Dubai Future Foundation and global company “META” announced today the launch of a joint program for entrepreneurial incubators in the field of developing applications and use cases for artificial intelligence, and leveraging the Large Language Models for machine learning such as “Lama 3”. This project aims to boost Dubai’s entrepreneurship as a global hub and a vibrant environment for innovation and product development using artificial intelligence across vital sectors for the future.
This announcement follows the “AI Retreat 2024” last week, under the patronage of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of the Executive Council, and Chairman of the Board of Trustees of Dubai Future Foundation.
When the program utilizing META’s artificial intelligence model “Lama 3” was introduced, it garnered positive interest from specialists, experts, and companies in Dubai, especially those with innovative ideas, innovative entrepreneurs specializing in future technology, founders of startups, and companies operating in the field of artificial intelligence applications and use cases.
The business incubator program supports the goals of “Dubai AI Retreat” by enhancing collaboration and knowledge exchange in projects and initiatives for developing artificial intelligence use cases. The program also aims to foster innovation and enhance the competitiveness of entrepreneurial projects by providing a vibrant environment for their creative initiatives. The digital economy is expected to reach $780 billion by 2030, driving the program towards developing opportunities and empowering talents.
The program contributes to achieving the goals of the “Dubai Annual Plan for Smart Applications and Uses,” such as supporting the goals of Dubai’s economic agenda D33 by increasing digital transformation by AED 100 billion and enhancing the economy’s productivity by 50% through innovation and digital adoption.
The program aims to support accelerating the achievement of the annual plan’s goals by enhancing Dubai’s position as a conducive environment for artificial intelligence companies and global talents, and a hub for eight billion-dollar tech companies.
Abdulaziz Al Jaziri, Deputy CEO of Dubai Future Foundation, emphasized the importance and impact of global partnerships in enhancing the entrepreneurship ecosystem in artificial intelligence, pointing out that this partnership aims to open doors to new opportunities and enhance a conducive environment for the growth of tech startups. This, in turn, contributes to supporting global innovations and providing new solutions and applications in the field of artificial intelligence to serve communities and enhance Dubai’s position as a global innovation hub by ensuring a supportive environment for innovation and developing AI-based services in vital future sectors.
Joelle Awad, Director of Public Policy Programs at META Middle East, North Africa, and Turkey, stated that the future of AI development lies in the ability to be open and enhance cooperation with all parties at all levels, and working with regional partners like Dubai Future Foundation shows the interest in raising awareness, enhancing capabilities, and practically supporting innovation to open new horizons for AI potentials to develop businesses and serve the community.
“Dubai Future Foundation” plays a vital role in the business incubator program as a strategic partner, providing consultations on targeted sectors and enhancing networks and partnerships between the government and private sectors to support startups. It also offers opportunities to discover talents, develop capabilities, and organize promising project showcases.
The program is part of META’s regional initiative aimed at leveraging open-source artificial intelligence to enable innovative solutions, enhance opportunities and economic benefits, and contribute to boosting overall economic growth in Dubai and the region.
The five-year plan of the program includes five main sectors: energy, transportation, aviation, tourism, and retail. It consists of four main stages ranging from identifying challenges that can be solved using Large Language Models for machine learning, to exploring emerging and developing companies.
Merging them into the work team. It also includes hosting a six-week rapid design and modeling journey for companies at Dubai Future Foundation, leading to the final stage that involves announcing innovative AI-based solutions and discussing the potential for developing and investing in commercially funded products.
The joint business incubator program between “Dubai Future Foundation” and “Meta” is based on the unique and open-source “Lama 3” model, which can be used to develop useful artificial intelligence applications in various sectors.
The flexible approach of the artificial intelligence application development program brings together all companies and stakeholders in this sector, including innovators, creative idea owners, technology entrepreneurs, startup founders, large and emerging companies in future technology and artificial intelligence fields. Their goal is to find innovative solutions applicable at global levels to enhance the quality of life and boost digital economy opportunities.
