Alphabet-owned Google has introduced new features for its generative artificial intelligence platform Bard to make it more accessible in Arabic and other languages.
Arabic-speaking users can now upload images on to the platform with Google Lens, get Search images in responses and modify Bard’s responses, the company said on Tuesday.
The platform has also been integrated with other Google services such as Gmail, Docs, Drive, Maps, YouTube, Google Flights and Google Hotels. This feature is only available in English now, the company said.
To quell concerns about data privacy, Google said it will not use this information to train Bard’s public model, nor will it be seen by human reviewers.
“We are delighted by the positive feedback we have received from Arabic speakers using Bard. We are committed to continuously improving Bard and bringing more capabilities to Arabic speakers in the future,” according to a quote generated by Bard.
The AI service is powered by Google’s language model, PaLM2, which has been further developed based on users’ feedback “to become more intuitive and respond with greater quality and accuracy in all languages”, Google said.
Bard is Google’s generative AI experiment, launched in English, in March. Bard has since been expanded to more than 40 languages, including Arabic, Chinese, German, Hindi and Spanish, in July.
The Alphabet-owned company, which is wrestling Microsoft-backed Bing and ChatGPT for a greater share of the generative AI market, also introduced Bard in 59 places, including Europe and Brazil.
The conversational AI service focuses on creating ways to engage with information, from language and images to videos and audio.
Bard comes with generative AI capabilities. For example, users can ask Bard to give them tips to reach their goal of reading more books this year, explain quantum physics in simple terms, write a customised job description, draft an invitation for a Halloween-themed birthday party or quickly write an outline for a blog post.
The tool is powered by Language Model for Dialogue Applications (LaMDA) technology that was launched by the company two years ago. AI-led LaMDA comes with next-generation language and conversation ability.
In March, the company opened limited public access to select consumers in the US and the UK in English.
In May, Google removed the waiting list for Bard at its annual conference and introduced the technology in nearly 180 countries and territories, and added Japanese and Korean languages.
However, Google avoided launching the service in Europe in the initial phases.
In February, Google's parent company Alphabet lost $100 billion in market value after Bard made a factual error in a promotional video.
With the updated features, Bard is making its existing English language features available to more than 40 new languages, as well as launching new capabilities in English and soon to other languages, Google said on Tuesday.
As part of the new features, Bard allows people to use images in prompts using the capabilities of Google Lens, a product that recognises and analyses objects, texts and images. Users will also be able to receive images from Google Search in Bard’s responses.
Users can also modify Bard’s responses by changing the tone and style to five options: simple, long, short, professional or casual, according to the statement.
They can also continue their conversations with Bard, deciding whether to ask additional questions about the topic or use it as a starting point for new ideas.
This feature is available if the user has a public link to another Bard chat, Google said.
The global generative AI market is expected to be worth $188.62 billion by 2032, growing at an annual rate of more than 36 per cent, from $8.65 billion last year, data from The Brainy Insights market research company showed.
The North American region dominated the market last year.
Generative AI could also drive a 7 per cent – or almost $7 trillion – increase in the global economy and lift productivity growth by 1.5 percentage points over a 10-year period, Goldman Sachs estimated.
However, the US investment bank expects a more delayed impact on emerging market economies.
Globally, generative AI could cost the world the equivalent of 300 million full-time jobs to automation across major economies, the report indicated.
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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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Company%20Profile
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PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri