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Why the New Abu Dhabi MGX AI Fund Changes Global Tech Forever

The technology sector just witnessed a seismic shift. With the announcement that Abu Dhabi’s tech investment vehicle, MGX, has raised a staggering US$49 billion for a dedicated artificial intelligence fund, the global tech landscape has officially entered a new era. This is not just another venture capital pool; the Abu Dhabi MGX AI fund represents a massive institutional validation of AI as the defining economic engine of the next century. By eclipsing its original US$45 billion target, MGX isn't merely participating in the tech boom-it is aggressively positioning itself to dictate its direction. What makes the new Abu Dhabi MGX AI fund a game-changer? In my view, the sheer scale of this fund alters the venture capital ecosystem entirely. Raising US$49 billion in a climate where some tech stocks are experiencing volatility shows incredible contrarian conviction. This capital gives MGX unmatched structural leverage. The fund allows Abu Dhabi to anchor the most capital-intensive pr...
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How much consumers likely to face per unit hike in basic tariff?

 


Power consumers likely to receive another ‘shock’ as the National Electric Power Regulatory Authority (NEPRA) is set to take up CPPA’s plea seeking a hike of Rs5 per unit in the base tariff

Preparations are underway to impose an additional burden of over Rs 310 billion on electricity consumers.

As per details, the electric power regulator will decide on the Central Power Purchasing Agency (CPPA) plea tomorrow, which is seeking a hike in the base tariff for the FY2024–25.

CPPA has presented seven scenarios for power purchase prices, with an estimated range of Rs 25.03 to Rs 27.11 per unit.

A report by the power division indicated that the circular debt was Rs 2,310 billion as of June 2023, marking an increase of Rs 325 billion over the following seven months up to January 2024.

These developments signal continued financial strain on electricity consumers and highlight ongoing challenges within Pakistan’s power sector.

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