Dubai Chambers and Dubai Multi Commodities Centre (DMCC) have joined forces in a groundbreaking Memorandum of Understanding (MoU) to enhance Dubai’s status as a global hub for digital investments. The strategic collaboration focuses on attracting companies that specialise in AI, cryptocurrencies, and gaming, recognising their importance in shaping the future of the digital economy.
As part of the MoU, DMCC will provide specialised business setup support packages to facilitate the entry of new enterprises and ensure they have the necessary tools to thrive. Companies will also gain access to valuable resources, including participation in DMCC’s knowledge series events and complimentary compliance services and tax clinics.
That partnership aligns with the Dubai Economic Agenda (D33), which seeks to double the size of Dubai’s economy over the next decade and position the emirate among the top three global cities for business and innovation. Dubai Chambers and DMCC are united in their commitment to driving economic growth and innovation within the emirate through their collaboration.
They recognise the importance of creating a favourable business environment to support international companies and investments. By enhancing the growth of the digital economy and fostering a climate of institutional excellence, their efforts aim to provide a robust ecosystem that not only attracts innovative firms but also encourages the development of future-facing sectors.
Meta Platforms has signed an agreement to purchase the full output of a new solar power plant from French utility giant Engie. The Sypert solar plant, expected to generate 260 megawatts of clean energy, is scheduled to go live in late 2025. This partnership aligns with Meta’s ongoing commitment to meet the energy demands of its expanding data centre operations with sustainable power sources.
The Sypert plant will add to Engie’s growing renewable energy portfolio, which currently includes about 8 gigawatts of solar, wind, and battery storage projects across North America. Earlier this month, Engie also secured a solar power agreement with Google for its largest US solar project, reinforcing the company’s role as a major clean energy supplier for tech firms.
Driven by technologies like AI, the demand for data centre power in the US is predicted to triple by 2030, according to Goldman Sachs. The Biden administration has called on tech companies to invest in green energy to support this growth, and partnerships like Meta and Engie’s reflect this broader push toward a more sustainable digital economy.
Google researchers announced a breakthrough in cybersecurity, revealing they have discovered the first vulnerability using a large language model. This vulnerability, identified as an exploitable memory-safety issue in SQLite—a widely used open-source database engine—marks a significant milestone, as it is believed to be the first public instance of an AI tool uncovering a previously unknown flaw in real-world software.
The vulnerability was reported to SQLite developers in early October, who promptly addressed the issue on the same day it was identified. Notably, the bug was discovered before being included in an official release, ensuring that SQLite users were unaffected. Google emphasised this development as a demonstration of AI’s significant potential for enhancing cybersecurity defences.
The initiative is part of a collaborative project called Big Sleep, which involves Google Project Zero and Google DeepMind, stemming from previous efforts focused on AI-assisted vulnerability research.
Many companies, including Google, typically employ a technique known as ‘fuzzing,’ where software is tested by inputting random or invalid data to uncover vulnerabilities. However, Google noted that fuzzing often needs to improve in identifying hard-to-find bugs. The researchers expressed optimism that AI could help bridge this gap. ‘We see this as a promising avenue to achieve a defensive advantage,’ they stated.
The identified vulnerability was particularly intriguing because it was missed by existing testing frameworks, including OSS-Fuzz and SQLite’s internal systems. One of the key motivations behind the Big Sleep project is the ongoing challenge of vulnerability variants, with more than 40% of zero-day vulnerabilities identified in 2022 being variants of previously reported issues.
The UAE’s energy giant ADNOC is pioneering the use of highly autonomous agentic AI in the energy sector through a partnership with G42, Microsoft, and AIQ, as announced by CEO Sultan Al Jaber at an industry event in Abu Dhabi. This move is part of a broader UAE strategy to reduce reliance on oil, with support from G42, which secured a $1.5 billion investment from Microsoft to fuel the nation’s tech industry diversification.
Agentic AI, viewed as the future of artificial intelligence, allows systems to operate independently and make proactive decisions. According to Jaber, this advanced AI will significantly enhance operations by analysing vast amounts of data, reducing seismic survey times from months to days, and improving production forecasts by up to 90%.
The UAE’s government is investing billions in AI, including regional language-specific chatbots, positioning the Gulf state to remain economically influential as global demand for oil wanes.
Leading tech giants are racing to expand their AI infrastructure, with companies like Microsoft, Meta, and Amazon dedicating billions to meet rising demand. However, the heavy spending on data centres and computing power is sparking concern among investors who are eager for quicker returns. Big Tech’s significant capital investments come with mounting costs, threatening profitability and raising questions about how quickly these ventures will yield results.
Despite exceeding recent earnings forecasts, Big Tech stocks dropped on Thursday, underlining the pressure they face to balance AI expansion with shareholder expectations. Microsoft and Meta reported increased spending in their latest quarters, yet their shares fell, with Microsoft dropping 6% and Meta 4%. Amazon’s shares saw a brief dip before recovering on news of a strong third-quarter performance. Analysts point to a challenging road ahead as these firms juggle AI ambitions with market demands for near-term gains.
The challenges extend to capacity issues, with firms like Microsoft struggling to keep up with demand due to data centre constraints. Meanwhile, Meta forecasts that its AI-related expenses will increase significantly next year, and chip manufacturers like Nvidia and AMD are racing to fulfil orders. This supply bottleneck highlights the complex task of scaling up AI services, adding a layer of unpredictability to Big Tech’s efforts.
Despite short-term risks, companies remain committed to AI. Amazon CEO Andy Jassy described AI as a “once-in-a-lifetime” opportunity, while Meta’s Mark Zuckerberg likened today’s investment climate to the early days of cloud computing. As firms continue to ramp up infrastructure spending, they are counting on long-term returns, hoping to transform initial scepticism into eventual success.
OpenAI has introduced new search functions to its popular ChatGPT, making it a direct competitor with Google, Microsoft’s Bing, and other emerging AI-driven search tools. Instead of launching a separate search engine, OpenAI chose to integrate search capabilities directly into ChatGPT, which will pull information from the web and relevant sources based on user questions.
Initially, ChatGPT’s search feature will be available to Plus and Team users, with plans to expand access to enterprise and educational users, as well as free users, in the coming months. OpenAI’s partnerships with major publishers like Condé Nast, Time, and the Financial Times aim to provide a rich pool of content for ChatGPT’s search.
This launch follows OpenAI’s selective testing of SearchGPT, an AI-based search prototype, earlier in the year. With its recent funding round boosting its valuation to an estimated $157 billion, OpenAI continues to strengthen its standing as a leading private AI company.
Google is bringing AI to its mapping apps, integrating its Gemini chatbot to enhance user experiences in Google Maps, Waze, and Google Earth. With over two billion active users each month, Google Maps is a core service where the tech giant aims to apply recent advancements in AI to offer more accurate, personalised suggestions. Users can expect responses that better account for specific preferences, such as ‘fun things to do with friends at night’, creating results tailored to time and context.
Previously, Google Maps would deliver generic results that might include attractions not relevant for the time or situation. Now, powered by Gemini, Google Maps can answer more nuanced questions, refining its suggestions for local spots, like late-night music venues or seasonal activities. AI-driven summaries will also be introduced, adding insights on locations based on user reviews and presented alongside existing listings for an enhanced search experience.
Google has faced criticism for the inaccuracies in some AI-generated responses, including one instance of a recipe error. To minimise similar issues with the Maps updates, responses from Gemini will be checked against Google’s verified data sources, offering users more reliable information while making suggestions for their specific needs.
Beyond Google Maps, the company is implementing AI across other mapping tools, such as Google Earth and Waze. In Waze, new voice-activated capabilities will help drivers report incidents hands-free, and in Google Earth, developers and urban planners will be able to use AI chatbots for data analysis. Google’s AI-powered enhancements aim to provide a more streamlined, intuitive experience across its platforms, making travel and navigation easier.
China’s People’s Liberation Army (PLA) has adapted Meta’s open-source AI model, Llama, to create a military-focused tool named ChatBIT. Developed by researchers from PLA-linked institutions, including the Academy of Military Science, ChatBIT leverages an earlier version of Llama, fine-tuned for military decision-making and intelligence processing tasks. The tool reportedly performs better than some alternative AI models, though it falls short of OpenAI’s ChatGPT-4.
Meta, which supports open innovation, has restrictions against military uses of its models. However, the open-source nature of Llama limits Meta’s ability to prevent unauthorised adaptations, such as ChatBIT. In response, Meta affirmed its commitment to ethical AI use and noted the need for US innovation to stay competitive as China intensifies its AI research investments.
China’s approach reflects a broader trend, as its institutions reportedly employ Western AI technologies for areas like airborne warfare and domestic security. With increasing US scrutiny over the national security implications of open-source AI, the Biden administration has moved to regulate AI’s development, balancing its potential benefits with growing risks of misuse.
Coframe, an AI startup focused on optimising websites and marketing, announced it has raised $9.3 million in seed funding. The funding round was co-led by Khosla Ventures and NFDG, the AI fund launched by former GitHub CEO Nat Friedman and ex-Apple executive Daniel Gross. Coframe’s platform uses generative AI to automatically test and refine website content, visuals, and code, enhancing personalisation and boosting user engagement for clients.
CEO Josh Payne noted that Coframe’s recent trial with a major international firm showed impressive results, with campaigns increasing click-through rates by an average of 42%, while some segments saw a 352% improvement. Coframe has also collaborated with OpenAI to develop a specialised AI model that generates custom user interface code, ensuring on-brand and visually consistent website elements.
Currently in a limited testing phase, Coframe is working closely with growth and marketing teams to fine-tune its platform. The company aims to redefine how businesses design user experiences by tailoring website interfaces based on users’ profiles and intent.
Meta Platforms exceeded third-quarter profit and revenue estimates, reporting a profit of $6.03 per share, compared to the projected $5.25. Revenue reached $40.59 billion, just ahead of analysts’ forecasts. However, the company warned of increased infrastructure expenses tied to its AI ambitions, prompting a 2.9% dip in after-hours trading.
The company is navigating heavy spending on AI infrastructure to support new technologies, setting it apart from cloud service providers who typically profit more directly from similar investments. Meta’s expenses for the quarter totalled $23.2 billion, with capital expenditure at $9.2 billion. While it adjusted its annual expense forecast to $96-98 billion, it foresees a rise in depreciation and operating costs due to its expanding data centre fleet.
Meta’s core ad business remains essential to covering its AI investments, and analysts believe holiday ad spending could bolster the company’s earnings further. In the third quarter, Meta’s daily active users across its app family grew 5% to 3.29 billion, while its Reality Labs division saw losses of $4.4 billion, slightly better than expected.
