The UAE has launched a guide for government entities to adopt artificial intelligence technology and use it in vital sectors, from transport to education, as the country continues to keep pace with the latest digital advancements.
The generative AI guide was introduced by the UAE's Artificial Intelligence, Digital Economy and Remote Work Applications Office to further enhance government work models, the government body said on Sunday.
The guide shows the potential of using generative AI to give information on government services and streamlining them for the public. These applications can automate customer service inquiries, improving response times and efficiency.
Leveraging generative AI applications, such as ChatGPT is a crucial step towards seizing significant futuristic opportunities, Omar Al Olama, Minister of State for Digital Economy, AI and Remote Working System, said.
Its use in various sectors including education, health care and well-being holds major potential for improving development, productivity and driving a transformative shift in strategic sectors, he said.
Spending on digital technology — including IT, telecoms and emerging tech such as AI, Internet of Things, blockchain and robotics — in the UAE over the next three years is projected to reach $20 billion, according to a March report by the Boston Consulting Group.
The UAE is well positioned to double the contribution of its digital economy to gross domestic product to 19.4 per cent from 9.7 per cent within the next 10 years, the report said.
The UAE's digital economy is expected to grow to more than $140 billion in 2031, up from nearly $38 billion at present, according to a recent report by the Dubai Chamber of Digital Economy.
The UAE government is committed to staying ahead of the curve in the technology and AI sectors through designing proactive strategies, working on legislative and regulatory frameworks to limit the negative use of tech, overcome these technologies’ challenges and adopting the latest digital advancements, Mr Al Olama said.
The new guide provides a comprehensive description of generative AI, explores the challenges and opportunities of various digital technologies, recommends the best approaches for effectively managing them, emphasises the importance of data privacy and explains ways of leveraging these technologies.
The guide showcases 100 use-cases and applications of generative AI, including image and video synthesis, language translation, music composition and text creation.
It also presents the implementation of several language-based tasks that ease the development of health care, education and transportation services.
"The adoption of ChatGPT can be readily integrated, exemplifying the UAE's efforts to design and establish policies and regulations that align with future approaches," the government body said.
The guide also highlights the benefits of using generative AI in education and its potential as virtual tutors or teaching assistants.
Tales of Yusuf Tadros
Adel Esmat (translated by Mandy McClure)
Hoopoe
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The Rub of Time: Bellow, Nabokov, Hitchens, Travolta, Trump and Other Pieces 1986-2016
Martin Amis,
Jonathan Cape
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.”
How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
The specs
Engine: 5.2-litre twin-turbo V12
Transmission: eight-speed automatic
Power: 715bhp
Torque: 900Nm
Price: Dh1,289,376
On sale: now
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SPEC%20SHEET%3A%20APPLE%20IPHONE%2015%20PRO%20MAX
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French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The five pillars of Islam
Key recommendations
- Fewer criminals put behind bars and more to serve sentences in the community, with short sentences scrapped and many inmates released earlier.
- Greater use of curfews and exclusion zones to deliver tougher supervision than ever on criminals.
- Explore wider powers for judges to punish offenders by blocking them from attending football matches, banning them from driving or travelling abroad through an expansion of ‘ancillary orders’.
- More Intensive Supervision Courts to tackle the root causes of crime such as alcohol and drug abuse – forcing repeat offenders to take part in tough treatment programmes or face prison.
Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press
UAE currency: the story behind the money in your pockets
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law