A majority of employees in the UAE (67 per cent) believe that artificial intelligence will bring significant changes to their work within the next year, according to research by professional network LinkedIn.
Seventy-two per cent of employees in the Emirates also expect AI to significantly affect their work in the next five years, the research showed.
More than eight in 10 employees, or 81 per cent, said it is likely that AI would function as an “invisible teammate” that assists them with their work in the next five years, according to LinkedIn, which polled 1,002 professionals aged 18 and above between August 23 and August 29.
“Just as we’ve moved past the pandemic, once again professionals are adapting to another wave of change as generative AI becomes more prominent in the workplace,” said Ali Matar, growth markets leader for Europe, the Middle East and Africa and head of LinkedIn Mena.
“Workers in the UAE are focusing on the many benefits AI can bring to their working lives, including more time to focus on the work they care about and helping with career progression.”
One in four jobs is expected to change in the next five years as generative AI “comes of age”, creating and destroying millions of jobs in the process, the World Economic Forum said in May.
In its global survey of 803 companies, the WEF found that employers expect a structural labour market churn of 23 per cent in the next five years.
Meanwhile, 18 per cent of work globally could be automated by AI, with a bigger impact on developed than emerging markets, a Goldman Sachs report said in March.
In the US, a quarter of current work tasks could be automated by AI, with sectors most at risk including the administrative (46 per cent) and legal (44 per cent) professions. Physically intensive professions such as construction and maintenance have low exposure, according to Goldman Sachs.
A January survey by communications advisers duke+mir, in association with YouGov, found that more than half of UAE workers worry they will lose their jobs to robots or AI over the next 10 years.
The poll of about 1,000 residents revealed younger people are more concerned about how advancing technology will influence their career prospects.
In 2017, the UAE rolled out an AI strategy, UAE 2031, outlining plans to use the technology to make governance more efficient and naming eight sectors it aims to transform, including space, renewable energy, water and education.
LinkedIn’s data showed a significant 21-fold increase in global, English-language job listings mentioning AI technology, including ChatGPT, since November last year.
More than half, or 54 per cent, of the UAE’s workforce are already using AI in their job, with 41 per cent trying out AI tools such as ChatGPT, according to LinkedIn research.
The lack of knowledge about AI is not stopping UAE professionals from wanting to experiment with the technology.
Although 30 per cent of employees in the Emirates have not been provided with any formal AI training from their employer, 59 per cent want to learn more, even if they do not know where to start, the survey found.
UAE professionals are optimistic about the potential AI can bring to their careers, with 98 per cent saying they are excited to use the technology for work while 97 per cent believe it will help their career progression in some way.
Many employees are already thinking of ways AI can help them to be more productive, with 82 per cent saying that the technology will improve their work-life balance, the LinkedIn survey found.
About seven in 10 employees, or 67 per cent, plan to use AI for boring work tasks and to answer questions they are too embarrassed to ask colleagues, while 63 per cent plan to use it for career advice, the research said.
Watch: The AI revolution – what does our future look like?
While 45 per cent of employees in the UAE feel their colleagues know more about AI than they do, 48 per cent have admitted to pretending they know more about AI to appear “in the know” in front of teammates, the findings showed.
Employees in the UAE also believe interpersonal skills such as problem solving, time-management, resilience and strategic thinking will become even more important as AI grows in prominence, LinkedIn said.
'Skin'
Dir: Guy Nattiv
Starring: Jamie Bell, Danielle McDonald, Bill Camp, Vera Farmiga
Rating: 3.5/5 stars
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About Tenderd
Started: May 2018
Founder: Arjun Mohan
Based: Dubai
Size: 23 employees
Funding: Raised $5.8m in a seed fund round in December 2018. Backers include Y Combinator, Beco Capital, Venturesouq, Paul Graham, Peter Thiel, Paul Buchheit, Justin Mateen, Matt Mickiewicz, SOMA, Dynamo and Global Founders Capital
T20 World Cup Qualifier
October 18 – November 2
Opening fixtures
Friday, October 18
ICC Academy: 10am, Scotland v Singapore, 2.10pm, Netherlands v Kenya
Zayed Cricket Stadium: 2.10pm, Hong Kong v Ireland, 7.30pm, Oman v UAE
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Darius D’Silva, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Junaid Siddique, Sultan Ahmed, Imran Haider, Waheed Ahmed, Chirag Suri, Zahoor Khan
Players out: Mohammed Naveed, Shaiman Anwar, Qadeer Ahmed
Players in: Junaid Siddique, Darius D’Silva, Waheed Ahmed
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.”
Results
6.30pm: The Madjani Stakes (PA) Group 3 Dh175,000 (Dirt) 1,900m
Winner: Aatebat Al Khalediah, Fernando Jara (jockey), Ali Rashid Al Raihe (trainer).
7.05pm: Maiden (TB) Dh165,000 (D) 1,400m
Winner: Down On Da Bayou, Royston Ffrench, Salem bin Ghadayer.
7.40pm: Maiden (TB) Dh165,000 (D) 1,600m
Winner: Dubai Avenue, Fernando Jara, Ali Rashid Al Raihe.
8.15pm: Handicap (TB) Dh190,000 (D) 1,200m
Winner: My Catch, Pat Dobbs, Doug Watson.
8.50pm: Dubai Creek Mile (TB) Listed Dh265,000 (D) 1,600m
Winner: Secret Ambition, Tadhg O’Shea, Satish Seemar.
9.25pm: Handicap (TB) Dh190,000 (D) 1,600m
Winner: Golden Goal, Pat Dobbs, Doug Watson.
The five pillars of Islam
Day 2, Dubai Test: At a glance
Moment of the day Pakistan’s effort in the field had hints of shambles about it. The wheels were officially off when Wahab Riaz lost his run up and aborted the delivery four times in a row. He re-measured his run, jogged in for two practice goes. Then, when he was finally ready to go, he bailed out again. It was a total cringefest.
Stat of the day – 139.5 Yasir Shah has bowled 139.5 overs in three innings so far in this Test series. Judged by his returns, the workload has not withered him. He has 14 wickets so far, and became history’s first spinner to take five-wickets in an innings in five consecutive Tests. Not bad for someone whose fitness was in question before the series.
The verdict Stranger things have happened, but it is going to take something extraordinary for Pakistan to keep their undefeated record in Test series in the UAE in tact from this position. At least Shan Masood and Sami Aslam have made a positive start to the salvage effort.
New process leads to panic among jobseekers
As a UAE-based travel agent who processes tourist visas from the Philippines, Jennifer Pacia Gado is fielding a lot of calls from concerned travellers just now. And they are all asking the same question.
“My clients are mostly Filipinos, and they [all want to know] about good conduct certificates,” says the 34-year-old Filipina, who has lived in the UAE for five years.
Ms Gado contacted the Philippines Embassy to get more information on the certificate so she can share it with her clients. She says many are worried about the process and associated costs – which could be as high as Dh500 to obtain and attest a good conduct certificate from the Philippines for jobseekers already living in the UAE.
“They are worried about this because when they arrive here without the NBI [National Bureau of Investigation] clearance, it is a hassle because it takes time,” she says.
“They need to go first to the embassy to apply for the application of the NBI clearance. After that they have go to the police station [in the UAE] for the fingerprints. And then they will apply for the special power of attorney so that someone can finish the process in the Philippines. So it is a long process and more expensive if you are doing it from here.”
