Page 41 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 1)

Press Release

THABAT organises event to encourage family businesses to leverage

artificial intelligence & innovative digital solutions

• 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.