If you lead a business, then you probably agree that time is your most precious commodity.
I often joke that if I could cut out sleep, I would have achieved my targets faster.
Technology has come a long way since I ventured into entrepreneurship more than a decade ago.
Artificial intelligence is rapidly changing the way we live and lead our businesses.
Today, I use different AI-powered tools to automate tasks, improve my work efficiency and even make better decisions.
What I appreciate the most about AI is how much time it has freed up for me, and how it provides me with the opportunity to test a product multiple times, minus the risk and time involved.
In fact, AI could be utilised to help us become more creative and efficient business leaders.
As a business owner, I know that creativity is essential for developing my business. This is why I ensure I pencil in sufficient time for my mind to relax to enhance my creativity, which, in turn, would help me to come up with new ideas and be innovative.
In today’s competitive business world, creativity is more important than ever.
This is where technology that automates many tasks could help to boost creativity efficiently and effectively.
Let’s start with information. Whether you opt to use ChatGPT or Google’s Bard, both tools could help you save hours of search by providing a summary of what you are looking for within seconds.
If it saves time, business leaders will opt for it. This fast access to information allows us to stay up to date with the latest trends and developments, which will help us to reach a creative decision faster.
Salesforce, for instance, has developed an AI tool called Einstein Analytics. The tool allows businesses to use AI-powered tools to analyse their business data and identify trends.
As a result of this access to information, AI can also help business leaders to identify patterns they might not have the time or ability to spot earlier.
This will help leaders to come up with new and more innovative solutions to problems.
Whenever I planned to start a new venture or launch a product, one of the things I dreaded was experimenting and thinking about the time it would entail and the risks involved.
But, nowadays, I enjoy the process because AI helps me to test new ideas as much as I want before I have to make a decision.
Fotor, for example, helps business owners develop high-resolution mock-ups from text in just a few minutes.
In addition to these benefits, AI-powered tools help business leaders by freeing up time.
My favourite part is how we use AI for research, automation of social media, marketing emails and data analysis.
The research conducted by AI, which has access to a wider range of information, has provided me with more solutions and ideas that I may not have come up with in a limited period of time.
This has allowed my team and me to dedicate more time to the tasks we enjoy doing, such as developing strategies.
AI continues to develop at a rapid pace, with new tools and updates being introduced to the masses, so it’s important to not share confidential information and use the tools responsibly.
However, if utilised properly, AI could help leaders grow their businesses and come up with innovative solutions in ways that were not possible before.
Manar Al Hinai is an award-winning Emirati writer and communications adviser based in Abu Dhabi
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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.”
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Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
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