More than two-thirds of UAE business leaders say Artificial Intelligence-led innovations will be even more important to their companies in a post-Covid era, according to General Electric.
More than three-quarters of UAE executives expect AI will improve the remote work experience for employees, allowing more people to work from home and focus on more high-level productive tasks, according to the 2020 GE Global Innovation Barometer survey released on Wednesday.
Nearly 40 per cent said AI will be an "indispensable tool" in the fight against Covid-19 and possible future pandemics, while 38 per cent said AI will reduce costs, giving employees more job security.
"AI is seen as important to facilitate new innovations and improve the working experience especially for remote working employees," the report said. "AI is a catalyst for innovation, and an indispensable tool."
The seventh edition of the survey illustrates how perceptions of business executives have changed in light of the Covid-19 pandemic.
GE surveyed business executives shaping their company's innovation policies and decisions. The Global Innovation Barometer, which was conducted in January and in September, surveyed more than 3,400 executives in 22 markets including the UAE, Saudi Arabia, China, India, Brazil, France and the US.
In the UAE, GE polled 102 innovation executives in September and 101 in January.
The Covid-19 pandemic has accelerated the use of AI by companies – which includes subfields like machine learning, natural language processing and computer vision – to wield competitive advantages.
The UAE's focus on the fourth industrial revolution and drive to attract talent by easing rules on visas and foreign ownership of companies has made it a "beacon of open borders" and innovation, Dalya Al Muthanna, president and chief executive of GE Gulf, said in a media webinar.
In terms of innovation among industries, healthcare ranked highest in making significant progress in innovation over the last six months during the pandemic, according to UAE executives surveyed.
High tech and IT, telecoms and internet, communications, electronics and media and culture rounded off the top five industries making inroads in innovation during the period, according to UAE business leaders.
Companies that fail to innovate and keep up with advances in technology will face major challenges and may not survive in the next five years, Ms Al Muthanna told reporters.
Some 85 per cent of UAE business leaders said innovation plays a crucial role in protecting public health and well being, according to the survey. There is an even bigger need now to use innovative solutions for public health challenges, according to 88 per cent of the UAE respondents.
Global executives were asked about the country they see as the innovation champion in the world. Some 24 per cent of Middle East executives selected China.
Executives in the Emirates see the UAE as the top innovator globally, ahead of the US, Japan and China, according to the survey.
Asked which markets develop an innovation-friendly climate, 4 out of 10 global business executives said the UAE has created an "innovation-conducive environment" ahead of Finland, India, Italy and Malaysia, according to the GE survey.
The US, Japan, China, Germany, and the UK lead the barometer as the top five nations for an innovation-conducive environment.
The majority of global and UAE executives agreed that is more important for innovation to deliver long-term benefits to society and the environment rather than short-term profitability, GE said.
The UAE was among the first Arab nations to realise the impact that AI will have on its economy. In 2017, the government rolled out an AI strategy, dubbed UAE 2031, outlining plans to use the technology to make governance more efficient and identifying eight sectors it aims to transform including space, renewable energy, water and education. The country also appointed the world’s first Minister of State for Artificial Intelligence, Omar Al Olama.
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
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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
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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.”
Defined benefit and defined contribution schemes explained
Defined Benefit Plan (DB)
A defined benefit plan is where the benefit is defined by a formula, typically length of service to and salary at date of leaving.
Defined Contribution Plan (DC)
A defined contribution plan is where the benefit depends on the amount of money put into the plan for an employee, and how much investment return is earned on those contributions.
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Bombshell
Director: Jay Roach
Stars: Nicole Kidman, Charlize Theron, Margot Robbie
Four out of five stars
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Company%20Profile
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The biog
Date of birth: 27 May, 1995
Place of birth: Dubai, UAE
Status: Single
School: Al Ittihad private school in Al Mamzar
University: University of Sharjah
Degree: Renewable and Sustainable Energy
Hobby: I enjoy travelling a lot, not just for fun, but I like to cross things off my bucket list and the map and do something there like a 'green project'.
Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
