Abu Dhabi Targets $100 Billion AUM for AI Investment Firm (2)

Abu Dhabi is setting up a technology investment firm targeting deals in artificial intelligence and semiconductors that could surpass $100 billion in assets under management in a few years, according to people familiar with the matter.

The company, called MGX, will count sovereign wealth fund Mubadala Investment Co. and AI firm G42 as founding partners. Ahmed Yahia Al Idrissi, who’s chief executive officer of Mubadala’s direct investments platform, will serve as the new entity’s CEO, according to a statement.

Mubadala and G42’s portfolios will for now remain as they are, with MGX pursuing its own deals initially funded by Abu ...