G42, the Abu Dhabi-based artificial intelligence and cloud computing firm, announced an undisclosed investment in a new edge computing and AI company launched at Davos during the World Economic Forum on Thursday.
Analog, the Abu Dhabi-headquartered start-up, aims to develop AI-powered solutions in edge computing that will enhance the speed and operating efficiency of individuals and businesses alike.
“Analog is born out of the ambition to mix human needs with the potential of AI … creating experiences to simplify and enhance everyday life,” Alex Kipman, founder and chief executive of Analog, told The National.
"It will be at the forefront of innovation, crafting technology that amplifies rather than replaces human skills.”
Analog was launched at AI House Davos, a multi-stakeholder platform for responsible AI progress of which G42 is the initiating partner.
Analog said it will harness the capabilities of edge computing to create a smooth and interconnected relationship among individuals, locations and objects, and boost speed while minimising latency.
The company said it will deliver custom solutions to tackle challenging global issues for business, public sector companies as well as health care and the environment sectors.
The AI market is projected to reach $305.9 billion this year, according to Statista. It is expected to show an annual growth rate of 15.83 per cent, resulting in a market volume of $738.8 billion by 2030.
Edge computing is an emerging paradigm that refers to a range of networks and devices at or near the user. Edge is about processing data closer to where it’s being generated, enabling processing at greater speeds and volumes, leading to greater action-led results in real time, according to consultancy Accenture.
“In traditional AI companies, intelligence comes from historical data that is pre-trained and digitally stored … while in edge computing, intelligence emerges from live, real time sensors’ data. So, this world of AI is very focused on understanding the complexities of real world in real time, understanding people, understanding places and understanding things,” Mr Kipman said.
“We will be harnessing data coming from millions of sensors to help businesses grow their bottom line while devising solutions that are human-centric in approach.”
Analog's ability to capture and use data from the real world is the company's unique selling proposition, Mr Kipman said.
“A lot of sensors exist in the world today but there are not a lot of systems or solutions that give you insights from top of those sensors. Clearly, there is an unmet need, and we are going to plug this gap.”
Without disclosing other investors, Mr Kipman said G42 is the biggest investor in the start-up and it “has made serious commitments”.
“Analog represents the latest addition in G42's portfolio of AI-powered businesses … and it's the piece of the portfolio focused on edge computing AI,” he added.
Reacting to recent reports regarding G42’s alleged links with blacklisted Chinese entities, Mr Kipman said: “I will refer you to the public statements that G42 has already given. I strongly believe in them and I also believe in the immense market opportunity in the region.
“We are not thinking about Analog from a short-term perspective but it’s a long-term approach to life and I believe that G42 will continue to be a growing player in the AI ecosystem, both regionally as well as globally.”
Last week, the US House of Representatives was presented with a letter by congressman Mike Gallagher that made claims about G42's business ties with Chinese entities.
Among the entities named were technology major Huawei and the Beijing Genomics Institute, companies blacklisted in the US and with which G42 was alleged to have maintained “active relationships”.
However, G42 has denied any links with the Chinese government and military, dismissing the allegations as “unfounded and irresponsible”.
Analog announcement is the latest in a series of new initiatives from G42.
The group recently announced the establishment of Core42, a provider of national-scale digital transformation.
It also announced the launch of – pending regulatory approvals – Space42, an AI-powered space technology champion to capture regional and international opportunities in geospatial and mobility solutions, satellite communications and business intelligence.
Mr Kipman, who aims to make Analog profitable soon, said he is not aiming to raise more funds at this moment.
“We have enough funds to start and show real progress in the region … that's the focus rather than raising more money.
“We are a Made-in-the-UAE company and, initially, we want to focus on this market only as we see massive potential here … gradually, we will decide on expanding to new markets,” he said.
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Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
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Price, base / as tested Dh135,000
Engine 1.6L turbo
Gearbox Six speed automatic with manual and sports mode
Power 165hp @ 6,000rpm
Torque 240Nm @ 1,400rpm 0-100kph: 9.2 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
The specs
Engine: Turbocharged four-cylinder 2.7-litre
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Transmission: 10-speed automatic
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The fourth season of du Football Champions was launched at Gitex on Wednesday alongside the Middle East’s first sports-tech scouting platform.“du Talents”, which enables aspiring footballers to upload their profiles and highlights reels and communicate directly with coaches, is designed to extend the reach of the programme, which has already attracted more than 21,500 players in its first three years.
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- Option 2: 50% across three years
- Option 3: 30% across five years
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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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Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
Mohammed bin Zayed Majlis
Mohammed bin Zayed Majlis
