Chatting with Arto Bendiken about his new start-up feels a bit like replaying Back to the Future, a film ahead of its time, which he also refers to at the end of our talk.
While he is not creating a flying car, he is hoping to develop technology that will bring the future to us.
The Dubai-based entrepreneur says he is developing a personal artificial intelligence tool that is “something like an angel on your shoulder, always there, always present” and aims to help people achieve their “life goals”, or in essence “win at life”.
In other words, Haltia.ai, a smartphone app, is a personal AI assistant that will allow people to expand their social graph, read and respond to emails, conduct research, draft speeches and content, manage calendars, and also offer critical feedback on documents, all through natural voice interactions.
Halford and Tiana, the default avatars, will be the “lifelong companions” that will keep evolving and unlocking new features as the technology develops, according to the company.
A key part of the platform is privacy, says Mr Bendiken, who serves as the company’s co-founder and chief technology officer.
“The AI is on your phone, on your laptop, it does not live in the cloud. This is a crucial difference to the things that others are building,” he says.
“It is only for you and that means that you can trust it. You can actually have personal conversations with it about even intimate matters, because you know this information will never leave your device. We upload nothing to the cloud. It's all on your device, encrypted. And your devices can talk to each other. So, your laptop synchronises with your phone directly,” he says.
The app captures notes from users' voice conversations, and they can also import information, such as a LinkedIn profile, contacts, address book or other sources of data.
“Importantly, using just voice, you can amend the knowledge. Of course, the idea is that in the future – but this is a few years away – it would be potentially passively listening all the time as you go through the day and augmenting its knowledge from the titbits that it hears. But nobody has that capability, that's … a year away at the minimum,” he says.
“Haltia in Finnish means something like a master – it makes sense [in] that you would control your AI.”
With AI currently in the global spotlight, every aspect of the technology is witnessing a boom.
Globally, AI investments are projected to hit $200 billion by 2025, Goldman Sachs Economic Research said in a report in August.
Specifically, the size of the intelligent virtual assistant market is expected to reach $60.83 billion by 2029, from an estimated $14.77 billion in 2024, growing at a compound annual rate of about 33 per cent, according to a report by Mordor Intelligence.
Deep neural networks, machine learning and other advances in AI are making more virtual assistants possible, the report said.
While the current versions in use are chatbots and smart speakers such as Apple’s Siri and Microsoft’s Cortana, the market is set for further sophistication.
In October, Microsoft unveiled a new digital assistant powered by generative AI at the Gitex exhibition in Dubai, whose capabilities – and looks – can be customised to specific user requirements.
The AI bot, called Mai, has a ChatGPT-like interface and can assist users in navigating through tasks or gaining access to services.
It can be trained in any verticals, including services such as health care and education, Naim Yazbeck, general manager of Microsoft UAE, told The National at the time.
Haltia claims it will support users “above and beyond” standard AI capabilities, offering utility that ranges from basic tasks to complicated, predictive functionalities.
Mr Bendiken, a self-proclaimed “cypherpunk”, has been working on the basics of what is now Haltia since 2008.
Having started his entrepreneurial journey very early on in his native Finland – he first began working at the age of 11, got his first programming job at 15 and registered his first company when he was 18 – Mr Bendiken says he initially followed his father’s footsteps.
Finding that Finland did not offer the right ecosystem for “people who are driven and ambitious”, he left the country and moved to Spain and then to Berlin where his first “proper” start-up was based.
The start-up, which built the kind of database currently used in AI, “was a little bit ahead of its time” and although it got orders from the likes of US-based NXP Semiconductors and the US Navy, demand was limited to larger organisations. Mr Bendiken sold his stake in the company in 2016.
He moved to Ukraine and after Covid-19 and the war, relocated to Dubai, where Haltia was set up in October. It is also incorporated in the US.
“We estimate that we are about six months ahead of anybody [in terms of the Haltia’s offering],” he says.
“It will be totally normal a year from now to have some kind of AI locally on your phone. And so, we're a little bit ahead of that curve.”
The app is currently only compatible with some of the latest iOS smartphones, including the Apple iPhone 15, iPhone 14, and the Pro and Max models of the iPhone 13 and iPhone 12. It also available on the latest iPad Pro models and the iPad Air 5.
Haltia is also aiming to expand to Android compatibility in the future.
It will operate on a subscription-based model, with in-app purchases, and hopes to reach both individual and corporate clients.
While the basic download is free, the paid tiers range from $9 a month to $19.99 a month for individual packages. There are also family packages and those for corporate teams.
Premium members will be paired with dedicated relationship managers, with the goal to reach a million such clients, according to the company.
Offering the free option is “very critical because otherwise we lose mindshare”, Mr Bendiken says.
The app is currently in the closed beta stage and only open to staff, families of staff, insiders, advisers and investors. The immediate plan is to expand to a wider beta stage, with the waiting list for that open.
The official launch is hoped for the second quarter of this year, he says, once all the elements are in place.
“We will definitely not launch too soon, despite the massive time pressure,” he says.
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To support the launch, the company is planning a trip to Silicon Valley for fundraising.
So far, Mr Bendiken, his co-founder and chief executive Talal Thabet have invested $1.2 million in Haltia, and it has also raised more than $500,000 from family and friends.
The company is currently planning a pre-seed round of about $2 million, followed by a $10 million seed round.
“So far, we limited ourselves to fundraising in the UAE. And I have to say it's not really as easy as Silicon Valley,” he says.
While there’s funding available for scaling up established start-ups, the ecosystem is not yet mature for the early stage, according to him.
However, the UAE is the market for the future and is “the frontier”.
“I'm drawn to where there is ambition and there’s drive and there’s vision, and you know, we live looking towards the stars instead of the gutter. And this is what the UAE is all about, to me at least,” he says.
“A great standard of living and just surrounded by ambition and energy and people who want to better their lot in life. It doesn't matter about what their parents and their grandparents accomplished, where they are in their journey of life. They can come here and they can improve it.”
Q&A with Arto Bendiken, chief technology officer and co-founder of Haltia.ai
Who is your role model?
Many. Paul Graham, Elon Musk, Jeff Bezos, there is any number of these.
I am a big reader. So, mostly, if I am naming somebody, it is because I have read what they have written. And so, in the same vein, there is Peter Thiel – I have followed him for a long time and read everything that he said about these matters. And also, Marc Andreessen.
If you could start all over again, anything you would do differently?
I guess I would not. It is going good.
What new skills have you learnt setting up Haltia?
I would say definitely on the fundraising front, I am learning a lot. Despite having raised [money] before, really there is always more to learn. And this looks to be an ongoing learning process still.
What is your advice to other entrepreneurs?
The first one, learn the fundamentals of whatever you are doing.
The other one is that do not give up too easily. Many people give up quite easily.
And the third one would be, do not be afraid to fail … I have failed a few times. Failure is just learning and you move on.
What is your goal?
I want to basically help bring about the world that I grew up reading about. So, I am a consumer of science fiction, and that is why we are naming our meetings [AI gatherings in Dubai] the Asimov meet-up, after Isaac Asimov, who invented the robotics, invented AI alignment, and invented prompt engineering 100 years ago.
I want to actually have the world a little closer to what I read about growing up instead of this kind of rut we have been stuck in for some decades. You know, we were promised flying cars, Back to the Future and all of that. And it is actually only the UAE making that happen and serious about it. So, that is good.
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
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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South Korea
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The Al Barzakh Festival takes place on Wednesday and Thursday at 7.30pm in the Red Theatre, NYUAD, Saadiyat Island. Tickets cost Dh105 for adults from platinumlist.net
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
More from Neighbourhood Watch:
Profile of Bitex UAE
Date of launch: November 2018
Founder: Monark Modi
Based: Business Bay, Dubai
Sector: Financial services
Size: Eight employees
Investors: Self-funded to date with $1m of personal savings
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The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
Why%20all%20the%20lefties%3F
%3Cp%3ESix%20of%20the%20eight%20fast%20bowlers%20used%20in%20the%20ILT20%20match%20between%20Desert%20Vipers%20and%20MI%20Emirates%20were%20left-handed.%20So%2075%20per%20cent%20of%20those%20involved.%0D%3Cbr%3EAnd%20that%20despite%20the%20fact%2010-12%20per%20cent%20of%20the%20world%E2%80%99s%20population%20is%20said%20to%20be%20left-handed.%0D%3Cbr%3EIt%20is%20an%20extension%20of%20a%20trend%20which%20has%20seen%20left-arm%20pacers%20become%20highly%20valued%20%E2%80%93%20and%20over-represented%2C%20relative%20to%20other%20formats%20%E2%80%93%20in%20T20%20cricket.%0D%3Cbr%3EIt%20is%20all%20to%20do%20with%20the%20fact%20most%20batters%20are%20naturally%20attuned%20to%20the%20angles%20created%20by%20right-arm%20bowlers%2C%20given%20that%20is%20generally%20what%20they%20grow%20up%20facing%20more%20of.%0D%3Cbr%3EIn%20their%20book%2C%20%3Cem%3EHitting%20Against%20the%20Spin%3C%2Fem%3E%2C%20cricket%20data%20analysts%20Nathan%20Leamon%20and%20Ben%20Jones%20suggest%20the%20advantage%20for%20a%20left-arm%20pace%20bowler%20in%20T20%20is%20amplified%20because%20of%20the%20obligation%20on%20the%20batter%20to%20attack.%0D%3Cbr%3E%E2%80%9CThe%20more%20attacking%20the%20batsman%2C%20the%20more%20reliant%20they%20are%20on%20anticipation%2C%E2%80%9D%20they%20write.%0D%3Cbr%3E%E2%80%9CThis%20effectively%20increases%20the%20time%20pressure%20on%20the%20batsman%2C%20so%20increases%20the%20reliance%20on%20anticipation%2C%20and%20therefore%20increases%20the%20left-arm%20bowler%E2%80%99s%20advantage.%E2%80%9D%0D%3Cbr%3E%3C%2Fp%3E%0A
The%20Little%20Mermaid%20
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The%20specs
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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.”
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
RESULTS
1.45pm: Maiden Dh75,000 1,200m
Winner: Lady Parma, Richard Mullen (jockey), Satish Seemar (trainer).
2.15pm: Maiden Dh75,000 1,200m
Winner: Tabernas, Connor Beasley, Ahmed bin Harmash.
2.45pm: Handicap Dh95,000 1,200m
Winner: Night Castle, Connor Beasley, Satish Seemar.
3.15pm: Handicap Dh120,000 1,400m
Winner: Mystique Moon, Sam Hitchcott, Doug Watson.
3.45pm: Handicap Dh80,000 1,400m
Winner: Mutawakked, Szczepan Mazur, Musabah Al Muhairi.
4.15pm: Handicap Dh90,000 1,800m
Winner: Tafaakhor, Sandro Paiva, Ali Rashid Al Raihe.
4.45pm: Handicap Dh80,000 1,950m
Winner: Cranesbill, Fabrice Veron, Erwan Charpy.
Scoreline
Swansea 2
Grimes 20' (pen), Celina, 29'
Man City 3
Silva 69', Nordfeldt 78' (og), Aguero 88'
11 cabbie-recommended restaurants and dishes to try in Abu Dhabi
Iqbal Restaurant behind Wendy’s on Hamdan Street for the chicken karahi (Dh14)
Pathemari in Navy Gate for prawn biryani (from Dh12 to Dh35)
Abu Al Nasar near Abu Dhabi Mall, for biryani (from Dh12 to Dh20)
Bonna Annee at Navy Gate for Ethiopian food (the Bonna Annee special costs Dh42 and comes with a mix of six house stews – key wet, minchet abesh, kekel, meser be sega, tibs fir fir and shiro).
Al Habasha in Tanker Mai for Ethiopian food (tibs, a hearty stew with meat, is a popular dish; here it costs Dh36.75 for lamb and beef versions)
Himalayan Restaurant in Mussaffa for Nepalese (the momos and chowmein noodles are best-selling items, and go for between Dh14 and Dh20)
Makalu in Mussaffa for Nepalese (get the chicken curry or chicken fry for Dh11)
Al Shaheen Cafeteria near Guardian Towers for a quick morning bite, especially the egg sandwich in paratha (Dh3.50)
Pinky Food Restaurant in Tanker Mai for tilapia
Tasty Zone for Nepalese-style noodles (Dh15)
Ibrahimi for Pakistani food (a quarter chicken tikka with roti costs Dh16)
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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