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Dubai Future Foundation and Meta launch AI incubator to propel digital economy growth

The program will enhance collaboration and provide a platform for exchanging knowledge and expertise in AI product development.

Dubai Future Foundation and Meta launch AI incubator to propel digital economy growth
[Source photo: Krishna Prasad/Fast Company Middle East]

The digital economy is projected to grow to $780 billion by 2030. The Dubai Future Foundation (DFF) has joined forces with Meta to introduce a business incubator program to advance this goal. This initiative aims to transform how Large Language Models (LLMs) are utilized to innovate products and services across diverse industries.

The program is in line with the goals of the Dubai Universal Blueprint for Artificial Intelligence, which aims to contribute over $27 billion through digital transformation and enhance economic productivity by 50%.

DFF and Meta have announced that the program aims to establish Dubai as a global AI hub for organizations. Leveraging Meta’s open-source AI platform, the business incubator program will encourage collaboration, facilitate knowledge exchange, and enhance expertise in AI product development. This initiative is set to drive innovation, foster entrepreneurship, and create new opportunities and talent in the region.

“Through such programs, we aim to create new opportunities and provide fertile soil for startups’ rapid growth. This will support the overall innovation system and bring innovative AI solutions and applications to life for the betterment of humanity,” said Abdulaziz AlJaziri, Deputy CEO of Dubai Future Foundation.

The program will focus on five key sectors: energy, transportation, aviation, tourism, and retail. It will utilize the open-source “LLAMA 3” model to develop impactful AI applications tailored to each sector’s specific needs.

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