, which will be built near Paris, is expected to reach a capacity of 1.4 gigawatts, the companies said in a joint statement.
Bpifrance, Mistral AI and the French national investment bank are joining MGX and Nvidia in the joint venture.
The Abu Dhabi technology investment company is also investing $2 billion in Binance, marking the first institutional investment in the world’s largest cryptocurrency exchange, it said in March.
MGX has acquired a minority stake in Binance, with the deal the “single largest investment into a crypto company and the largest investment ever paid in crypto (stablecoin)”, the companies said at the time.
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KILLING OF QASSEM SULEIMANI
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
So what is Spicy Chickenjoy?
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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A Prayer Before Dawn
Director: Jean-Stephane Sauvaire
Starring: Joe Cole, Somluck Kamsing, Panya Yimmumphai
Three stars
ICC Awards for 2021
MEN
Cricketer of the Year – Shaheen Afridi (Pakistan)
T20 Cricketer of the Year – Mohammad Rizwan (Pakistan)
ODI Cricketer of the Year – Babar Azam (Pakistan)
Test Cricketer of the Year – Joe Root (England)
WOMEN
Cricketer of the Year – Smriti Mandhana (India)
ODI Cricketer of the Year – Lizelle Lee (South Africa)
T20 Cricketer of the Year – Tammy Beaumont (England)
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TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%208
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Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
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