The Daily Circuit: MGX’s $10B AI bet + PIF gaming shuffle
In today’s Daily Circuit, we’re reporting on Saudi Arabia’s Public Investment Fund shuffling its gaming stakes, AD Ports accelerating its acquisition strategy, Mubadala boosting its Bitcoin holdings and Egypt preparing for a new raft of IPOs. But first, MGX’s $10 billion AI bet.
After plowing billions of dollars into Anthropic, OpenAI and xAI, Abu Dhabi’s MGX fund is rapidly emerging as one of the world’s most active investors in artificial intelligence.
The emirate-owned vehicle, barely two years old, is now prepared to deploy as much as $10 billion a year to reach dominant positions in the global AI industry even while the market is full of uncertainty, MGX Chief Investment Officer Ali Osman tells Bloomberg. “We are in the business of the not-obvious,” he said.
The fund is targeting more than $100 billion in assets under management, positioning MGX as a central pillar of the UAE’s push to convert its oil wealth into long-term technological influence.
MGX moved into OpenAI in 2024, participating in a major funding round and later joining with the ChatGPT maker on its multibillion-dollar Stargate AI infrastructure venture.
Last month, MGX joined a massive fundraising for Elon Musk’s xAI, alongside investors including Nvidia and Cisco. Last week, the fund emerged as a co-lead investor in Anthropic’s latest multibillion-dollar financing round, completing a rare trifecta by backing the three rivals.
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📰 Developing Stories
FINAL OFFER
Warner Bros. Discovery has tentatively opened a crack in the door for a Gulf-backed buyout by David Ellison’s Paramount, asking for a “best and final proposal” for the entertainment and media Goliath, while continuing to pursue its $82.7 billion deal with Netflix. Paramount, which submitted an amended offer last week, said on Tuesday that it welcomed the chance to have “good faith and constructive discussions.” Paramount has aggressively pursued WBD, launching multiple successive offers backed by various configurations of Gulf sovereign wealth funds. In December the newly-formed Abu Dhabi state investment vehicle L’imad Holding Co. joined the fray by backing a $108 billion hostile offer.
EXPO EXPOSED
A data breach that exposed identity documents of high-level attendees at Abu Dhabi Finance Week 2025 has been secured and was limited in scope, according to organizers. Scans of more than 700 documents, including passports and state ID cards, were discovered to be accessible online via an unprotected cloud storage server, uncovered by a freelance security expert, the Financial Times reports. Those exposed included former White House communications director and investor Anthony Scaramucci, billionaire hedge fund manager Alan Howard and former British prime minister Lord David Cameron. Organizers blamed a vulnerability at a third-party vendor. “The environment was secured immediately upon identification, and our initial review indicates that access activity was limited to the researcher that identified the issue,” an unnamed representative of ADFW told The National.
💲 Sovereign Circuit
Mubadala: The Abu Dhabi sovereign wealth fund boosted its stake in BlackRock’s iShares Bitcoin Trust to 12.7 million shares worth $630.6 million in Q4 2025, a 46% increase in its holdings. The cryptocurrency has fallen more than 40% from its all-time peak in October.
L’imad Holding: AD Ports Group has grown its global network to 36 ports and terminals as the Abu Dhabi-backed operator accelerates international acquisitions and logistics investments.
Public Investment Fund: The Saudi sovereign wealth fund transferred its roughly $3 billion, 11-million-share stake in gaming studio Take-Two Interactive to subsidiary Savvy Games Group ahead of the launch of Grand Theft Auto VI.
The Sovereign Fund of Egypt: Egypt is preparing to transfer stakes in about 60 state-owned companies to its sovereign wealth fund ahead of potential EGX listings, part of Cairo’s broader push to attract private investment and ease fiscal pressure.
Qatar Investment Authority: Hamad Al-Khater, Qatar’s Airways’ new CEO, told Bloomberg he intends to prioritize relations with Airbus, which has demonstrated that “they’ll be able to deliver” on their promises.
↪↩ Closing Circuit
🧪 Fertilizer Pivot: UAE fertilizer producer Fertiglobe is targeting increased sales to Europe as the EU tightens curbs on Russian supplies, CEO Ahed El-Hoshy told Bloomberg.
📦 Logistics Partners: Saudi Ports Authority and MEDLOG, the logistics arm of global container shipper MSC, inaugurated a $40 million integrated logistics center at King Abdulaziz Port in Dammam.
💻 AI Risks: Palo Alto Networks is is acquiring Israeli cybersecurity startup Koi for an estimated $400 million, targeting emerging risks from autonomous AI agents on corporate systems, Calcalist reports.
🗣 Circuit Chatter
🔴 Red Planet: The UAE Space Agency has extended the Emirates Mars Mission through 2028, allowing its Hope Probe to continue scientific observations of the planet’s atmosphere beyond its original timeline.
🚢 Treading Water: Iran and Russia plan to conduct joint navy drills in the Gulf of Oman and northern Indian Ocean tomorrow, raising further security concerns after Iran temporarily closed the Strait of Hormuz for several hours on Tuesday.
🛢️ Friendly Handover: Iraq’s cabinet approved an amicable settlement with Lukoil over the transfer of operations of one of the world’s largest oilfields to the state-run Basra Oil Company, following U.S. sanctions on the Russian energy giant.
🌍 Power Circuit
Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, visited the Ministry of Human Resources and Emiratisation on Tuesday to review strategic plans for the future of the nation’s labour system.
Sheikh Mohammed bin Abdulrahman al-Thani, Qatar’s Prime Minister, arrived in Venezuela, where he was greeted by Foreign Minister Yvan Gil on Tuesday.
Lt. Gen. Sheikh Saif bin Zayed, UAE Deputy Prime Minister and Minister of Interior, honored the winners of the seventh edition of the Minister of Interior’s Excellence Award during a ceremony held at the Emirates Palace in Abu Dhabi on Tuesday.
➿ On the Circuit
Michael Doersam, CFO of Emirates, said he plans to step down in June after a decade in the role. The Dubai-based airline said it will announce a successor “in due course.”
Bandar Alkhorayef, Saudi Arabia’s Minister of Industry and Mineral Resources and Chairman of the Saudi Authority for Industrial Cities and Technology Zones, launched a package of capital projects on Monday valued at $810 million.
Damien Drap was appointed Chief Operating Officer, Haresh Bajaj as Chief Product Officer and Denis Agiev as Chief Technology Officer of Prypco, a UAE-based PropTech platform.
Morgan Parker, Vice Chairman of the management committee at Qiddiya Investment Co., spoke to Arab News about what drives Saudi Arabia’s huge entertainment project. “At its heart, Qiddiya City is about play,” Parker said. “Imagine a whole city dedicated to facilitating those experiences,” Parker said. “That’s what we’re building.”
🎶 Culture Circuit
🧑🎨 Fixer-Upper: The Triumph of David, an 18-meter-long painted leather artwork depicting a royal procession and inspired by the biblical story of David and Goliath, is now on display at Louvre Abu Dhabi, following a painstaking two-year restoration project. The origins of the 17th-century artwork, which was last displayed on the walls of a Parisian hotel, are uncertain, but it is stylistically linked to artists associated with the Dutch master Rembrandt, The National reports.
📷 Photo of the Day
📅 Circuit Calendar
March 25-27, Miami. FII Miami 2026. A summit on disruptive technology and investment trends hosted by the Public Investment Fund’s Future Investment Initiative Institute. Faena Hotel, Miami Beach.
March 31-April 2, Dubai. Arab Media Summit. The annual gathering brings together Arab media personnel, influencers and organizations. DWTC.
April 6-13, Dubai. Quantum Innovation Summit. Part of Global Quantum Week, focusing on quantum technology and applications. Grand Hyatt.
April 6-7, Riyadh. Real Estate Supply Chain Forum. Transforming the real estate supply chain landscape. Mandarin Oriental.
April 7-9, Dubai. Middle East Energy. Discover what’s new in energy. Dubai World Trade Centre.
April 7-9, Abu Dhabi. Future Health. Bringing together global leaders in government, science, technology and investment. ADNEC.
April 11-20, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC.
April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.
April 13-16, Riyadh. LEAP 2026. Global tech event covering AI, 5G and startups. RECC Malham.
April 21-23, Dubai. UITP Summit 2026. A high-level event for the public transport sector looking at the future of urban mobility. Dubai World Trade Centre
April 24-26, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles.
April 29-30, Dubai. TOKEN2049 Dubai. A global gathering for the crypto ecosystem. Madinat Jumeirah.
