UAE technology investment company MGX, alongside US private equity firm Silver Lake, has secured a minority stake in Dubai-based Khazna Data Centers. This investment marks a significant move in the data center industry, aimed at enhancing Khazna’s growth and technological capabilities.

Following this transaction, UAE telecommunications company e&—previously known as Etisalat—has sold its 40 percent stake in Khazna for AED8 billion ($2.2 billion) to Abu Dhabi’s G42 technology group. Although e& has exited its investment, it will continue to maintain a strong business partnership with Khazna, as stated by the company.

CEO Hassan Alnaqbi noted that the new investors will play a crucial role in accelerating Khazna’s global expansion plans. The integration of Khazna into Abu Dhabi’s growing technology ecosystem is part of a broader strategy to enhance the emirate’s competitive position in the global market. MGX was established in March 2024, with founding partners including Mubadala Investment Company, Abu Dhabi’s sovereign wealth fund, and G42, which focuses on artificial intelligence investments.

MGX is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE national security adviser, while Khaldoon Al Mubarak, the CEO of Mubadala, serves as vice chairman. The partnership also includes Silver Lake and tech giant Microsoft, which recently committed to investing $1.5 billion in G42 to support its international growth objectives.

Earlier this year, MGX gained attention as a key supporter of Donald Trump’s ambitious $500 billion Stargate AI program. In addition, the firm made headlines for investing $2 billion in stablecoins through Binance, a leading cryptocurrency exchange.