Fireside Chat, Conference Presentation, Interview
Michael Milken in Conversation with HE Khaldoon Khalifa Al Mubarak | Middle East & Africa Summit
Milken InstituteMichael Milken, HE Khaldoon Khalifa Al Mubarak, Sarah Sandler, His Excellency Khaldoon Khalifa Al Mubarak
- In 2017, the UAE became the first nation globally to appoint a federal minister specifically responsible for AI.
- MBZ AI University was established in 2019 as the world's first university dedicated entirely to artificial intelligence.
- G42 was created as a national champion to drive AI development within the country.
- MGX was founded as a dedicated investment and infrastructure vehicle focused on the AI sector.
- In May 2024, the UAE and the United States signed an AI cooperation agreement to establish "Stargate," one of the largest AI clusters outside the US.
- The Stargate project is situated on a 19-square-kilometer site, which is approximately nine times the size of Monaco.
- Phase One of Stargate, consisting of two 200-megawatt modules, is currently underway with over 5,000 workers on site.
- More than 100,000 square meters of concrete have already been poured, and steelwork installed equals 1.5 times the mass of the Eiffel Tower.
- The first phase of the AI factory is scheduled to be operational by the third quarter of 2025.
- The US Department of Commerce has approved the export of approximately 35,000 NVIDIA H100 chips to the facility.
- Operational chip counts in the UAE currently stand in the thousands, a significant increase from the regional total of under 10,000 chips prior to the agreement.
- The Stargate partnership involves major technology firms including OpenAI, Microsoft, Oracle, Nvidia, and Softbank.
- Abu Dhabi has deployed the "Tem" platform, an AI-enabled interface used by residents for over 1,100 use cases ranging from medical records to driver's license renewals.
- Mubadala has processed over 1,000 transactions through its proprietary AI decision-making platform, named "Maya," over the last 12 months.
- Mubadala has implemented an AI "board observer" agent that functions as a digital twin of the investment committee to simulate decision-making processes.
- A "contrarian agent" has been integrated into Mubadala's investment DNA to challenge proposals and reduce groupthink.
- Mubadala committed to fully ingraining AI into all operational aspects by the end of 2025.
- Mubadala Capital was established to manage institutional third-party capital, distinguishing itself as a leading sovereign investor in this space.
- Mubadala's venture funds in Brazil are ranked in the top 10 percentile globally for performance, with a capital structure of roughly 33% Mubadala and 67% third-party funds.
- The UAE non-oil GDP currently accounts for less than 30% of the total economy.
- The UAE holds the number one global ranking for entrepreneurship.
- The UAE is currently ranked in the world's top five for overall competitiveness.
- The UAE is ranked in the world's top ten for talent mobility.
- Khaldoon Al Mubarak predicts that the UAE will see the highest net migration of millionaires globally in 2024, 2025, and 2026.