OpenAI's Altman to stop in Abu Dhabi for MGX fundraising talks, sources say
OpenAI CEO Sam Altman plans to visit the United Arab Emirates this week to discuss raising funds with Abu Dhabi investment group MGX, two sources with knowledge of the matter said.
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Altman's Abu Dhabi stop comes as the ChatGPT maker looks to raise about $40 billion to fuel its model development and ambitious infrastructure plan Stargate at a time when US AI companies are facing a new challenge from cheaper Chinese alternative DeepSeek.
MGX took part in OpenAI's last funding round of $6.6 billion, which closed in October. With a growing presence in the US AI scene, it has invested in companies such as xAI and Databricks. MGX was not immediately available for comment.
The talks with Abu Dhabi's MGX will follow a whirlwind tour of Asia by Altman, during which a partnership with Japan's SoftBank for AI services was announced on Monday.
The UAE, a wealthy oil producer and longtime security partner of the US, is in a race to become an AI leader amid rising competition from neighbouring Qatar and Saudi Arabia.
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