THABAT program, the joint initiative by the Ministry of Economy and Bridgemaker, organised an eventto 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, promoteddiscussions on AI andharnessing its potential to achieve business growth.

H.E. Abdulaziz Al Nuaimi, Assistant Undersecretary forEntrepreneurship and the Economic Affairs Regulatory Sectorat 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 innovationwith a particular focus on family businesses, which play a crucial role in the growth and competitiveness of the national economy."

Mr.Hofmannhighlightedkey real-lifeapplications executed by Bridgemaker, a leadingcorporate 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. Hofmanndemonstrated 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 newideas and effectively accelerating innovative processes.

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

Interactive session

Furthermore, the event featured aninteractivesessionon the selection ofsectors with most potential for AI integration, during which, healthcare sectorwas 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 ofAItorapidlytranslate 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.

Strongparticipation from family businesses

The event saw a significant turnout of family businesses withthe 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.

THABATprogram 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 candiscover the ways in which the program can enhance innovation and sustainability within their operations.