The newly formed regional entity, Aquila Capital Middle East, will be headquartered in Abu Dhabi Global Market (ADGM) and led by Zaki Nuseibeh, a seasoned executive with over 18 years of experience in international banking and investing. His appointment marks a key leadership move as the company seeks to scale its operations and influence in the region.

“Our decision to establish a presence in Abu Dhabi reflects our deep confidence in the UAE’s economic growth and its rapidly evolving energy infrastructure,” said Nuseibeh. “We aim to serve local investors by offering access to Aquila Capital’s sustainable real asset strategies, while co-investing in projects that promote long-term development across the GCC.”

Aquila Capital Middle East will focus on deploying capital into energy transition and infrastructure assets—particularly in areas like renewable energy, data centers, and sustainable real estate. The launch follows the In-Principle Approval (IPA) granted by ADGM’s Financial Services Regulatory Authority (FSRA), pending final permissions.

Aquila Group’s CEO and co-founder Roman Rosslenbroich highlighted the strategic significance of the expansion: “Abu Dhabi will serve as both a regional hub and a bridge between our European and Asia-Pacific operations. The UAE’s innovation-driven vision and its strong regulatory environment make it an ideal partner for our sustainable investment goals.”

Founded in 2001, Aquila Group manages over EUR 15.4 billion in assets and has executed more than EUR 25 billion in transactions globally. With a portfolio spanning clean energy, infrastructure, and real estate, the group continues to lead in driving sustainable solutions and investment opportunities worldwide.

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“We are proud of our long-standing partnership with the Khalifa Fund for Enterprise Development, which continues to empower Emirati entrepreneurs by providing them with opportunities to showcase their exceptional products and services,” said Mohamed Abdalla Al Zaabi, Group CEO of Miral. “As we celebrate the Year of Community, this initiative has greater significance, as it not only drives economic development but also strengthens the social fabric of our communities, ensuring a more prosperous and connected future for all.”

Mouza Al Nasri, Acting CEO of Khalifa Fund for Enterprise Development, also added: “We are thrilled to continue our collaboration with Miral for the third consecutive year in this special event, which reflects our commitment to supporting and empowering Emirati businesses by providing a platform to showcase their innovative projects and engage with the community. We hope that this partnership will have a positive economic impact that enhances the competitiveness of national businesses and reflects the innovation and creativity of Emirati entrepreneurs.”

The fourth edition of Waterfront Nights is free to enter and offers a bigger and more vibrant experience. The event also features free workshops, family-friendly activities, entertainment, and a variety of food stalls offering local and international favourites.

The Khalifa Fund for Enterprise Development is a non-profit organisation established by the Abu Dhabi Government to foster entrepreneurship. Its mission is to develop and enhance the culture of entrepreneurship, encourage innovation, and provide support through a balanced ecosystem for small and medium-sized enterprises in the UAE. The Fund also offers Emirati entrepreneurs and business owners access to markets, resources, mentorship, and funding.

Waterfront Nights features local brands supported by the Fund, including Plowing Head, which offers postpartum hair loss treatment, and Cat Eye Beauty, showcasing high-quality makeup products. Additionally, EQ Gallery, owned by Emirati artist Eiman Al Qubaiti, displays her masterpieces in various forms, such as abstract art, oil painting, mixed media, decoupage, pouring art, resin, and landscape artworks. 90s Oud and  WOUD, contribute to offering exquisite Arabic fragrances through their unique and distinguished oud and bukhoor scents.

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Through a partnership with Abu Dhabi Gaming, Audiomob is pioneering a new way for companies to generate advertising revenues in gaming content globally. Audiomob allows brands and artists to connect with audiences worldwide through in-game audio ads that keep gamers engaged without any disruption.

A key challenge faced by game developers is maintaining the balance between retaining their player base while monetizing their games through adverts. Audiomob’s creative solution of playing unintrusive audio adverts in-game helps preserve the immersive experience sought after by all gamers. This patented technology has taken the gaming and advertising world by storm, with Audiomob working alongside some of the biggest names in the industry.

Recent achievements include the launch of the world’s first in-game audio Cost Per Install (CPI) product, enabling brands to pay only for installs, a breakthrough in performance marketing. Audiomob has also formed an exclusive partnership with Voodoo, one of the world’s largest mobile gaming publishers, and was recognized in Bloomberg’s “2024 UK Startups to Watch,” cementing its position as an industry leader in in-game audio advertising.

Wilfrid Obeng, Co-Founder and CTO of Audiomob, added: “Abu Dhabi has proven to be the perfect home for us, opening crucial doors to help us meet our ambitious growth strategy. The support from Abu Dhabi Gaming has been instrumental – from subsidies and talent development to a range of opportunities allowing collaboration with other members. We have seen firsthand that, in our industry, Abu Dhabi is the place to be.”

Marcos Muller-Habig, Director of Abu Dhabi Gaming, stated, “Abu Dhabi Gaming is proud to have many partners who excel developing & publishing video games as well as others who are into technology and programming as well. We are proud that Audiomob has joined our journey, specially with their recent product that helps brands to push ads without interrupting the player’s journey. The gaming ecosystem in Abu Dhabi is rich and diverse, which helps our partners to excel and turn their dream concepts into reality in Abu Dhabi.

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Under the updated fees schedule:

• Non-Financial Category
  • Initial registration fees are reduced from USD 10,000 to USD 5,500.
  • Annual licence renewal fees are reduced from USD 8,000 to USD 5,000.
• Retail Category
  • Initial registration fees are reduced from USD 6,000 to USD 2,500.
  • Annual licence renewal fees are reduced from USD 4,000 to USD 2,000.

These fee revisions align with the conclusion of the Al Reem Island transition period, which ended on 31st December 2024, and apply across ADGM’s jurisdiction, encompassing Al Maryah and Al Reem Islands.

The updated fee structure follows extensive consultations conducted in 2023 with ADGM’s business community, focusing on jurisdictional expansion and enhancing the ease of doing business. Based on this feedback, the Registration Authority (RA) undertook a comprehensive review to ensure the new structure meets the needs of ADGM’s evolving commercial landscape while supporting a seamless transition for its expanding business segments.

Hamad Sayah Al Mazrouei, the CEO of ADGM RA said, “The revised fee structure reflects our commitment to supporting businesses within ADGM’s thriving jurisdiction. By significantly reducing fees for non-financial and retail categories, we aim to cultivate a vibrant and efficient business ecosystem, reinforcing ADGM’s position as a leading international financial hub.”

With the conclusion of the Al Reem Island transitional period on 31st December 2024, fee exemptions previously available to qualifying non-financial and retail businesses have now been discontinued. The updated fee schedule also includes adjustments for other categories:

• Financial Category: Initial registration fees increased from USD 15,000 to USD 16,700, with annual renewals rising from USD 13,000 to USD 16,200.
• Tech Startups: Fees adjusted from USD 1,000 to USD 1,500 for both new registrations and renewals.

Additionally, a USD 300 data protection fee will continue to be applied across all categories at the time of new registration and annual renewal in the new fee schedule.

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Through the partnership, the Authority of Social Contribution – Ma’an will provide support, resources, mentorship, and opportunities to Hub71’s social startups. The Authority will also help social enterprises by offering incentives such as the Social Certificate, Abu Dhabi’s first governmental recognition certificates for businesses creating social impact in Abu Dhabi. The certificate recognises the startups’ contribution to developing sustainable solutions to social priorities and enhancing the wellbeing of the community.

Additionally, this collaboration enables social tech startups supported by Ma’an to join Hub71, offering them a gateway to solidify their presence in Abu Dhabi and scale globally. Startups who join Hub71’s programme will have an opportunity to unlock in-kind and cash incentives as well as gain access to a vast network of corporate, government, and investment partners.

The Authority of Social Contribution – Ma’an and Hub71 will explore jointly developing and publishing reports on the social tech ecosystem in Abu Dhabi to assess the landscape’s current state, identify key players, funding availability, and regulatory environments, providing valuable insights for stakeholders.

To learn more about The Authority of Social Contribution – Ma’an and its offerings, please visit: https://maan.gov.ae/en/

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Aligned with the Chamber’s ongoing commitment to foster prosperity within the local business landscape, these working groups focus on enhancing the private sector’s capacity, reflecting their aspirations, and channelling their voice to relevant stakeholders across key economic sectors.

The working groups explores seven key fields including precious metals and jewellery, chemicals production, Artificial Intelligence (AI), interactive and digital gaming, banking and financial services, blockchain and digital assets, as well as media, entertainment and gaming.

The Chamber previously identified over 126 opportunities for the private sector to develop, through their engagement with the current working groups that span across various sectors. These working groups often host group meetings and workshops to discuss topics related to each sector and enhance their contribution to socio-economic development.

His Excellency Shamis Ali Khalfan Al Dhaheri, Second Vice Chairman of ADCCI – Managing Director, said: “Through the new seven working groups, the Abu Dhabi Chamber aims to contribute to the Emirate’s economic aspirations by fostering a dynamic and diverse business ecosystem, solidifying Abu Dhabi’s position as the leading hub for business and investment.”

As part of its ongoing efforts to enhance a supportive business environment and ensure a flexible, innovative, and attractive ecosystem, the Chamber is strengthening communication between public and private sectors.

The Chamber supports the private sector by understanding its needs and enabling them to keep up with market changes, strengthening its role as a key contributor to building a diversified and sustainable economy.

Al Dhaheri emphasised the Chamber’s commitment to coordinating with all stakeholders to provide a platform that fosters cooperation, knowledge exchange, and opportunities for business growth in Abu Dhabi.

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The groundbreaking release sets new performance standards for small LLMs and democratizes access to advanced artificial intelligence by enabling the model to operate efficiently on light infrastructures, including laptops. Falcon 3 introduces superior reasoning and enhanced fine-tuning capabilities, making it a more powerful and usable AI model.

Falcon 3 is designed to democratize access to high-performance AI, offering models that are both powerful and efficient. Trained on 14 trillion tokens—more than double its predecessor’s 5.5 trillion—Falcon 3 demonstrates superior performance across various benchmarks. Notably, it ranks among the top models globally that can operate on a single GPU. Upon its release, Falcon 3 achieved the number one position on Hugging Face’s global third-party LLM leaderboard, surpassing other open-source models of similar size, including Meta’s Llama variants. In particular, the Falcon 3-10B model leads its category, outperforming all models under 13 billion parameters.

His Excellency Faisal Al Bannai, Secretary General of ATRC and Adviser to the UAE President for Strategic Research and Advanced Technology Affairs, said: “The transformative power of AI is undeniable. Today, we advance our contributions to the AI community, particularly the open-source sector, with the release of the Falcon 3 family of text models. This launch builds upon the foundation we established with Falcon 2, marking a significant step toward a new generation of AI models. Our ongoing commitment to ensuring these powerful tools remain accessible to everyone, everywhere, reflects our dedication to global equity and inclusive innovation.”

Falcon 3 Family
The Falcon 3 series includes four model sizes: Falcon3-1B, -3B, -7B and -10B. Compared to its predecessors, significant attention has been placed on seamless integration. The models are fully compatible with widely used APIs (Application Programming Interfaces) and libraries, considerably reducing integration efforts and ensuring ease of use. This ultimately enables users to select a solution that best fits their needs. With Falcon 3 delivering exceptional performance across reasoning, language understanding, instruction following, code generation, and mathematical tasks, it is poised to set new standards in AI capabilities.

The Falcon 3 small models each have a Base and an Instruct variation that each rank among the most powerful in the world for its size. The Base model allows general-purpose generative tasks, whereas the Instruct is a fine-tuned variant for conversational applications. Falcon 3 is available in English, French, Spanish and Portuguese. Falcon 3 models also have quantized versions that enable optimized integration into specialized architectures, being resource efficient and lightweight for rapid deployment and inference.

Dr. Najwa Aaraj, TII’s CEO, said: “Our dedication to pioneering research and attracting top-tier talent has culminated in the development of Falcon 3. The result is a model that exemplifies our pursuit of scientific excellence, offering enhanced efficiency and setting new benchmarks in AI technology.”

Dr. Hakim Hacid, Chief Researcher of the TII’s AI and Digital Science Research Center (AIDRC), said: “AI is fast evolving, and we are glad to be an active part of this journey. Falcon 3 pushes the boundaries of small LLMs further, contributing to the open-source community by providing access to a better-performing AI. We are confident that this latest release will open an unlimited range of opportunities and will have tremendous benefits, empowering businesses and individuals to use AI in ways that were previously out of reach.”

Falcon 3 is available immediately for download on HuggingFace and at FalconLLM.TII.ae, along with details on the benchmarks.

TII is also introducing Falcon Playground, a testing environment for end-users, programmers, coders, and researchers to explore Falcon 3 before its official release, providing an opportunity to experiment and offer feedback.

Falcon 3 is licensed under TII Falcon License, the permissive Apache 2.0-based software license that includes an acceptable use policy which promotes the responsible use of AI.

Early January 2025, the Falcon 3 Family of models will introduce new members with an emphasis on multimodal functionalities—including text, images, video, and voice mode.

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Beam Ventures is strategically positioned at the intersection of blockchain, gaming, and artificial intelligence. Stimulating innovation in these fields, Beam Ventures aims to redefine gaming experiences and collectively drive growth within the industry. As the gaming industry continues to evolve, it’s organizations like Beam Ventures that have the potential to bring change by providing resources for game developers and early-stage startups.

An ambitious vision for the future of gaming
The fund is driven by a commitment to shape the future of gaming together with the next generation of game developers and innovators. In collaboration with partners on the ground in Abu Dhabi, Beam Ventures aims to create an environment that nurtures talent and elevates Abu Dhabi’s status as a global gaming leader.

Abu Dhabi is rapidly becoming a hotspot for gamers and game developers, with a growing community of players and transformative initiatives like the development of an esports island. Moreover, the Emirate hosts a wide variety of gaming events ranging from summits to tournaments of the biggest games in the world. Beam Ventures is determined to build on this momentum and attract top talent to the region, mainly through its accelerator program.

HE Saeed Al Fazari, Strategic Affairs Executive Director at the Department of Culture and Tourism – Abu Dhabi, said: “Over the past three years, we have built a robust gaming infrastructure in Abu Dhabi, and establishing a dedicated gaming fund is a crucial step in ensuring that this ecosystem continues to thrive. This initiative aligns seamlessly with our Abu Dhabi Gaming efforts, reflecting our commitment to welcoming investments in the gaming industry and highlighting the trust and confidence investors have in our ecosystem.

We remain deeply committed to attracting and nurturing talent in Abu Dhabi, contributing to the knowledge-sharing economy, and driving the growth of the creative industries. This fund is another step forward in ensuring Abu Dhabi becomes a global hub for gaming excellence and innovation.”

“At Beam Ventures, one thing drives us above all else: innovation. In whatever form it might take, innovation has always been our lifeblood and our North Star – and that’s why we are so delighted to be bringing our pursuit of innovation to Abu Dhabi, a city that has shown itself time and again to share our mindset. We’re convinced that Abu Dhabi is set to be the epicenter of the world’s most exciting, pioneering tech and gaming innovation for years and decades to come.  We have always sought the cutting edge at Beam Ventures – and we know that with this collaboration we have found exactly that. We look forward to other cutting-edge creators and founders joining us on this adventure.” said Mark Borsten, Chief Strategy Officer.

Beam Ventures accelerator program
In alignment with its mission to cultivate and empower new talent, Beam Ventures will launch an accelerator program, inspired by globally recognized precedents. This program is designed to support early-stage startups specializing in web3 gaming and AI, offering a combination of in-person and remote participation options. The goal of the program is to create a breeding ground of successful startups that will impact the gaming industry and beyond.

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During a signing ceremony with representatives from Abu Dhabi Department of Economic Development, Mubadala Investment Company, Google and Hub71, it was announced that through this strategic collaboration, Google will launch a dedicated accelerator program in 2025, selecting 25 high-potential startups from Hub71’s ecosystem for a three-month program focused on scalable growth strategies and optimizing business models. Additionally, all startups within the Hub71 community will be eligible for substantial Google Cloud credits, with top-performing startups accessing up to $300,000 in credits – the highest tier available globally.

In addition, Google will offer tailored playbooks to support early-stage ventures within Hub71’s community. Hub71 startups will benefit from Google’s mentor network, connecting them with global industry leaders and experts. Google will also introduce Hub71 startups to its relevant investment divisions and its parent company, Alphabet, creating the potential for funding conversations centered on innovation and technology transformation.

His Excellency Ahmed Jasim Al Zaabi, Chairman of Hub71, said: “Hub71’s partnership with Google reinforces Abu Dhabi’s commitment to becoming a global technology leader. By leveraging the expertise of distinguished international tech giants, we are not only accelerating our economic transformation but also empowering entrepreneurs and startups with the tools and global opportunities needed to thrive in a competitive digital economy. This collaboration reflects our commitment to fostering a vibrant, future-ready ecosystem that drives sustainable growth and positions Abu Dhabi at the forefront of global technological advancement.”

Anthony Nakache, Managing Director for Google in MENA, commented: “This partnership with Hub71 to bring the ‘Google for Startups’ accelerator program to Abu Dhabi reflects Google’s commitment to empowering the UAE’s startups with growth, resources, and access to a global network of Google experts. We will also help them contribute to the growing digital business landscape in the UAE and the region.”

Ahmed Ali Alwan, CEO of Hub71, added: “Our partnership to bring the flagship ‘Google for Startups’ program to Abu Dhabi marks an exciting chapter for Hub71, reflecting our commitment to ensure Abu Dhabi remains at the forefront of technology and entrepreneurship.”

As part of the partnership, Google will facilitate exchange meetings with Hub71 on themes such as web3, sustainability, and AI. By creating forums for knowledge exchange and ideation, Hub71 and Google aim to address emerging market needs while encouraging sustainable growth practices. This collaboration will offer founders a distinctive program to access resources and expertise within Abu Dhabi’s global tech ecosystem.

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“There are two critical choices when referring to AI,” said H.E. Faisal Al Bannai, the Secretary General of the Advanced Technology Research Council and Adviser to the UAE President. “You can leverage a closed-source AI model that belongs to a company. They control it, including the data you give it. Innovation begins and ends with them.

“Alternatively, you can leverage an open-source model that grows within the community. We innovate together, and anyone, anywhere, can access and build on it. If AI is going to be part of the fabric of our society—and it will—countries, companies, and individuals need to decide who controls it. Opening Falcon AI models was TII’s contribution to the world.’”

Dr. Najwa Aaraj, the Chief Executive Officer of TII said, “The Open-Source AI Summit Abu Dhabi is a defining moment for global AI discourse. Falcon, like other open-source models, unites scientists, developers, and innovators to accelerate technological advancements as a catalyst for global change. We look forward to seeing the impact it will continue to have, particularly as we continue our work with the Falcon Foundation.”

The summit agenda continued with discussions from renowned speakers. including Dr. Belgacem Haba, the Vice President of the Adeia Corporation in the U.S., who spoke about the challenges that AI has created in the semiconductor manufacturing industry.

Prof. Philip Torr, a Professor and Chief Scientific Advisor at Oxford University in the U.K, spoke about who should own AI, touching on potential drawbacks as well as regulation, and arguing that in the long-term, the benefits of open-source AI outweigh the risks.

Dr. Hakim Hacid, the Chief Researcher of TII’s AI Research Center, said, “We believe open-source AI is the way forward, but it is far from simple—there are challenges and questions about control, policy, compute power, and hardware that we need to address. That is why we’re convening so many global experts at this summit and will continue to do so in future years in partnership with the Falcon Foundation. These conversations are crucial.”

Later speakers will include Dr. Natalia Vassilieva, the Vice President and Field CTO of Cerebras Systems in the U.S., Dr. June Paik, the Founder and CEO of FuriosaAI in the U.S., Dr. Armand Joulin, a Research Director at Google DeepMind in France, and Dr. Michal Valko, the Principal Llama Engineer at Meta Paris in France. They will speak about degrees of AI openness, sustainable AI computing, creating more compact LLMs, leveraging foundation models for trustworthy algorithms, and more.

TII’s Dr. Jingwei Zuo will speak about Falcon Mamba, the first State Space Language Model, built using entirely new architecture and launched earlier this year.

The summit will culminate in a panel led by TII on their vision for open-source AI.

TII’s Falcon AI LLM series has garnered global recognition. The series began with the launch of Falcon 40B, the UAE’s first open-source LLM, in May 2023. Since then, subsequent Falcon models have consistently ranked among the top open-source AI models globally, as validated by the independent industry leaderboard, Hugging Face. A new model of Falcon is expected by the end of 2024.

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