Artificial Intelligence More US companies join UAE-backed AI project By Reuters March 20, 2025, 10:31 AM Alamay via Reuters The AI Infrastructure Partnership has plans to raise up to $50 billion Nvidia and Elon Musk’s xAI have joined a consortium backed by Microsoft, UAE investment fund MGX and BlackRock to expand artificial intelligence (AI) infrastructure in the US, the companies said on Wednesday, as a global race to dominate the nascent technology intensifies. The group, formed last year with a goal to initially invest more than $30 billion in AI-related projects, is one of the biggest efforts to bankroll data centres and energy facilities needed to power AI applications such as ChatGPT. The additions come two months after US President Donald Trump announced Stargate, a private sector AI infrastructure initiative backed by SoftBank Group, OpenAI and Oracle, with plans to mobilise up to $500 billion. Investors have committed $100 billion for immediate deployment, with the rest expected over the next four years. The consortium — which includes BlackRock’s Global Infrastructure Partners — on Wednesday renamed itself as AI Infrastructure Partnership. Nvidia, a technical advisor, will continue in the role. Training AI models and large-scale data processing require huge computational power, which increases energy consumption. To meet the demands, tech companies are deploying thousands of chips in clusters, driving a surge for specialised data centres. UAE and US leaders discuss economy and tech tie-ups Sheikh Tahnoon to lobby US to ease UAE microchip controls MGX makes $2bn crypto investment in Binance To fund the computing and power needs, the consortium needs to raise money from investors, asset owners and corporations, with a goal of attracting up to $100 billion, including debt financing. “AIP has attracted significant capital and partner interest since its inception in September,” the group said, but did not disclose the total funds raised so far. GE Vernova and utility firm NextEra Energy will also be a part of the group, it said, adding the renewable energy company will work on supply-chain planning and high efficiency energy solutions. AIP said its investments will also focus on US partners and the Organization for Economic Cooperation and Development. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
