• H.E. Abdulaziz Al Nuaimi: Ministry of Economy is committed to strengthening cooperation with public & private sector partners to ensure a conducive environment for the growth of family businesses
• Event features workshop titled 'Innovation and Development - AI-Driven Innovation,' highlighting the significance of AI as a powerful tool to accelerate innovation

Abu Dhabi, 24 September 2024

THABAT program, the joint initiative by the Ministry of Economy and Bridgemaker, organised an event to encourage family businesses in the country to leverage artificial intelligence (AI) technology and various other innovative digital solutions in several key sectors. The event, held at Capital Club Dubai, promoted discussions on AI and harnessing its potential to achieve business growth.

H.E. Abdulaziz Al Nuaimi, Assistant Undersecretary for Entrepreneurship and the Economic Affairs Regulatory Sector at the Ministry of Economy, inaugurated the event in the presence of Mr. Thies Hofmann, Managing Partner at Bridgemaker. H.E. Al Nuaimi emphasised the Ministry's commitment to fostering collaboration between the public and private sectors in order to create a favourable environment for family businesses in the country. H.E. said: 'We, at the Ministry of Economy, continue to work towards promoting innovation with a particular focus on family businesses, which play a crucial role in the growth and competitiveness of the national economy.'

Mr. Hofmann highlighted key real-life applications executed by Bridgemaker, a leading corporate venture builder in Europe. Their primary focus is on collaborating with family businesses to foster innovation and ensure the continuity of their operations across future generations. Citing an example, Mr. Hofmann demonstrated how the adoption of AI facilitated the creation of a new product for a family business, enabling them to successfully sign their first client contract within six months. He emphasised the capabilities of such technology in generating new ideas and effectively accelerating innovative processes.

The event featured a workshop titled ‘Innovation and Development - AI-Powered Innovation,’ emphasising the significance of AI and highlighting its transformation from a mere concept to a practical tool that can boost innovation.

Interactive session

Furthermore, the event featured an interactive session on the selection of sectors with most potential for AI integration, during which, healthcare sector was highlighted with a specific focus on personalised medicine. The discussion led to the conception of the ‘Genome Data Market,’ a platform that connects healthcare providers with biotechnology enterprises and research institutions. A preliminary model of this concept was promptly created, reflecting the capability of AI to rapidly translate concepts into practical solutions.

Simultaneously, an AI-driven platform was created to boost energy efficiency in the real estate sector, demonstrating how innovative technology can optimise operations by seamlessly integrating smart devices with advanced algorithms.

Strong participation from family businesses

The event saw a significant turnout of family businesses with the active participation of over 50 leading family businesses and entrepreneurs, who contributed to shaping the ideas and innovations that were presented. The event concluded with a voting process to select the most exceptional model, and the 'Genome Data Market' concept emerged as the winning choice. This showcases the potential of AI integration, human innovation, and cutting-edge technologies in yielding remarkable and influential results that push the boundaries of innovation to new heights.

THABAT program remains committed to supporting family businesses in embracing modern innovation tools, with the objective of maintaining their legacy and strengthening their contribution to the dynamic global economy. The initiative encourages family businesses to become part of a distinguished group of family businesses that have achieved exceptional transformation. By exploring the Thabatventures.ae website, they can discover the ways in which the program can enhance innovation and sustainability within their operations.