MGX buys stake in Dubai’s Khazna Data Centers

UAE technology investment company MGX and US private equity company Silver Lake have bought a minority stake in Dubai-based Khazna Data Centers.

Following the deal, UAE telecommunications company e& – formerly known as Etisalat – has exited from its investment in Khazna but remains a major business partner, Khazna said in a statement.

Transaction and financial details were given.

In February 2025, e& announced divesting its 40 percent stake in Khazna Data Centers for AED8 billion ($2.2 billion) to Abu Dhabi technology group G42.

The new investors will help accelerate Khazna’s global expansion plans and enhance its capabilities, CEO Hassan Alnaqbi said in a statement.

The deal incorporates Khazna into Abu Dhabi’s expanding global technology drive. MGX was launched in March last year by founding partners Mubadala Investment Company, Abu Dhabi’s sovereign wealth fund, and G42, the emirate’s artifical intelligence (AI) investment arm, which also counts Mubadala as one of its partners.

MGX is chaired by UAE national security adviser Sheikh Tahnoon bin Zayed Al Nahyan, and Mubadala CEO Khaldoon Al Mubarak is its vice chairman.

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G42 and MGX also have US private equity company Silver Lake as a partner. And Microsoft, which last year announced plans to invest $1.5 billion in G42 to help accelerate its global expansion strategy, is another partner of MGX.

MGX emerged on to the global stage earlier this year when it was announced as one of the core backers of Donald Trump’s $500 billion Stargate AI programme.

Earlier this month, it invested $2 billion-worth of stablecoins into Binance, the world’s largest exchange for digital tokens by trading volume and users.