ALBAWABA - The United Arab Emirates (UAE) AI investment firm MGX, together with Microsoft and BlackRock, are collaborating on one of the loftiest endeavors to date, aiming to raise up to $100 Billion in order to construct data centers for artificial intelligence and the energy infrastructure necessary to power them.
The firms are members of the Global Artificial Intelligence Infrastructure Investment Partnership, also known as GAIIP. This partnership was revealed in a press release on Tuesday.
Global Infrastructure Partners, also known as GIP, will also be participating in this transaction. GIP is an infrastructure investor that is now being acquired by BlackRock and UAE MGX.
During the course of the strategy, the firms will seek private equity funding in the amount of $30 billion. The group would then leverage the money to generate prospective investments worth up to $100 billion, as the companies revealed in a press release on Tuesday.
Nvidia will also offer its experience to the group regarding the already demanding energy requirements of artificial intelligence technologies, which are only anticipated to increase in the near future, as reported by the Financial Times.
Microsoft CEO, Satya Nadella, said in a statement that “We are committed to ensuring AI helps advance innovation and drives growth across every sector of the economy,” adding the initiative groups together “financial and industry leaders to build the infrastructure of the future and power it in a sustainable way.”
BlackRock said earlier in January that it intends to take over GIP for about 12 million shares of BlackRock common stock and $3 billion in cash. Last week, BlackRock said that it anticipates the acquisition to conclude on October 1.
