Global spending on digital transformation technologies and services such as artificial intelligence and machine learning is forecast to grow an annual 10.4 per cent to $1.3 trillion this year, according to International Data Corporation.
Though the wave of investment being ploughed into technology is slower than the 17.9 per cent annual growth last year, it remains one of the few bright spots in a year marked by significant disruptions impacting businesses worldwide.
The Covid-19 pandemic has wiped off almost $500 billion of global digital transformation investment between 2020-2023 from IDC’s forecast prior to the outbreak, according to Eileen Smith, programme vice president at the market intelligence firm.
“Despite losses, pockets of growth opportunities exist across most industries when diving deep into specific use cases that solve specific business problems,” she said.
Here are the 10 top technology trends of the year ahead:
Supercomputers inch towards becoming a reality
US technology companies such as Microsoft, IBM and Google are competing to be the first to commercialise supercomputer technology.
Far more superior than general-purpose computers, supercomputers are typically used to address the most demanding problems in the world. They include helping develop medicine, fighting a coronavirus, oil and gas exploration, simulating nuclear weapon explosions, weather forecasting and climate research.
In May, Microsoft announced building one of the top five publicly disclosed supercomputers. In March, IBM partnered with the White House to offer supercomputing power and help researchers working to fight the spread of the coronavirus pandemic.
Quantum computers to solve complex problems
Although the possibility of a quantum computer was proposed as far back as 1982, it was only in 2012 that the first venture was undertaken to explore commercial uses.
Capable of performing complex calculations in less than fractions of a second, quantum computing could be one of the biggest science revolutions yet.
“As companies and institutions begin to experiment with quantum for the first time … and as that expertise starts to move beyond the academic world … we will see business plans and the early seeds of products and services that centre around a quantum future,” Werner Vogels, vice president and chief technology officer of Amazon, said.
Google is developing a quantum computer model that will be 100 million times faster than any conventional computer in its labs.
e-gaming
Consumer appetite for gaming rose rapidly in 2020 with the creation of new platforms such as Apple's Arcade and Google's Stadia. Movement restrictions due to the Covid-19 pandemic also propelled users’ interest, industry experts said.
Global gaming revenue is expected to reach $174.9bn by the end of this year, up 19.6 per cent than the last year, according to a Newzoo survey.
This is $15.6bn higher than the previous forecast that the Amsterdam-based market research company made during the early months of the Covid-19 pandemic in May. It is expected to reach $217.9bn in the next three years.
Hyperautomation
Hyperautomation is a process in which businesses automate as many tasks as possible using tools like AI, machine learning and robotics.
Businesses are adopting automated practices to support the greater scale required for digitally driven enterprises.
By 2022, nearly 45 per cent of repetitive work tasks will be automated and augmented by using digital co-workers, powered by AI and robotics, according to IDC. Almost three-quarters of the top technology organisations will adopt automated practices to transform their IT workforce by 2023.
Biometric payments
Technologies such as biometric identification are evolving as the next modes of payment and Amazon made that a reality in September, when it introduced a payment-enabling palm scanner.
The product links the characteristics of a person's palm to their Amazon account and is being tested at two of the company's stores in Seattle.
About 90 per cent of smartphones will have some form of dedicated biometric hardware in the next four years, enabling payment by phone, facial recognition or a thumbprint scan, according to Juniper.
Smart Dubai has said it will start using facial biometrics to authenticate transactions in 2021.
Green hydrogen
Green hydrogen, which uses renewable energy to produce hydrogen from water, is gaining traction around the globe as climate change and clean forms of energy take centre stage. It’s being increasingly favoured by countries that aim to reduce emissions and the dominance of fossil fuels from future energy mixes.
Green hydrogen could lower costs by 40 per cent in the short term and 80 per cent long term, according to the International Renewable Energy Agency.
Several energy firms are factoring in the development of a hydrogen ecosystem as part of their long-term growth plans.
Abu Dhabi National Oil Company plans to establish a "hydrogen ecosystem" as it looks to meet growing global demand for the lighter and cleaner gas that is emerging as an alternative to fossil fuels.
Saudi Arabia, the world's largest oil exporter, is also putting together a strategy to develop hydrogen production capabilities.
Sixth-generation technology
The introduction of 5G telecoms networks may still only be partly under way, but companies such as South Korea's Samsung have already drawn up a plan with the use cases and possible timeframe for 6G.
The world's biggest smartphone and memory chip manufacturer expects the International Telecommunication Union to define a 6G vision next year, and forecasts the completion of standards and early commercialisation by 2028, with widespread introduction by 2030.
The exponential growth in the number of connected devices will require 6G to support about 10 million devices per square kilometre, almost 10 times larger than the connection density of 5G.
Mobile cryptocurrency
With more marketplaces supporting cryptocurrency payments, some consumers may consider taking up cryptocurrency accounts accessible by mobile. By 2025, 50 per cent of people with a smartphone but without a bank account will use a mobile-accessible cryptocurrency account, according to Gartner.
The Internet of Behaviour
The Internet of Behaviour captures the “digital dust” of customers’ lives from a variety of sources. That information can be used by businesses to influence people’s behaviour, according to Gartner.
The data can come from a range of sources, and the technology that puts all the data together and draws insight is growing increasingly sophisticated.
Digital health
Technology is improving the ability of healthcare providers to effectively respond to the coronavirus pandemic – allowing for faster diagnoses and speedy dissemination of trusted information as well as detecting fraudulent insurance claims and accurately evaluating patient data in real time.
Digital health is the combination of latest technologies with healthcare to improve the efficiency of healthcare delivery and make medicines more accurate and customised.
This market is expected to increase nearly six times in size by 2026 to about $639bn, at an annual growth rate of 28.5 per cent from 2020 to 2026, according to Statista.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Kat Wightman's tips on how to create zones in large spaces
- Area carpets or rugs are the easiest way to segregate spaces while also unifying them.
- Lighting can help define areas. Try pendant lighting over dining tables, and side and floor lamps in living areas.
- Keep the colour palette the same in a room, but combine different tones and textures in different zone. A common accent colour dotted throughout the space brings it together.
- Don’t be afraid to use furniture to break up the space. For example, if you have a sofa placed in the middle of the room, a console unit behind it will give good punctuation.
- Use a considered collection of prints and artworks that work together to form a cohesive journey.
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
Results
5pm: UAE Martyrs Cup (TB) Conditions Dh90,000 2,200m
Winner: Mudaarab, Jim Crowley (jockey), Erwan Charpy (trainer).
5.30pm: Wathba Stallions Cup (PA) Handicap Dh70,000 1,400m
Winner: Jawal Al Reef, Richard Mullen, Hassan Al Hammadi.
6pm: UAE Matyrs Trophy (PA) Maiden Dh80,000 1,600m
Winner: Salima Al Reef, Jesus Rosales, Abdallah Al Hammadi.
6.30pm: Sheikha Fatima bint Mubarak (IFAHR) Apprentice Championship (PA) Prestige Dh100,000 1,600m
Winner: Bainoona, Ricardo Iacopini, Eric Lemartinel.
7pm: Sheikha Fatima bint Mubarak (IFAHR) Ladies World Championship (PA) Prestige Dh125,000 1,600m
Winner: Assyad, Victoria Larsen, Eric Lemartinel.
8pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown (PA) Group 1 Dh5,000,000 1,600m
Winner: Mashhur Al Khalediah, Jean-Bernard Eyquem, Phillip Collington.
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'Unrivaled: Why America Will Remain the World’s Sole Superpower'
Michael Beckley, Cornell Press
