Artificial intelligence tool ChatGPT has gained a lot of publicity around the world and has since become the fastest growing consumer app, with 100 million unique users only two months after launch.
Giving us a window on what an AI future may look like, it is one of a plethora of AI and machine learning (ML) technology tools transforming every industry.
Amid the GCC's massive wealth transfer to millennials, a new generation of tech-savvy investors want wealth managers to harness cutting-edge technology to optimise their investments.
Fifty-three per cent of GCC wealth management clients have emphasised the importance of being tech-savvy, according to a Marmore Mena Intelligence 2022 report.
It is no wonder that wealth managers are looking to AI and ML to maximise returns for the region’s investors — using it to enhance accuracy, supercharge analysis and generate powerful insights.
With the help of state-of-the-art technology, wealth managers can streamline operations, provide personalised and efficient services and offer clients new and innovative products.
Improving investment decision making
AI can crunch enormous amounts of both structured and unstructured data in real-time, making it possible to rapidly identify investment trends, patterns, threats and opportunities.
This accelerated and wide-ranging analysis of data enables wealth managers to make better-informed decisions, respond to changes in the market and rapidly innovate to bring about new products that maximise returns.
Enhanced personalisation
Wealth managers can use AI to analyse client financial data and develop bespoke investment strategies.
They can better understand the specific financial needs and goals of their clients and provide services tailored to their individual circumstances.
Predictive analytics will be increasingly used to guide customers towards investments based on their risk appetite, coupled with automated goals-based planning and advice.
Real-time customer service
Wealth managers can use AI tools such as virtual assistants and chatbots to respond to client inquiries, freeing up managers to focus on more complex tasks. An example is the use of AI-driven chatbots on Facebook Messenger.
Such automation is helping to improve the customer experience and to provide clients with live and accurate information whenever and wherever they need it.
Accelerated ESG investing
Forty-one per cent of GCC investors wished to adopt environmental, social and governance factors in investment, according to a 2021 Marmore Mena Intelligence report.
Given the complicated interplay of factors in establishing stocks’ ESG credentials and the vast amount of unstructured data used in ESG analysis, AI can play a critical role in synthesising this complex information and identifying the best ESG investments.
More efficient tax planning
Tax is a complex and critical domain for investors and with the introduction of more levies in the GCC region, AI will be a game changer.
From automated filings that identify tax-sensitive transactions or recommend tax-efficient investments, there is high potential for AI-powered planning.
Increased efficiency and streamlined operations
Wealth managers are using AI to automate manual processes such as data entry, portfolio management and client communication.
This automation is reducing the time and resource they spend on these tasks, freeing their time to focus on their clients and strategic thinking.
Speedier client onboarding
When taking on clients, wealth managers must meet stringent regulatory requirements designed to identify fraud and money laundering.
This process can be complex and lengthy. However, AI can automate these time-consuming and labour-intensive tasks while accurately qualifying clients.
The technology can screen client background information and build detailed profiles by classifying them by relevance and risk level.
This speeds up the onboarding process, providing a better and faster experience for investors.
Robust cyber security protection
With growing amounts of data stored on cloud servers, protecting the privacy of clients’ confidential information and financial data is increasingly critical.
AI software provides sophisticated, up-to-date monitoring capabilities that can flag issues, detect anomalies, eliminate fraud and protect client records.
A brave new world
We are moving rapidly towards an AI-powered world. The emergence of transformative, generative AI is set to revolutionise the wealth management industry.
Investors that work together with wealth managers stand to reap the rewards of human ingenuity coupled with the step change in efficiency that AI can bring.
They will benefit from streamlined services, increased cyber security, better informed investment opportunities and the potential for attractive returns.
However, a word of warning. Not all AI and wealth technology products live up to their promise.
The recent issues with cryptocurrencies show the importance of seeking expert advice.
Suitably qualified wealth management companies and banks use thoroughly researched and tested AI technology.
The data produced is evaluated by expert wealth managers, who know how to harness AI-powered insights for optimum results.
Francois Farajallah is head of Middle East at EFG International
Your rights as an employee
The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.
The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.
If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.
Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.
The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
Full Party in the Park line-up
2pm – Andreah
3pm – Supernovas
4.30pm – The Boxtones
5.30pm – Lighthouse Family
7pm – Step On DJs
8pm – Richard Ashcroft
9.30pm – Chris Wright
10pm – Fatboy Slim
11pm – Hollaphonic
'Dark Waters'
Directed by: Todd Haynes
Starring: Mark Ruffalo, Anne Hathaway, William Jackson Harper
Rating: ****
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Porsche Macan T: The Specs
Engine: 2.0-litre 4-cyl turbo
Power: 265hp from 5,000-6,500rpm
Torque: 400Nm from 1,800-4,500rpm
Transmission: 7-speed dual-clutch auto
Speed: 0-100kph in 6.2sec
Top speed: 232kph
Fuel consumption: 10.7L/100km
On sale: May or June
Price: From Dh259,900
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
The Land between Two Rivers: Writing in an Age of Refugees
Tom Sleigh, Graywolf Press
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
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PROFILE OF STARZPLAY
Date started: 2014
Founders: Maaz Sheikh, Danny Bates
Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
Number of employees: 125
Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
You may remember …
Robbie Keane (Atletico de Kolkata) The Irish striker is, along with his former Spurs teammate Dimitar Berbatov, the headline figure in this season’s ISL, having joined defending champions ATK. His grand entrance after arrival from Major League Soccer in the US will be delayed by three games, though, due to a knee injury.
Dimitar Berbatov (Kerala Blasters) Word has it that Rene Meulensteen, the Kerala manager, plans to deploy his Bulgarian star in central midfield. The idea of Berbatov as an all-action, box-to-box midfielder, might jar with Spurs and Manchester United supporters, who more likely recall an always-languid, often-lazy striker.
Wes Brown (Kerala Blasters) Revived his playing career last season to help out at Blackburn Rovers, where he was also a coach. Since then, the 23-cap England centre back, who is now 38, has been reunited with the former Manchester United assistant coach Meulensteen, after signing for Kerala.
Andre Bikey (Jamshedpur) The Cameroonian defender is onto the 17th club of a career has taken him to Spain, Portugal, Russia, the UK, Greece, and now India. He is still only 32, so there is plenty of time to add to that tally, too. Scored goals against Liverpool and Chelsea during his time with Reading in England.
Emiliano Alfaro (Pune City) The Uruguayan striker has played for Liverpool – the Montevideo one, rather than the better-known side in England – and Lazio in Italy. He was prolific for a season at Al Wasl in the Arabian Gulf League in 2012/13. He returned for one season with Fujairah, whom he left to join Pune.
