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Compute, equity and chip diplomacy: an audit of what Abu Dhabi, Riyadh and Doha are actually acquiring in the artificial-intelligence build-out
For a quarter of a century the Gulf's sovereign funds bought what the West was selling: index weightings, trophy real estate, football clubs, pre-IPO allocations. The artificial-intelligence cycle has inverted the relationship. Between April 2024, when Microsoft paid $1.5bn for a minority stake in Abu Dhabi's G42 and put its vice-chair Brad Smith on the company's board, and July 2026, when Abu Dhabi's MGX announced the $49bn final close of the largest dedicated AI fund ever raised, Gulf sovereign capital moved from the periphery of the AI economy to a load-bearing position inside its capital …
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