Abu Dhabi: The Abu Dhabi Department of Economic Development (ADDED) has inked an agreement with the Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) to develop AI-driven solutions that will accelerate the expansion of small and medium-sized businesses (SMEs) and entrepreneurs.
ADDED, MBZUAI, and Wio Bank PJSC, the region’s first platform bank, will partner to create a virtual assistant (Chatbot) to help streamline SMEs access to Abu Dhabi’s diverse resources and programs. At every stage of the business journey, from ideation to growth, expansion, and long-term success, the chatbot will connect SMEs with stakeholders.
The inventive AI-powered chatbot will be carefully selected to offer helpful insights to help SMEs in Abu Dhabi grow and thrive, advice, and resource recommendations. These will enable SMEs to identify opportunities, streamline operations, and make well-informed business decisions.
Under the supervision of MBZUAI, a competition will be held where three student teams selected from Abu Dhabi universities will be invited to work with the venture lab operator to develop the AI Chatbot solution. The winning team’s solution will be developed further and adopted by ADDED.
Wio Bank, ADDED, MBZUAI, and the Abu Dhabi Chamber of Commerce and Industry (ADCCI) will also look into ways to expand the SME landscape to guarantee the vital sector, which makes up 46 percent of the workforce, 98 percent of businesses, and contributes 42 percent of GDP. 8 percent of non-oil GDP in Abu Dhabi plays a greater role in the emirate’s transition to a knowledge-based, innovation-driven, smart, and sustainable economy.
Mr. Sultan Al Hajji, Vice President of Public Affairs and Alumni Relations at MBZUAI, stated that, “MBZUAI is working closely with industry and government partners to support Abu Dhabi’s ambition to become a hub for AI-based startups. We are delighted to be a knowledge partner to ADDED and look forward to supporting the development of the SME ecosystem through the application of world-class research and AI-based solutions.”