At the Leap technology conference in Riyadh, Coursera chief executive Jeff Maggioncalda reflected on how AI is being used by the learning platform to enhance its offerings. Photo: Cody Combs
At the Leap technology conference in Riyadh, Coursera chief executive Jeff Maggioncalda reflected on how AI is being used by the learning platform to enhance its offerings. Photo: Cody Combs
At the Leap technology conference in Riyadh, Coursera chief executive Jeff Maggioncalda reflected on how AI is being used by the learning platform to enhance its offerings. Photo: Cody Combs
At the Leap technology conference in Riyadh, Coursera chief executive Jeff Maggioncalda reflected on how AI is being used by the learning platform to enhance its offerings. Photo: Cody Combs

Coursera chief says Middle East is 'moving most aggressively' to embrace AI


Cody Combs
  • English
  • Arabic

The Middle East looks to be moving most aggressively in training their employees to embrace and adopt artificial intelligence, Jeff Maggioncalda, chief executive of the learning platform Coursera, has said.

In countries such as Saudi Arabia, the UAE and Qatar, governments and companies are rapidly adopting artificial intelligence, Mr Maggioncalda told The National just before his appearance at the Leap 2024 technology conference in Riyadh on Wednesday.

Mr Maggioncalda, who is approaching his seventh year as Coursera's chief executive, said he has been spending more of his time in the Middle East.

According to a global survey from Boston Consulting Group last month, 11 per cent of executives in the Middle East indicated that their workers were training on generative AI tools, compared to 8 per cent in North America, 7 per cent in the Asia-Pacific region and 5 per cent in Europe.

“In workforce development, the Middle East is leading in upskilling efforts related to GenAI,” the study read.

“This indicates a focused yet ongoing effort in the region to equip the workforce with the necessary skills for the AI landscape.”

Coursera has aimed to enhance AI learning. The company launched Arabic translations of more than 4,200 online courses, growing the overall upskilling and education trends reported in the Middle East.

“It opens up a lot more accessibility to Arabic-speaking learners,” he said.

“It's the transcripts, it's the learning assessments, it's the user interface, the readings and everything.”

According to Coursera, as of last year, 8.9 million of its 142 million global customers are from the Middle East and North Africa, a 25 per cent increase compared to 2022.

Coursera is using AI in most of its product offerings such as Coursera Coach, which is powered by generative AI and can answer questions and share personalised feedback with the user.

“If someone is struggling with the concept or why it’s relevant to their business or relevant to their job, they can speak to coach in whatever language they want,” Mr Maggioncalda said, adding that AI has made translations much quicker to develop and introduce.

Coursera will also soon be launching Course Builder, which will use AI to help instructors produce custom courses for their audiences.

“You can sit there and type in the kind of course you want to teach, and AI creates an outline for a course structure and then allows the instructor to modify it if they want to,” he said.

He added that on a global level, AI has prompted an increase in course sign-ups for customers wanting to train, retrain or learn about AI-related topics.

“The world is facing the need for upskilling that’s only getting bigger and bigger,” he said.

“Developing a habit of learning is going to be critical to maintaining good economic opportunities in front of you.”

Mr Maggioncalda also stressed the importance of Generative AI, which he said could act as a learning assessor or a dissertation committee for users.

“It [Coursera] might eventually ask you, 'how did you come up with this answer?', or 'show how you came to this conclusion,'” he said.

He also addressed the debate concerning the potential for job losses as a result of corporations implementing AI for various work processes.

“I think the curriculum might be affected, but there's a human component for empathy, love and understanding that can't be replicated,” he said, speaking about the potential effect of AI on teachers and educators.

“Call centres, or jobs that are really automated, those jobs are very vulnerable and can easily be automated,” he said.

“It's going to be a blend of things, but it's going to affect companies, businesses, individuals and campuses across the board.”

He expects the company to be profitable in this year and noted that last year ended on a high note.

“Twelve years in and we turned a profitable quarter,” he said, commenting on Coursera's fourth-quarter results. “Revenues have grown nicely.”

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Why the Tourist Club?

Originally, The Club (which many people chose to call the “British Club”) was the only place where one could use the beach with changing rooms and a shower, and get refreshments.

In the early 1970s, the Government of Abu Dhabi wanted to give more people a place to get together on the beach, with some facilities for children. The place chosen was where the annual boat race was held, which Sheikh Zayed always attended and which brought crowds of locals and expatriates to the stretch of beach to the left of Le Méridien and the Marina.

It started with a round two-storey building, erected in about two weeks by Orient Contracting for Sheikh Zayed to use at one these races. Soon many facilities were planned and built, and members were invited to join.

Why it was called “Nadi Al Siyahi” is beyond me. But it is likely that one wanted to convey the idea that this was open to all comers. Because there was no danger of encountering alcohol on the premises, unlike at The Club, it was a place in particular for the many Arab expatriate civil servants to join. Initially the fees were very low and membership was offered free to many people, too.

Eventually there was a skating rink, bowling and many other amusements.

Frauke Heard-Bey is a historian and has lived in Abu Dhabi since 1968.

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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Updated: March 07, 2024, 2:12 AM