Abu Dhabi's MGX could raise up to $25 billion for AI fund: Report
Tired of too many ads?
Remove Ads
Abu Dhabi-based MGX is considering plans to raise as much as $25 billion in third-party capital as the investment group looks to ramp up its artificial intelligence holdings, Bloomberg News reported on Tuesday, citing people familiar with the matter.MGX declined to comment on the report and Reuters could not immediately verify it.Company executives are weighing raising money from financial and strategic investors in Abu Dhabi and beyond, but Mubadala Investment and AI firm G42 will remain MGX's main backers, the report said.No final decisions have been made, according to the report.MGX, which has invested in OpenAI and Elon Musk's xAI, is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE's national security adviser and a brother of UAE President Sheikh Mohammed bin Zayed.The Financial Times reported last week that French AI startup Mistral is in talks with MGX and other investors to raise $1 billion at a valuation of $10 billion.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
24 minutes ago
- Hindustan Times
SC upholds environment ministry notification, junks exemption clause for big projects
New Delhi, Aug 5 (PTI) The Supreme Court on Tuesday upheld the January 29 notification of the Ministry of Environment, Forests and Climate Change, but struck down the contentious clause exempting certain large building and construction projects from prior environmental clearance. The Supreme Court order said it would not be possible for the union ministry to consider projects across the country and therefore the issue could be considered on a state-to-state basis(Vipin Kumar/Hindustan Times) A bench comprising Chief Justice B R Gavai and Justice K Vinod Chandran held projects with a built-up area above 20,000 square meter, whether industrial, educational, or otherwise, cannot be exempted from the environment impact assessment (EIA) 2006 regime. The court clarified that the notification would also apply to Kerala. Dictating the order, the CJI said, 'It has been consistently held that natural resources are to be held in trust for the next generation. At the same time, courts have always taken note of development activities and the country cannot progress without it.' Observing the apex court had always focused on sustainable development, the CJI said, 'The court while ensuring that development is permitted has also required precaution to be taken so that least damage is caused to the environment and has even ordered costs to be paid for such development activities.' Also Read: Over 70,000 housing units stalled across MMR amid green clearance hurdle The order said it would not be possible for the union ministry to consider projects across the country and therefore the issue could be considered on a state-to-state basis. 'If any construction activity in any area more than 20,000 sq km is carried out it will have environmental impact even if it's for industrial or educational purposes and discrimination cannot be made with similar such institutes,' it said. It also said that no exemption can be granted to the education sector in this regard. Also Read: Mumbai sees redevelopment projects worth ₹18,000 crore amid signs of softening sales: Here's what you need to know 'Nowadays education has also become a flourishing industry and thus no reason to exempt such projects from the 2006 notification,' the CJI said. The bench upheld the notification except clause 8 of the January 29 notification which grants exemptions to industrial sheds, schools, colleges, and hostels with built-up areas up to 150,000 square meter. The bench said it was impractical for the MoEFCC to appraise every project nationwide, noting the Central Expert Appraisal Committee (CEA) could handle state-wise evaluations. On February 25, the top court stayed the notification on a PIL filed by Mumbai-based NGO Vanashakti, which argued that the exemption diluted the EIA's safeguards and threatened eco-sensitive zones. Senior advocate Gopal Sankaranarayanan, appearing for the NGO, said similar attempts in 2014, 2016, and 2018 had been struck down or stayed by courts, including the Kerala High Court, the National Green Tribunal, and the Delhi High Court. The petition claimed that bypassing EC for projects of such magnitude, exceeding 1.6 million square feet, would cause irreversible damage to land, water, and air quality, violating the precautionary principle entrenched in Indian environmental law. Also Read: Over 25,000 buildings in Mumbai Metropolitan Region eligible for redevelopment with ₹30,000 cr value: CREDAI-MCHI Before the January 29 amendment, EIA 2006 required EC for all construction projects above 20,000 sq m The impugned notification raised the threshold to 150,000 sq m for certain categories and also removed 'general conditions' applicable in eco-sensitive and polluted areas. A follow-up office memorandum on January 30 expanded the scope of exemptions to include private universities, warehouses, and industrial sheds housing machinery or raw material.
&w=3840&q=100)
Business Standard
24 minutes ago
- Business Standard
Elon Musk, Tesla sued by shareholders over concealing Robotaxi risks
Elon Musk and Tesla have been taken to court by a group of shareholders who allege the company misled them about the safety of its self-driving technology, including the much-publicised Robotaxi. The lawsuit, filed as a proposed class action on Monday, accuses Musk and Tesla of concealing serious risks associated with autonomous driving, according to a report by Reuters. The legal action follows Tesla's first public test of its Robotaxi fleet, which took place in late June in Austin, Texas. During the demonstration, vehicles were reportedly seen speeding, braking sharply, mounting a curb, driving in the wrong lane, and dropping off passengers in the middle of busy multi-lane roads. Tesla's share price fell by 6.1 per cent over the two trading sessions following the test, wiping out approximately $68 billion in market value. Shareholders say Tesla overstated tech readiness The lawsuit claims Musk and Tesla exaggerated the readiness and potential of their self-driving systems, inflating the company's valuation and stock price. Shareholders cited remarks made during an April 22 conference call, where Musk said Tesla was 'laser-focused on bringing Robotaxi to Austin in June'. On the same day, Tesla asserted its autonomous technology would allow for 'scalable and safe deployment across diverse geographies and use cases'. Tesla has not yet responded to media requests for comment. Also named in the lawsuit are Chief Financial Officer Vaibhav Taneja and former CFO Zachary Kirkhorn. Robotaxi rollout central to Tesla's future Scaling the Robotaxi service is considered vital to Tesla's long-term strategy, particularly as demand for its core electric vehicle models slows and Musk's political activities continue to draw scrutiny. Musk, currently the world's richest person, has said he intends to make the Robotaxi service available to half of the US population by the end of the year. However, the company must first secure regulatory approval and prove the safety of its technology. Legal developments and fatal crash verdict The lawsuit was filed in federal court in Austin, Texas, by shareholder Denise Morand. It seeks damages on behalf of investors who held Tesla shares between April 19, 2023, and June 22, 2025. In a separate development, a Florida jury on August 1 found Tesla 33 per cent liable for a 2019 fatal crash involving its self-driving software. The accident killed a 22-year-old woman and seriously injured her boyfriend. The court ordered Tesla to pay approximately $243 million in damages. Tesla argued the driver was at fault and has said it plans to appeal the ruling.
&w=3840&q=100)
Business Standard
24 minutes ago
- Business Standard
Knowledge Realty Trust REIT IPO subscribed 1.2 times on Day 1
The initial share sale of Knowledge Realty Trust, sponsored by realty firm Sattva Group and Blackstone, got fully subscribed on the first day of bidding on Tuesday and ended the day with 1.20 times subscription. The Rs 4,800-crore REIT initial public offering (IPO) received bids for 25,04,91,300 units against 20,84,20,800 units on offer, translating into 1.20 times subscription, as per NSE data. Institutional Investors category received 75 per cent subscription while other investors (such as corporates, and individuals investors/NRI and HUF) category was subscribed 1.75 times, as per the NSE data. Knowledge Realty Trust on Monday said it had garnered Rs 1,620 crore from anchor investors, including those from Amundi, Wells Capital, Jhunjhunwala Trust. Additionally, the company received a strategic allocation of Rs 1,200 crore from institutional investors. The IPO will conclude on August 7. The company has set a price band of Rs 95 to Rs 100 per unit. This IPO is entirely a fresh issuance of units by Knowledge Realty Trust. In early March, KRT filed the draft red herring prospectus (DRHP) with Sebi to launch an IPO and list the REIT on stock exchanges. This is part of a strategy to monetise its 30 prime office assets across major cities. Initially, the company planned to raise a total of Rs 6,200 through a public issue. In June, it raised Rs 1,400 crore from investors. Accordingly, the issue size has been reduced to Rs 4,800 crore. KRT is set to become India's largest REIT by gross asset value (around Rs 62,000 crore). Its net operating income stood at Rs 3,432 crore in the previous financial year. KRT owns over 46 million sq ft of office assets across 29 assets in six cities, primarily Mumbai, Bengaluru, and Hyderabad. The assets include One BKC and One World Center in Mumbai, Knowledge City, and Knowledge Park in Hyderabad and Cessna Business Park and Sattva Softzone in Bengaluru. Blackstone and Sattva will continue to own about 80 per cent of the REIT. At present, there are four listed REITs (real estate investment trusts) in India -- Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, and Nexus Select Trust. Apart from Nexus Select Trust, the other three REITs are backed by rent-yielding office assets. Nexus owns a large portfolio of retail real estate spaces. Bengaluru-based Sattva Developers has so far constructed 74 million sq ft across seven Indian cities in commercial, residential, co-living, co-working, hospitality, and data centre sectors. An additional 75 million sq ft is in the planning and implementation stage. Blackstone, one of the leading global investment firms, has a huge exposure in the Indian real estate market. The two sponsors have decided to adopt a brand-neutral strategy to grow the KRT portfolio inorganically through third-party acquisitions. The existing four REITs have a combined portfolio of over 126 million sq ft of Grade A office and retail space across the country. Since their inception, these REITs have collectively distributed over Rs 21,000 crore to unitholders.
