MGX, AI and semiconductors: What’s next for MedTech in the UAE?

As the curtain closed on the MedTech World Dubai Roadshow, hosted at the Intercontinental Hotel Festival City in Dubai this past February, we were left thinking about the diverse and organic frontier of MedTech in the UAE.

Although we have bid farewell to the curated mix of trailblazers and forward-thinkers, the momentum of progress in the city and the UAE as a whole persists. What insights can we glean from the latest investment trends regarding the future of MedTech development in the region?

MGX sets a strategic focus

Beyond their scenic beauty, Abu Dhabi and the UAE have long been at the forefront of healthcare innovation, leveraging the boundless opportunities of this landscape to spearhead transformative advancements in patient care. 

Recently, a new technology investment company, MGX, was introduced in the UAE, with Mubadala and G42 serving as its founding partners. Sheikh Tahnoun bin Zayed Al Nahyan has been appointed as the chairman of the board of directors of MGX.

MGX’s core mission is to drive the advancement and integration of AI and cutting-edge technologies through strategic collaborations, both domestically and internationally.

The company’s investment strategy will target three key areas: AI infrastructure, encompassing data centres and connectivity; semiconductors, involving the design and production of logic and memory chips; and AI core technologies and applications, spanning AI models, software, data analytics, life sciences, and robotics.

Additionally, the company disclosed plans to capitalise on Abu Dhabi’s ongoing investments in these sectors, deploying funds in collaboration with prominent international technology and investment firms.

The announcement came through the Artificial Intelligence and Advanced Technology Council (AIATC), formed on January 22, 2024, under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan.

The true impact of this event on the healthcare sector remains to unfold as the UAE’s consistent commitment to innovation in the MedTech sector continues to pave the way for long-term development and success. 

Leading the way forward

Sheikh Tahnoun bin Zayed Al Nahyan, the chair of the AIATC, assumes the role of chairman of the new company’s board of directors, with Khaldoon Khalifa Al Mubarak appointed as vice-chair. Joining them on the board are Jassem Mohamed Bu Ataba Al Zaabi, Peng Xiao, and Ahmed Yahia Al Idrissi.

Ahmed Yahia Al Idrissi, currently serving as the CEO of Mubadala’s Direct Investments platform, will also take on the role of CEO within the new investment firm.

Expressing his sentiments, Sheikh Tahnoun bin Zayed Al Nahyan, deputy ruler of Abu Dhabi, remarked: “In MGX, we are establishing a UAE national champion focused on AI and advanced technologies that will shape a future where technology enables a more prosperous, sustainable and interconnected world.”

“Our singular focus is accelerating AI’s responsible and inclusive development for the benefit of humanity, guided by Abu Dhabi’s global investment strategy for artificial intelligence. MGX builds from Abu Dhabi’s innovation and investment leadership and an extensive network of global technology partners. In doing so, the company will further advance the UAE’s role as a home and ecosystem for top technology talent, investors and entrepreneurs,” he continued.

With a longstanding ambition to establish itself as a global leader in MedTech, it will be interesting to see how MGX will help the UAE continue to make substantial investments in technology, particularly state-of-the-art healthcare infrastructure, research facilities, and regulatory frameworks, propelling the growth of the healthcare sector through AI. 

About Mubadala and G42

Mubadala and G42 boast a solid investment portfolio across various vital sectors.

G42 stands out as a prominent global leader in AI technology, with a focus on cloud computing, advanced data centres, and specialised AI applications. Their expertise spans diverse areas, from financial services to smart cities.

Meanwhile, Mubadala has made significant strides as a transformative investor, notably in AMD, and in 2009, the establishment of GlobalFoundries, a renowned semiconductor manufacturing company worldwide. Moreover, Mubadala’s investments extend into software, life sciences, and new commerce ventures.

Collaboratively, G42 and Mubadala have nurtured Khazna into a prominent player in global data centre infrastructure. Additionally, they spearheaded M42, recognized as a leading healthcare technology and life sciences firm in the region. Furthermore, their joint efforts led to the creation of Space42, a powerhouse in geospatial technology on a global scale.

About that last Dubai Roadshow…

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