Current President's Younger Brother, the Man Who Controls $1.5 Trillion—"A Ten-Minute Meeting with Him Can Bring Huge Opportunities."
Written by: Azuma, Odaily Planet Daily
On the evening of March 12, a major news story about Binance's financing quickly ignited the industry.
Binance officially announced that it has reached a $2 billion investment agreement with MGX, an artificial intelligence and advanced technology investment company based in Abu Dhabi, which will acquire a minority stake in Binance. This investment marks the first institutional investment Binance has accepted to date and is the largest single financial investment in cryptocurrency history, potentially the largest investment ever made with cryptocurrency (stablecoin) as payment.
What exactly is MGX? Why is it so financially powerful, able to invest in a company of Binance's scale…
There is very little public information available on MGX's official website, but from the few announcements, we can clearly deduce the specific background of the organization.
Official information shows that MGX was established on January 22, 2024, positioning itself as a technology investment company focused on accelerating the development and adoption of AI and advanced technologies by establishing world-leading partnerships in the United Arab Emirates and globally. MGX focuses on investing in areas where AI can provide large-scale value and economic impact, including semiconductors, infrastructure, software, technology-supported services, life sciences, and physical AI.
But this is not the main point.
The official information mentions that the chairman of MGX's board is Sheikh Tahnoun bin Zayed Al Nahyan (hereinafter referred to as Tahnoun). Tahnoun is also the Deputy Ruler of Abu Dhabi and the UAE National Security Advisor.
From another perspective, we can more clearly explain the identity of Sheikh Tahnoun bin Zayed Al Nahyan. He is the son of the UAE's founding father and first president, Sheikh Zayed Bin Sultan Al Nahyan, and the younger brother of the current president, Sheikh Mohamed bin Zayed Al Nahyan (hereinafter referred to as Mohamed).
Bloomberg described Tahnoun in a 2024 report as someone who manages over $1.5 trillion in state-owned assets and private funds, making a meeting with him (even if only for 10 minutes) a huge opportunity for any fund manager or financial professional.
Time magazine even selected him as one of the 100 most important people in AI in 2024—one can only say that money indeed knows no bounds.
On the executive side, MGX's CEO is Ahmed Yahia Al Idrissi, who previously served as CEO of a direct investment platform under another UAE state-owned investment company, Mubadala, and has over 30 years of operational and investment experience.
Information shows that Mubadala and another UAE state-owned company, G42, were foundational partners at the inception of MGX—Wikipedia provides a more straightforward explanation that MGX was jointly initiated by these two entities, whose board chairmen are Mohamed and Tahnoun.
In short, MGX is a thoroughly UAE sovereign investment institution, backed by one of the wealthiest families in the Middle East and even the entire planet.
In addition, among the few announcements from MGX, there are mentions of partnerships with major players such as BlackRock, Microsoft, and GIP.
More details about this financing are yet to be disclosed, but according to Binance's official announcement, the current CEO of Binance, Richard Teng, previously served as the CEO of the Abu Dhabi Financial Services Regulatory Authority, and he may have played a key role in this financing.
In summary, with the completion of this financing, Binance's compliance process in the Middle Eastern market will open a new chapter.
Since its establishment in 2017, Binance, a startup born from the emerging cryptocurrency market, has become a giant that the mainstream world cannot ignore, alongside the rapid development of the cryptocurrency market.
An old era quietly comes to an end, but a new era has already begun.
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