Sam Altman Visits UAE for Key Fundraising Talks with MGX

Sam Altman, CEO of OpenAI, is set to visit the UAE this week to discuss prospective financing options with MGX, an Abu Dhabi-based investment organization. This visit comes as OpenAI seeks $40 billion to fund its cutting-edge AI model development and infrastructure venture, Stargate.

The UAE stop comes after a fast tour of Asia, during which Altman announced a cooperation with Japan’s SoftBank to improve AI services. Notably, SoftBank is in talks to lead a major fundraising round for OpenAI for up to $40 billion, valuing the business at $300 billion. This round could become one of the most significant single funding rounds for a private enterprise.

MGX, which participated in OpenAI’s recent $6.6 billion fundraising round in October, is expanding its position in the US AI market. The firm has also invested in well-known companies like xAI and Databricks. Although MGX has not yet responded to the current debates, its rising involvement in AI investments is obvious.

This strategic funding drive comes as OpenAI faces increased competition from China’s DeepSeek, a new AI option that provides services at a substantially reduced cost. Despite this issue, OpenAI has experienced substantial growth, with ChatGPT surpassing 300 million active users in just two years.

The UAE’s AI goals were underlined during President Sheikh Mohamed bin Zayed Al Nahyan’s visit to Washington in December. Mubadala, the UAE’s $330 billion wealth fund, has provided additional assistance to the nation’s AI programs, which are led by G42 and MGX.

As OpenAI expands its activities, negotiations between Altman and MGX could be critical in gaining the funds required to keep up with quickly changing global AI advances.

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