It's a modified Apache 2 license with extra clauses that include a requirement to abide by their acceptable use policy, hosted here: https://falconllm-staging.tii.ae/falcon-2-acceptable-use-pol...
But... that modified Apache 2 license says the following:
"The Acceptable Use Policy may be updated from time to time. You should monitor the web address at which the Acceptable Use Policy is hosted to ensure that your use of the Work or any Derivative Work complies with the updated Acceptable Use Policy."
So no matter what you think of their current AUP they reserve the right to update it to anything they like in the future, and you'll have to abide by the new one!
Great example of why I don't like the trend of calling licenses like this "open source" when they aren't compatible with the OSI definition.