DMCC's AI Centre is located in Dubai's Uptown Tower, a 79-floor skyscraper. Photo: DMCC
DMCC's AI Centre is located in Dubai's Uptown Tower, a 79-floor skyscraper. Photo: DMCC
DMCC's AI Centre is located in Dubai's Uptown Tower, a 79-floor skyscraper. Photo: DMCC
DMCC's AI Centre is located in Dubai's Uptown Tower, a 79-floor skyscraper. Photo: DMCC

New AI Centre opens at DMCC


Cody Combs
  • English
  • Arabic

An AI Centre has been launched at the Dubai Multi Commodities Centre, the free zone focused on commodities and trade.

Announced in May, DMCC's AI Centre officially opened its doors at an event in Dubai’s Uptown Tower, the 79-floor high-rise developed by DMCC, where the AI Centre is also located.

According to DMCC, the AI Centre will provide access to capital and accelerator programmes, networking, education and training.

“We're not running an AI company, we're supporting an AI community,” said Ahmed bin Sulayem, executive chairman and chief executive of DMCC, at an inauguration ceremony for the AI Centre.

DMCC chairman and chief executive Ahmed Bin Sulayem said he anticipates the AI Centre will have a multiplier effect on the entire DMCC community. Photo: DMCC
DMCC chairman and chief executive Ahmed Bin Sulayem said he anticipates the AI Centre will have a multiplier effect on the entire DMCC community. Photo: DMCC

“This will create a multiplier effect on all of DMCC's entities,” he added.

Mr bin Sulayem said that DMCC hopes to attract the best AI companies and investors to create real-life, pragmatic AI use cases as AI adoption reaches a crescendo.

“Since AI is going to be part of your life and work, it's going to be important to keep the industry close by,” he explained.

Also in attendance at the AI Centre inauguration was Sachin Dev Duggal, chief executive of Builder.ai, an artificial intelligence-powered composable software platform, one of several partners of the centre.

DMCC's AI Centre aims to become the leading innovation platform for advancing AI adoption and developing real-life uses, say officials. Photo: Cody Combs / The National
DMCC's AI Centre aims to become the leading innovation platform for advancing AI adoption and developing real-life uses, say officials. Photo: Cody Combs / The National

“With this centre, we're helping to unveil a portal to global commerce,” he said, reflecting on why Builder.ai chose DMCC as an ecosystem partner.

“We didn't want to be a software company just surrounded by other software companies, we wanted to be surrounded by potential customers and peers,” Mr Duggal said, referring to DMCC's reach and partnerships with gold, diamond, tea, coffee, crypto and gaming entities, to name a few.

This is not DMCC’s first venture into technology-focused areas. Back in 2021, DMCC established Crypto Centre, a new space that to house companies developing crypto and blockchain technology.

The Crypto Centre was the result of a partnership with Switzerland’s CV Labs, the organisation behind the Swiss government-backed Crypto Valley.

The DMCC AI Centre plans to provide access to capital and accelerator programmes, knowledge sharing and networking opportunities, R&D and education and training. Photo: Cody Combs / The National
The DMCC AI Centre plans to provide access to capital and accelerator programmes, knowledge sharing and networking opportunities, R&D and education and training. Photo: Cody Combs / The National

It is part of the free zone’s own Crypto Valley – an ecosystem for cryptographic, blockchain and distributed ledger technology entities in the UAE.

Also in attendance at the inaugural event was Dubai Future Foundation chief executive Khalfan Belhoul, who spoke about the importance of continuing to harness the potential promise of artificial intelligence.

“How can you disregard this sector that is creating, potentially, $15 billion to the global economy by 2030?” he said.

“Fifty years ago, this was a desert behind us,” he added, pointing out the window of Uptown Tower to Dubai's skyline. “But we embraced new ideas and new economies, which is what we're doing with the AI Centre.”

Established in 2002, DMCC was created to bolster Dubai's aspirations to become a commodity trading and enterprise presence in the Middle East.

More than 24,000 companies are registered with it, says DMCC.

yallacompare profile

Date of launch: 2014

Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer

Based: Media City, Dubai 

Sector: Financial services

Size: 120 employees

Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)

Silent Hill f

Publisher: Konami

Platforms: PlayStation 5, Xbox Series X/S, PC

Rating: 4.5/5

White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

Three trading apps to try

Sharad Nair recommends three investment apps for UAE residents:

  • For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
  • If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
  • Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
Polarised public

31% in UK say BBC is biased to left-wing views

19% in UK say BBC is biased to right-wing views

19% in UK say BBC is not biased at all

Source: YouGov

Classification of skills

A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation. 

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000. 

How Alia's experiment will help humans get to Mars

Alia’s winning experiment examined how genes might change under the stresses caused by being in space, such as cosmic radiation and microgravity.

Her samples were placed in a machine on board the International Space Station. called a miniPCR thermal cycler, which can copy DNA multiple times.

After the samples were examined on return to Earth, scientists were able to successfully detect changes caused by being in space in the way DNA transmits instructions through proteins and other molecules in living organisms.

Although Alia’s samples were taken from nematode worms, the results have much bigger long term applications, especially for human space flight and long term missions, such as to Mars.

It also means that the first DNA experiments using human genomes can now be carried out on the ISS.

 

Defence review at a glance

• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”

• Prioritise a shift towards working with AI and autonomous systems

• Invest in the resilience of military space systems.

• Number of active reserves should be increased by 20%

• More F-35 fighter jets required in the next decade

• New “hybrid Navy” with AUKUS submarines and autonomous vessels

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Who are the Soroptimists?

The first Soroptimists club was founded in Oakland, California in 1921. The name comes from the Latin word soror which means sister, combined with optima, meaning the best.

The organisation said its name is best interpreted as ‘the best for women’.

Since then the group has grown exponentially around the world and is officially affiliated with the United Nations. The organisation also counts Queen Mathilde of Belgium among its ranks.

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THE SPECS

2020 Toyota Corolla Hybrid LE

Engine: 1.8 litre combined with 16-volt electric motors

Transmission: Automatic with manual shifting mode

Power: 121hp

Torque: 142Nm

Price: Dh95,900

Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

Updated: September 10, 2024, 2:21 PM