Abu Dhabi-based Bayanat, an artificial intelligence-powered geospatial data products and services provider, expects its recently announced space deal for satellites as well as its self-driving vehicles pilot programme to offer a significant boost to the emirate’s smart city ambition.
The company, which is majority owned by G42, is working on boosting its capabilities as part of efforts to work with the government to ensure that Abu Dhabi is “first in the world” when it comes to smart city infrastructure, Abdulla Al Shamsi, Bayanat’s chief operating officer, told The National.
Its initial public offering on the Abu Dhabi Securities Exchange in October is helping the company expand with a focus on building capability in-country, he said.
“Listing definitely allowed us to think we crossed the border that we had [and grab] the opportunities – space itself was the first investment that we decided to go with.”
In May, Bayanat teamed up with Abu Dhabi’s Al Yah Satellite Communications, better known as Yahsat, and Iceye to launch a space programme aimed at building national satellite remote sensing and earth observation capabilities within the UAE.
The first satellite as part of the programme remains on track to be launched in the first quarter of 2024, said Mr Al Shamsi.
“The first satellite will not be built locally … it will be launched and built with our partner. From there, we're building, we are also making ourselves ready from the facility perspective,” he said.
It aims to develop at least five SAR, or Synthetic Aperture Radar, low Earth orbit satellites to provide a consistent data stream.
SAR is an active sensing system that illuminates the Earth’s surface and measures the reflected signal to generate high-resolution images. Unlike traditional optical imaging satellites, SAR can capture images day and night, regardless of weather or sunlight.
The commercial opportunities from the programme are “massive”, according to Mr Al Shamsi.
“We are specialised in the geospatial space, but at the same time we are specialised in smart mobility, smart cities, so now, we will look into that angle also. Having that source of data – be it in an aerial sensing sensors or also remote sensing, definitely will allow us to develop more products,” he said.
SAR will help with the detection of incidents such as land deformation – which earlier would have needed the help of an inspector – or an oil spill at sea, helping authorities take immediate action and contain damage.
It will also have a major impact on urban planning.
“SAR will help us to understand, to plan in a more efficient way and [urban planners] will utilise the data in a more bigger and wider range,” he said.
Abu Dhabi this year retained its title as the smartest city in the Middle East and North Africa thanks to its digital-first initiatives, according to Switzerland's International Institute for Management Development's (IMD) Smart City Index for 2023.
The UAE capital came in 13th globally in the index, which was released in May.
Abu Dhabi's emergence as the regional leader comes following initiatives focused on technologies that include AI and the Internet of Things, and the development of smart city initiatives across society, services and the economy, Mohammed Al Shorafa, chairman of the emirate's Department of Municipalities and Transport (DMT), said at the time.
Bayanat, which is also currently testing driverless transport in Abu Dhabi along with the DMT and the Integrated Transport Centre, is aiming to soon move into the next phase of trials, Mr Al Shamsi said.
The company is working with partners including China’s WeRide, which last month received the UAE’s first preliminary licence to operate self-driving cars in the country.
"This is a new technology and the whole world [is still] trying to be careful with it. We are taking the extra measure [of a safety driver] at this stage just to ... build the trust and the confidence with our partners on the ability of those autonomous vehicles to run freely on our roads," Mr Al Shamsi said.
Thousands of people have taken part in the trials, which started last year, with the robotaxis and robo-buses currently operating in Yas Island and Saadiyat Island.
The tests have provided a lot of data to Bayanat and allowed it to make adjustments to the operating system as it seeks to understand future regulations ahead of massive fleet expansion.
"At this stage, we are working also on how we can increase the fleet and also how we can mobilise the first autonomous vehicle without the safety officer," he said.
"We will test that in a geofencing environment, just to make sure that we are containing it. We have done a test before and it was a success but it was kind of limited in the range of travel. We are planning to expand it in the near future."
Also, from a cost-perspective, the technology at this stage remains on the "higher side".
"We are working with our partners trying to find solutions and how we can really make that commercially viable for the future," Mr Al Shamsi said.
"We are very excited on this."
While the company already has the capability to build an autonomous vehicle locally, it remains to be seen whether that will form part of Bayanat's future strategy.
By next year, Bayanat will be more confident about giving advice, helping to build regulations, building a vehicle and an operating system that will operate the car, Mr Al Shamsi said.
While Bayanat intends to expand across the region and globally with its smart mobility strategy, “we will go when we have the full consultancy service and also when we are providing the technology and implementing this on a wider range”, he said.
Looking ahead, the company will continue focusing on organic and inorganic growth within its key verticals of AI and geospatial to ensure its "sustainable growth and business", he added.
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
Killing of Qassem Suleimani
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
UAE currency: the story behind the money in your pockets
The specs: Aston Martin DB11 V8 vs Ferrari GTC4Lusso T
Price, base: Dh840,000; Dh120,000
Engine: 4.0L V8 twin-turbo; 3.9L V8 turbo
Transmission: Eight-speed automatic; seven-speed automatic
Power: 509hp @ 6,000rpm; 601hp @ 7,500rpm
Torque: 695Nm @ 2,000rpm; 760Nm @ 3,000rpm
Fuel economy, combined: 9.9L / 100km; 11.6L / 100km
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Haltia.ai%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Arto%20Bendiken%20and%20Talal%20Thabet%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20AI%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2041%0D%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20About%20%241.7%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self%2C%20family%20and%20friends%26nbsp%3B%3C%2Fp%3E%0A
ACC%20T20%20Women%E2%80%99s%20Championship
%3Cp%3E%3Cstrong%3EUAE%20fixtures%3C%2Fstrong%3E%3Cbr%3EFriday%2C%20June%2017%20v%20Oman%3Cbr%3ESaturday%2C%20June%2018%20v%20Singapore%3Cbr%3EMonday%2C%20June%2020%20v%20Malaysia%3Cbr%3EWednesday%2C%20June%2022%20v%20Qatar%3Cbr%3EFriday%2C%20June%2024%2C%20semi-final%3Cbr%3ESaturday%2C%20June%2025%2C%20final%3Cbr%3E%20%3Cbr%3E%3Cstrong%3EUAE%20squad%3A%3C%2Fstrong%3E%20Chaya%20Mughal%20(captain)%2C%20Esha%20Oza%2C%20Indhuja%20Nandakumar%2C%20Kavisha%20Kumari%2C%20Khushi%20Sharma%2C%20Lavanya%20Keny%2C%20Priyanjali%20Jain%2C%20Rithika%20Rajith%2C%20Samaira%20Dharnidharka%2C%20Sanchin%20Singh%2C%20Siya%20Gokhale%2C%20Suraksha%20Kotte%2C%20Theertha%20Satish%2C%20Vaishnave%20Mahesh%3C%2Fp%3E%0A
ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
MATCH INFO
Newcastle 2-2 Manchester City
Burnley 0-2 Crystal Palace
Chelsea 0-1 West Ham
Liverpool 2-1 Brighton
Tottenham 3-2 Bournemouth
Southampton v Watford (late)
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.”
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