Abu Dhabi's Advanced Technology Research Council has launched a new company focused on artificial intelligence, as the emirate boosts efforts to become a global hub for the emerging technology.
The new entity, AI71, seeks to democratise access to AI and is built on the Falcon large language models developed by the council's Technology Innovation Institute.
AI71, which will be taken to the market by the council's commercialisation arm VentureOne, was formally launched by Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi.
The company is designed to cater to key economic verticals. In its initial phase, AI71 LLMs for the medical, legal, education and government fields will be launched, with "many others" to come, Faisal Al Bannai, secretary general of the council, said at the launch.
"By creating AI71, [the company] becomes a major part of driving the digital economy, of driving AI use across multiple sectors. So it increases our efficiency and ability to be much more productive and competitive globally," he told The National.
"We will not be shy in our objectives, we will not be humble in our goals. We are determined to be a key player in shaping where AI is going globally. AI71 will play a pivotal role in this journey."
AI71 is teaming up with key local entities as part of its initial partnerships, including with the office Omar Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, who signed an agreement with Mr Al Bannai at the event.
Other UAE organisations that have signed up include the Department of Government Enablement and Abu Dhabi's start-up ecosystem Hub71.
AI71 is also partnering with global majors including Amazon Web Services, consultancy PwC, US IT management firm World Wide Technology and data company CNTXT.
"These pivotal agreements that are about to shape our collective future, explore our offerings and envision a future where AI is for all," Mr Al Bannai said.
The AI industry, long used in businesses and society, was brought forward by the emergence of ChatGPT, created by Microsoft-backed company OpenAI.
The praise for the technology, due to its advanced conversational skills, launched a race between the biggest technology companies and personalities, including Microsoft, Google, Amazon, Oracle and Elon Musk, owner of social platform X.
The UAE has made strides in the industry, having already unveiled major large language models – the underlying algorithm that powers generative AI – to advance efforts to become the industry leader.
The TII has launched its Falcon flagship LLM, its advanced iteration, and Noor, which at the time of its launch last year was the world’s largest Arabic natural language model, to grow generative AI capabilities in the region.
In August, Abu Dhabi AI company G42's unit Inception, the Mohamed bin Zayed University of Artificial Intelligence and Silicon Valley-based Cerebras Systems launched Jais, an open-source bilingual Arabic-English model.
Generative AI is expected to hold immense economic potential. Gulf countries are expected to reap about $23.5 billion in economic benefits by 2030 as investments in generative AI continue to grow, PwC unit Strategy& Middle East said in a recent report.
"Data that we have as a country in our ecosystem, large organisations and large sectors is the fuel in the AI era," Mr Al Bannai said.
"We can use it as an ecosystem in a very efficient way to really grow our capabilities in this space."
AI71's models will ensure the privacy and security of user data, and will be under the control of clients, Mr Al Bannai added.
"You are giving access to your most sensitive data that you have so that you can get analysis back ... this is an area where we want to make sure we bring back control to the owner of the data when it comes to the new era of AI," he said.
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JAPANESE GRAND PRIX INFO
Schedule (All times UAE)
First practice: Friday, 5-6.30am
Second practice: Friday, 9-10.30am
Third practice: Saturday, 7-8am
Qualifying: Saturday, 10-11am
Race: Sunday, 9am-midday
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
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Mohammed bin Zayed Majlis
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Cast: Priyanka Chopra Jonas, Farhan Akhtar, Zaira Wasim, Rohit Saraf
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Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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Dunki
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MATCH INFO
Qalandars 112-4 (10 ovs)
Banton 53 no
Northern Warriors 46 all out (9 ovs)
Kumara 3-10, Garton 3-10, Jordan 2-2, Prasanna 2-7
Qalandars win by six wickets
