New Delhi, July 3 -- ABU DHABI - Abu Dhabi told the AI industry it was a serious investor. MGX Fund I, closed at $49 billion this week, was the receipt.

The fund, launched by Abu Dhabi-based technology investment firm MGX, exceeded its $45 billion initial target by more than eight percent, the company announced Wednesday. Capital came from what MGX described as an "elite and diverse group" of institutional and private investors spanning the Gulf, North America, Asia and Europe. The close makes Fund I one of the largest single-purpose AI investment vehicles assembled since the sector became the dominant global capital story of this decade.

At a moment when building frontier AI requires commitments that routinely reach tens of billions of...