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TECH-
#1- MBZUAI launches new LLM model: The Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) released a new open-source 65-bn parameter large language model (LLM), in collaboration with software companies Petuum and LLM360, Wam reports. The model — dubbed K2-65B — is trained on 1.4 tn tokens using Nvidia’s DGX Cloud, using 35% fewer resources than comparable LLMs. It is available without cost globally under the Apache 2.0 license.
The model outperforms Meta’s Llama 2 70B Chat in understanding and generating human-like responses, and is competitive against larger models such as GPT-4 in areas including mathematical and logical reasoning.
Not the UAE’s first LLM: The applied research division of Abu Dhabi’s Advanced Technology Research Council, the Technology Innovation Institute (TII), recently rolled out its new open-source GenAI model, Falcon 2 series, which included two open-source models that also outperformed Meta’s Llama 3 and was on par with Google’s Gemma.
TELECOMS-
Yahsat to boost Zimbabwe’s satellite connectivity: Satellite comms firm Yahsat signed a partnership agreement with Satcom Technologies to jointly work on satellite communications projects in Zimbabwe, Wam reports. The partnership will see Yahsat work alongside Satcom to provide the Zimbabwean government with satellite connectivity solutions, with services expected to begin in June.
PHARMA-
First Egyptian manufacturer to set up meds factory in Dubai Industrial City: Dubai business park operator Tecom Group has signed a Musataha land lease agreement with Egypt’s MD Pharma to set up a AED 130 mn integrated medical facility, marking the first investment by an Egyptian firm in the manufacturing hub and the first for an Egyptian pharma player in the UAE, according to a statement. The facility will span 23k sqft and is set to launch in 2025 and will cater to markets in the GCC and Africa.
HOSPITALITY-
YY Group sets up shop in the UAE: Singapore-based hospitality staffing and commercial cleaning services provider YY Group has launched operations in the UAE, appointing Ramy Attia as country director for UAE operations, according to a press release. The company aims to make its YY Circle Super App — which uses technology and the Internet of Things to optimize labor sourcing in the cleaning industry — the top-rated app in the local labor sourcing industry.
LOGISTICS-
AD Ports inked an MoU with the Economic Development Board of Madagascar to explore investments in the maritime, industry and logistics sectors in Madagascar, Wam reports. The two sides will look at potential cooperation on economic cities and freezones, ports, marina and cruise port facilities, digitizing logistics and maritime services, developing the fisheries sector, and the development of a maritime academy.
EDUCATION-
Education provider Gems Education will set up a branch for Gems Founders School in the Dubai South Residential District close to Expo Road, according to the Dubai Media Office. The new school is set to offer the British curriculum from FS1 to Year 8. The campus will span 250k sqft with facilities tailored for students aged 3 to 18. The school is set to open at the start of the school year in August 2024, with registrations starting 1 June.
DEBT-
Moody’s upgraded Dubai Electricity and Water Authority’s long-term issuer rating from Baa2 to A3, citing its market dominance, strong asset base and credit metrics, supportive tariff structure, and solid liquidity profile, a DFM filing (pdf) reads.
PROCUREMENT-
Ajman Transport Authority will now procure supplies digitally via the Tawreed platform, following a service provision agreement with Ajman’s Department of Finance, a press release reads. The transport authority will issue tenders, receive quotes, award bids, issue purchase orders and prepare invoices through the platform.
BUSINESS-
The Dubai Chamber of Commerce established the Kazakhstan Business Council to strengthen trade relations between the Dubai and Kazakhstan business communities, according to the Dubai Media Office. By the end of 1Q 2024, 589 companies from Kazakhstan were active members of the Dubai Chamber of Commerce.
AVIATION-
The General Civil Aviation Authority forged a strategic partnership with the International Civil Aviation Organization, focusing on developing future aviation professionals, Wam reports. The partnership involves attracting, training, and certifying new talent.
INS.
New AED 50 mn medical ins. plan for Sharjah: Sharjah ruler Sheikh Sultan bin Muhammad Al Qasimi has greenlit the new phase of Sharjah’s medical ins. plan for the emirate’s citizens, to be implemented with a total budget of AED 50 mn, Wam reports. The new plan will provide treatment for 5k citizens between the ages of 50-55 at the University Hospital. The previous phase involved providing treatment for over 9.6k beneficiaries, all above the age of 55.
What’s next? The next phase of the plan will provide medical treatment to some 8k citizens aged between 45 and 55.
MANUFACTURING-
Ta’ziz inks 31 land reservation agreements: Ta’ziz, the industrial zone under-development in Adnoc’s Al Ruwais gas field, has signed 31 land reservation agreements for its light industrial area with tenants from the manufacturing, logistics, maintenance and training services sectors, according to a press release. Located in different phases of Ta’ziz, the reserved land plots are expected to be handed over next year to provide manufacturing and industrial services for the Al Dhafra region.
About Ta’ziz: Upon completion, the Ta’ziz industrial zone will cover 226 sqm of warehousing spaces and will include 249 serviced plots spread across 3.71 sqkm. The light industrial area is anticipated to reel in AED 1 bn in investments and create thousands of job opportunities.
LEGISLATION-
Dubai digitizes judicial procedures: Dubai Courts has launched a program designed to streamline and digitize judicial procedures, dubbed Tanfeeth+, Wam reports. The platform will offer services like a digital seal to facilitate enforcement of court rulings, a disclosure platform to provide judges with information on defendants’ assets to allow them to issue seizure warrants directly, and a service for automatic cancellation of enforcement orders that revokes court orders and lifts seizures once payment verdicts are completed.
Other services include: Automatic disbursements into claimants’ registered bank accounts, virtual bank accounts for direct deposits of seized assets, a system for notifying order executors about seized assets that are up for sale, and an integrated platform with the Interior Ministry to directly inform the executive authority of travel bands and property seizures.
RETAIL-
Abu Dhabi launches AED 1.3 Reem Mall: Abu Dhabi’s latest shopping development, Reem Mall, was inaugurated on Wednesday, according to a press release. Built with an investment of AED 1.3 bn, the mall covers 186k sqm of leasable area and features Abu Dhabi’s first indoor snow park as well as over 400 retail stores.
