Abu Dhabi artificial intelligence and cloud company G42 is launching its Hindi large language model, that is expected to boost the growth of India’s artificial intelligence industry and enhance G42's global expansion.
G42 presented its Hindi LLM, called Nanda, during the India-UAE Business Forum in Mumbai attended by Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, the Abu Dhabi Media Office said on Tuesday.
Nanda has been developed to “benefit local communities and drive the adoption of advanced technologies and support the growth of India’s AI ecosystem”.
Nanda is a 13-billion parameter model. In the context of AI, a parameter is a variable that can help increase the accuracy of large language model predictions.
Nanda refers to one of India’s highest peaks, and is the result of a collaboration between Inception (a G42 company), Mohamed bin Zayed University of Artificial Intelligence and Cerebras Systems.
Nanda’s “release will mark a significant milestone in the realm of AI for India, offering over half a billion Hindi language speakers the opportunity to harness the potential of generative AI,” G42 said in a separate statement.
Sheikh Khaled, also Chairman of the Abu Dhabi Executive Council, arrived in India on Sunday, accompanied by a high-level delegation, including ministers, senior officials, business leaders and prominent economic partners from the UAE.
During the forum, Sheikh Khaled emphasised the importance of the UAE-India comprehensive economic partnership agreement in driving bilateral economic growth.
He also reiterated the UAE's commitment to strengthening economic relations with India, facilitating cross-border trade, and improving access to key markets through a conducive and business-friendly environment.
The forum was held as part of a diverse and comprehensive agenda during the official visit of Sheikh Khaled to India.
The event, organised by the UAE Ministry of Economy and the UAE embassy in India, in collaboration with India’s Ministry of Commerce and Industry, focused on key sectors such as healthcare, biotechnology, renewable energy, sustainability, AI, logistics and supply chains, and agricultural technology.
Boost to UAE-India economic ties
During the forum, Abu Dhabi’s LuLu Group collaborated with the India's Agricultural and Processed Food Export Development Authority to procure and import organic produce from India to the UAE, Abu Dhabi Media Office said.
Additionally, AD Ports Group, the operator of industrial cities and free zones in Abu Dhabi, partnered with India's Ministry of Ports, Shipping, and Waterways to create a virtual trade corridor connecting both countries.
International Resources Holding RSC, a UAE-based natural resources extraction company, entered into a partnership agreement with Oil India, Khanij Bidesh India, and ONGC Videsh. This partnership aims to use the collective expertise of the companies to identify, acquire, and develop assets on a global scale.
The forum will build on the consistent rise in bilateral non-oil trade, which reached $28.2 billion in the first six months of 2024
Dr Thani bin Ahmed Al Zeyoudi,
UAE Minister of State for Foreign Trade
Aircraft maintenance company Global Jet Technic, another UAE company, entered into agreements with three Indian airlines – InterGlobe Aviation Services, Air India, and Akasa Air – to provide aircraft line maintenance services for their fleets at UAE’s international airports, including Zayed International Airport.
The Abu Dhabi Chamber of Commerce and Industry also partnered with the Confederation of Indian Industry to strengthen investment opportunities for the private sector in both the UAE and India.
This collaboration aims to assist in the exchange of crucial information on economic development, fostering greater commercial co-operation and expanding avenues for economic and industrial growth. Additionally, the agreement includes the expansion of the Abu Dhabi Chamber of Commerce and Industry's Business Connect Platform.
Finally, Rorix Holdings, a global trading and trade assistance company, signed an agreement with Indian logistics company Adani Ports and Special Economic Zone to integrate advanced technologies into India’s infrastructure.
The UAE delegation at the India-UAE Business Forum was headed by Dr Thani bin Ahmed Al Zeyoudi, the UAE Minister of State for Foreign Trade. The delegation included senior representatives from prominent UAE-based entities across various public and private sectors.
“The forum will build on the consistent rise in bilateral non-oil trade, which reached $28.2 billion in the first six months of 2024 – a 9.8 per cent increase on the same period in 2023 and set against a marked decline in trade growth around the world in H1 2024,” Dr Al Zeyoudi said.
The UAE and India signed a Comprehensive Economic Partnership Agreement in February 2022 to boost trade ties. The Cepa helped non-oil trade between the countries to increase by 5.8 per cent to $50.5 billion in the first 12 months after it took effect in May 2022. The countries hope the agreement will help them boost trade to $100 billion by 2030.
Benefits of the Cepa include enhanced market access, lower or eliminated tariff rules, simpler customs procedures, clear and transparent rules, and rule-based competition.
The Emirates has been focusing heavily on diversifying its economy away from oil by developing sectors such as technology, manufacturing, tourism, trade and innovation. Its non-oil foreign trade hit a record Dh1.4 trillion ($381 billion) in the first six months of this year, as it continues to forge closer trade ties with partners around the world.
NBA Finals results
Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)
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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.”
Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
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