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...
The Standing Committee on Information Technology & Telecommunication, at the National Assembly, has asked the Pakistan Telecommunication Authority (PTA) to expedite work on Starlink's satellite internet service in the country. This is after Starlink contacted authorities in Pakistan in 2022 to offer internet services via satellite.¹ However, the license agreement remains to be finalized with the Pakistan Space Regulatory Authority.
The committee has directed the PTA to expedite the process so that Starlink internet services can be made available on time in Pakistan. This will solve some of the connectivity issues that have been haunting Pakistan by providing adequate services, especially in far-flung and underdeveloped areas. Pakistan suffered internet outages of up to $1.62 billion during 2024, and Starlink might be an efficient option to help this south Asia country.
Elon Musk, the CEO of SpaceX, confirmed last month that Starlink had applied to launch services in Pakistan and was awaiting government approval. Musk stated that they are waiting for approval from the Pakistani government, highlighting the company's eagerness to enter the Pakistani market. The PTA Chairman, Major General (R) Hafeez Ur Rehman, also mentioned that Starlink is waiting for security clearance, a necessary step before obtaining its operating license and launching services in Pakistan.
Once Starlink receives the necessary approvals, it will start services in a month's time. That would be quite a big boost for Pakistan's IT and telecommunication sector in terms of speedy and reliable internet services across the country. Competition and innovation would also increase because of Starlink's entry in the Pakistani market.²
The committee also discussed budget proposals relating to the PSDP of the Ministry of Information Technology for the fiscal year 2025-26. After deliberation, it approved a proposal for Rs43,651.380 million for the next fiscal year. This amount will hopefully be utilized in the development of Pakistan's IT and telecommunications sector.
Pakistan Telecommunication Authority is planning to introduce satellite internet service through Starlink, which will boost the IT and telecommunications sector positively. Pakistan currently faces many issues related to connectivity, and high demand for Internet services, in particular, would be boosted in the wake of Starlink in the Pakistani market.
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