Abu Dhabi-based technology company MGX, BlackRock, Microsoft and Global Infrastructure Partners have launched an artificial intelligence infrastructure investment partnership that aims to mobilise up to $100 billion to enhance the future of AI.
Initially, the Global AI Infrastructure Investment Partnership plans to secure $30 billion in private equity from investors, asset owners, and companies, which will grow to $100 billion in total investment with the inclusion of debt financing. The partnership will create an open architecture ecosystem, offering access to a wide range of partners and companies on a non-exclusive basis.
The partnership intends to develop new data centres as well as increase the capabilities of existing centres in the US and partner countries, the entities said on Wednesday.
It will also address the growing demand for computing power and support decarbonisation efforts for the critical infrastructure needed for AI while developing energy solutions to generate new power sources for data centres.
The capital spending needed for AI infrastructure and the new energy to power it goes beyond what any single company or government can finance
Brad Smith,
president of Microsoft
“We will enable faster innovation, technological breakthroughs and transformational productivity gains across the global economy,” said Sheikh Tahnoun bin Zayed, Deputy Ruler of Abu Dhabi, National Security Adviser and chairman of MGX.
“The investments we make today will secure a more sustainable, prosperous and equitable future for all mankind.”
Established in March, MGX aims to expedite the development of AI and other advanced technology as the UAE seeks to enhance its future economy. It focuses on three core areas – AI infrastructure (data centres and connectivity), semiconductors and core technology and applications such as AI models, software, data, life sciences and robotics.
Partnership to boost Abu Dhabi
Ahmed Al Idrissi, chief executive of MGX, said the partnership will expedite the adoption of AI across industries, with MGX playing a crucial role in this transformation.
The initiative will establish Abu Dhabi as one of the leading hubs for AI infrastructure globally, he said.
“Installed data centre capacity today exceeds 70 gigawatts. Over the next 10 to 15 years, this number is expected to reach 300 gigawatts. Currently, 1 gigawatt costs about $30 billion to $35 billion, making this level of spending unprecedented in both scope and scale,” Mr Al Idrissi told The National from Washington DC, where he was attending the deal signing ceremony.
“Even hyper-scalers today are spending around $200 billion to $250 billion annually on infrastructure, but they can no longer sustain this level of expenditure moving into the next decade. Therefore, we have come together to create an investment vehicle that can help bear some of this burden and offer infrastructure delivery as a service to various players across the market.”
A hyper-scaler, for example, Microsoft and Oracle, is a cloud provider that operates a large-scale data centre network to offer computing, storage and other technology services.
“Our mandate is to invest in infrastructure, and there is no better partner for that than hyper-scalers, which is why we teamed up with Microsoft. BlackRock, as one of the largest global capital providers, is also a key partner,” Mr Al Idrissi said.
“While our objective is to generate strong financial returns, we are also committed to building Abu Dhabi into one of the world’s leading hubs for infrastructure and AI. This partnership allows us to bring the best global expertise to further develop Abu Dhabi’s AI ecosystem.”
Global AI industry is growing rapidly. Business spending to adopt AI is expected to have a cumulative global economic impact of $19.9 trillion by 2030 and contribute 3.5 per cent to the global economy by that year, according to an International Data Corporation report. In its latest survey, IDC found about 98 per cent of global business leaders consider AI to be a priority for their organisations.
Mobilising private capital to build AI infrastructure will unlock a “multi-trillion-dollar” long-term investment opportunity, said Larry Fink, chairman and chief executive of BlackRock.
“Data centres are the bedrock of the digital economy, and these investments will help power economic growth, create jobs, and drive AI technology innovation.”
Microsoft, based in Redmond, Washington, announced it would be opening a branch of its AI for Good Lab in Abu Dhabi, its first such centre in the Middle East.
Data centres are considered the backbone of AI development because they provide the computing power and storage needed to process vast amounts of data, run complex algorithms, and train AI models. However, powering these centres is very energy-intensive, and in the absence of sustainable energy sources, the environmental effects could be significant.
Data centres consumed 7.4 gigawatts of power last year, up 55 per cent from the 4.9 gigawatts in 2022, according to Chicago-based commercial real estate services firm Cushman & Wakefield.
Data centres and data transmission networks are responsible for about 1 per cent of energy-related greenhouse gas emissions, according to the International Energy Agency.
The investment required for AI infrastructure and the energy to support it exceeds the capacity of any single company or government to fund on their own, said Brad Smith, president of Microsoft.
“This financial partnership will not only help advance technology, but enhance national competitiveness, security, and economic prosperity.”
GAIIP, with support from chip maker Nvidia, will work to enhance both AI supply chains and energy sourcing.
“There is a clear need to mobilise significant amounts of private capital to fund investments in essential infrastructure. One manifestation of this is the capital required to support the development of AI,” said Bayo Ogunlesi, chairman and chief executive of Global Infrastructure Partners.
“We are highly confident that the combined capabilities of our partnership will help accelerate the pace of investments in AI-related infrastructure.”
RESULTS
Argentina 4 Haiti 0
Peru 2 Scotland 0
Panama 0 Northern Ireland 0
Kat Wightman's tips on how to create zones in large spaces
- Area carpets or rugs are the easiest way to segregate spaces while also unifying them.
- Lighting can help define areas. Try pendant lighting over dining tables, and side and floor lamps in living areas.
- Keep the colour palette the same in a room, but combine different tones and textures in different zone. A common accent colour dotted throughout the space brings it together.
- Don’t be afraid to use furniture to break up the space. For example, if you have a sofa placed in the middle of the room, a console unit behind it will give good punctuation.
- Use a considered collection of prints and artworks that work together to form a cohesive journey.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
UAE currency: the story behind the money in your pockets
Squad
Ali Kasheif, Salim Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdulrahman, Mohammed Al Attas, Abdullah Ramadan, Zayed Al Ameri (Al Jazira), Mohammed Al Shamsi, Hamdan Al Kamali, Mohammed Barghash, Khalil Al Hammadi (Al Wahda), Khalid Essa, Mohammed Shaker, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Al Hassan Saleh, Majid Suroor (Sharjah) Walid Abbas, Ahmed Khalil (Shabab Al Ahli), Tariq Ahmed, Jasim Yaqoub (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Muharami (Baniyas)
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
The Prison Letters of Nelson Mandela
Edited by Sahm Venter
Published by Liveright
The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
What's in the deal?
Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.
India will also cut automotive tariffs to 10% under a quota from over 100% currently.
Indian employees in the UK will receive three years exemption from social security payments
India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery
Company%20profile%20
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
OPINIONS ON PALESTINE & ISRAEL
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
Company%C2%A0profile
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Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Specs
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UAE currency: the story behind the money in your pockets
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Killing of Qassem Suleimani
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
THREE POSSIBLE REPLACEMENTS
Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.
Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.
Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.
