Microsoft, BlackRock aim for US$30 billion AI investment with Abu Dhabi’s MGX
The Global AI Infrastructure Investment Partnership, which also includes Nvidia, will invest in data storage and energy projects
The companies, along with the United Arab Emirates’ MGX investment vehicle, will seek US$30 billion of private equity capital over time for the strategy, which will then leverage the money to as much as US$100 billion in potential investments, the companies announced Tuesday.
“The need to build out data centres globally is multi-trillions of dollars to finance,” BlackRock chief executive officer Larry Fink said in an interview, adding that the Global AI Infrastructure Investment Partnership has been months in the making. “This is just a great example of the capital markets building out infrastructure and building out the opportunities and new technologies.”
The infrastructure investments – including energy projects – will be mostly in the US, with a portion of the funds to be deployed in US partner countries, the companies said in a statement. The plan includes bringing on additional investors, and pensions and insurers are eager for such long-term infrastructure investments, Fink said.
“We don’t believe it will be a difficult task,” he said of raising the money.
