OpenAI's Sam Altman May Visit UAE for Fundraising Discussion With Abu Dhabi Investment Group MGX

OpenAI CEO Sam Altman is planning to visit the UAE this week to discuss fundraising with Abu Dhabi's investment group MGX. The goal is to raise $40 billion to further AI development and compete with emerging alternatives like China's DeepSeek. This visit follows Altman's recent tour of Asia, where he announced a partnership with Japan's SoftBank for AI services.

This fundraising effort is part of a larger strategy to compete with emerging AI alternatives like China's DeepSeek.

The UAE is heavily investing in AI to position itself as a global leader in the technology. This visit follows Altman's recent tour of Asia, where he announced a partnership with Japan's SoftBank for AI services. The UAE's AI ambitions are led by state-backed entities such as G42 and MGX, with the $330 billion wealth fund Mubadala playing a significant role.

The fundraising round, if successful, could value OpenAI at $300 billion, making it one of the largest private investment rounds in history. The UAE's investment in AI is seen as a strategic move to diversify its economy and reduce reliance on oil.

SoftBank is leading the investment round with a potential investment of $15-25 billion. This would make SoftBank OpenAI's biggest financial backer. Discussions are ongoing with MGX for their participation in the fundraising.

Besides, Oracle is also part of the Stargate project, a joint venture with OpenAI and SoftBank to invest in AI infrastructure. The Stargate Project is a joint venture involving OpenAI, SoftBank, and Oracle, aiming to invest up to $500 billion in AI infrastructure in the U.S.

This fundraising effort is unprecedented in Silicon Valley history and signals the vast sums needed to build and maintain cutting-edge AI technology.

Further, OpenAI has also announced a strategic collaboration with Kakao, South Korea's tech company, to develop AI services in Korean.

Very recently, Altman has also visited India and met IT Minister Ashwini Vaishnaw and discussed the country's plan for creating a low-cost AI ecosystem.