Abu Dhabi Startup News

In a significant development in the field of artificial intelligence (AI), the emirate of Abu Dhabi, the capital of the United Arab Emirates (UAE), has announced the open-source availability of its large-scale AI model, Falcon 40B. This step positions the UAE as a global frontrunner, being among the first nations to make a large language model freely available for both research and commercial use. The announcement came from the Advanced Technology Research Council (ATRC), the government body spearheading technological innovation in the emirate.

Dubai’s Virtual Asset Regulatory Authority (VARA) recently awarded BitOasis, the region’s leading cryptocurrency trading platform, with an unprecedented MVP Operational Licence. This monumental approval enables BitOasis to offer broker-dealer services from its Dubai base, while fulfilling all the regulatory obligations of VARA’s regime. In doing so, BitOasis becomes the first crypto trading platform to achieve this distinct milestone within the VARA framework. Founded in 2015, BitOasis has been a trailblazer in the crypto space, empowering users in the GCC and MENA regions with the ability to transact in over 60 tokens using fiat currencies such as AED, SAR, TL, and USD.

In a year marked by exceptional growth, Abu Dhabi’s global tech ecosystem, Hub71, has reported an impressive 102% increase in its community. This includes over 200 start-ups joining its network and 51 early-stage companies relocating to Abu Dhabi to fast-track their business expansion. Collectively, these Abu Dhabi startups raised almost $1.2 billion USD (4.5 billion AED) in venture capital, contributing to the creation of over 900 jobs. Underpinning this growth is Hub71’s commitment to fostering success for start-ups and advancing Abu Dhabi’s economic standing.

In recent years, the startup culture in the United Arab Emirates has seen a dramatic rise. The country is quickly becoming a hub for innovative and ambitious entrepreneurs, drawing attention from investors around the world. With an increasing number of startups entering the market, the UAE is emerging as one of the most promising markets in the Middle East. The UAE is a great place to start a business. The increase in startups has been fueled by supportive government policies that encourage entrepreneurship and innovation.

Abu Dhabi Global Market (ADGM) has launched a cryptocurrency hub to support the development of virtual assets, blockchain technology, and crypto assets in the region. The centre will enable businesses to navigate the regulatory environment both within the UAE and globally, access market opportunities, and network with industry peers. “Given the rapid emergence of new virtual assets such as cryptocurrencies and other related assets, ADGM is leading the way to introduce progressive frameworks and regulations around these technologies and developments,” ADGM said in a statement on Wednesday.