Abu Dhabi Media Free Zone Welcomes AI Start-Up
by Lorys Charalambous, Lowtax.net, Cyprus
30 August, 2017
Abu Dhabi's media "free zone," twofour54, has welcomed the success of a funding round for what is thought to be the UAE's first Artificial Intelligence-focused start-up.
Twofour54 is a tax-privileged zone located close to downtown Abu Dhabi. It offers 100 percent company ownership in a stable environment with no restrictions on capital movements, no import tariffs, exemption from corporate and personal income taxes, and a 30 percent cash rebate on international film and TV production spend.
It said the company, Narrativa had been supported to secure funding from investors from Europe, the US, and the UAE, and support from a number of large media companies.
Narrativa uses proprietary AI technology to automatically transform large data sets into accessible narrative content. It is thought to be the only company worldwide to automatically generate content in Arabic – along with several other languages.
Commenting on the funding, Maryam AlMheiri, CEO of the Media Zone Authority – Abu Dhabi and twofour54, said: "Our investment in Narrativa is in line with our vision to champion the creative community and foster the production of content. The Middle East and North Africa region provides ample opportunities for expansion, and is bolstered by a young, dynamic, tech-savvy population that has one of the highest consumptions of social media per capita worldwide. Less than two percent of online content is in Arabic; making start-ups like Narrativa so valuable. We are thrilled to be part of [the] next stage [in] its growth story."
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