19 November 2024, Tue |
3:23 AM
The AI Retreat 2024, hosted by the Dubai Center for Artificial Intelligence (DCAI) and the National Program for Artificial Intelligence, saw the launch of a groundbreaking business incubator program by the Dubai Future Foundation (DFF) and Meta. This innovative program, powered by Meta’s AI model “LLAMA 3”, aims to support entrepreneurs and startups specializing in AI applications based on large language models (LLMs).
The program is designed to help entrepreneurs and startups innovate in AI applications, enhancing the digital economy in the region. The initiative is expected to contribute to the digital economy, projected to reach USD 780 billion by 2030. It aligns with the Dubai Universal Blueprint for Artificial Intelligence, supporting Dubai’s goal to add AED 100 billion through digital transformation and boost economic productivity by 50%.
The program will benefit businesses in energy, aviation, transport, tourism, and retail sectors by fostering collaboration, innovation, and knowledge exchange. It will enhance the competitiveness of entrepreneurial projects and develop new digital economy opportunities.
DFF will play a pivotal role as a strategic partner, providing sector-specific consultancy, leveraging networks between public and private sectors, and offering open spaces for talent exploration and capacity building. Meta will bring its open-source AI suite to the table, fostering practical innovation within the ecosystem.
The business incubator will unfold in four main stages: defining corporate design challenges that can be addressed using LLMs, engaging relevant AI startups, scale-ups, and established companies, hosting a six-week journey at DFF focused on design thinking and rapid prototyping, and announcing innovative solutions while exploring product development and investment opportunities.
The program leverages the unique open-source “LLAMA 3” model to develop AI applications across various sectors. This flexible approach brings together innovators, creative thinkers, and technology entrepreneurs to create globally applicable solutions that enhance quality of life and expand digital economy opportunities.
Under the patronage of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, the AI Retreat gathered over 2,500 decision-makers, experts, and industry leaders. Discussions covered significant AI transformations, including policies, legislation, governance, talent ecosystem, digital infrastructure, and data center capabilities.
Abdulaziz AlJaziri, Deputy CEO of Dubai Future Foundation, emphasized the impact of global partnerships in driving the AI entrepreneurship ecosystem. Joelle Awwad, Head of Policy Programs at Meta, highlighted the importance of openness and collaboration in AI development.
This strategic partnership between DFF and Meta represents a significant step toward establishing Dubai as a global hub for AI innovation, supporting the city’s vision for a robust, AI-driven digital economy.
