Artificial intelligence programs including ChatGPT can deliver more nuanced information about the Arab world, if more thoughtful Arabic content is available online.
That's the message from Mo Gawdat, former chief business officer of Google X, the tech company's innovation arm, and author of Solve for Happy: Engineer Your Path to Joy.
Speaking to The National this month at the International Congress for Arabic Publishing and Creative Industries event in Abu Dhabi, the author laments the lack of rich Arabic discourse on the internet.
Gawdat believes there is a risk that information about the region harnessed by AI applications will lack sufficient depth.
"There are a lot of megabytes of Arabic language online that are very empty. The initial versions of AI will reflect whatever it is that we put out there," he says.
“The later versions of AI, however, will eventually be smart enough to know that reality, and differentiate between the real information and fluff."
Gawdat urges Arabic content creators – from authors and publishing companies to cultural and educational institutions – to produce richer material for future AI tools to mine.
"The problem we are facing is that we are creating an impression that knowledge of the Arab world is shallow, in comparison to the incredible wisdom that is really coming from the region," he says.
"So we need to create content with depth and with more intellectual value."
With future AI programs leaning towards more authoritative sources of information, Gawdat calls for educational institutions to make available more of their Arabic research online.
"With AI utilising the Arabic content that we put in, it is our responsibility to put the right kind of content out there," he says.
“This will ultimately determine the quality of Arabic artificial intelligence driven content.
"I look at it as the same way as parents being aware of how they act in front of their children. Their actions will teach children how to deal with you and the world in the same way."
With ChatGPT set to revolutionise the way we obtain information, Gawdat says researchers and content creators need to rethink their approach to their craft.
"It can be a threat when it comes to AI's capability in producing content, especially for publishers who are producing content relying on human authors," he says.
"However, it can also be an opportunity. As an author, I have learnt to no longer define myself as someone who is supposed to write words on paper.
“My job definition now is to provide interesting human perspectives and inspiration regarding certain topics.
“Through whatever knowledge is available to me and in whatever form, I am trying to find a way to connect with other humans and communicate what I believe needs to be communicated.”
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
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