Where do you want to go today? From about 1994 until 2002, that’s a question Microsoft asked everyone in seemingly endless variations of print, billboard and television advertisements. You’ll have to forgive me for this millennial trip down memory lane, but trust me, that question was everywhere. Unlike other advertisements of that particular time period, however, it made you stop and think, even if you didn’t use Microsoft’s Windows, Word or Excel, you immediately wondered about your goals, and if you were using the right tools to help you achieve those goals. You also knew exactly which technology company was asking the innocent yet thoughtful question. Then, as is the case now, Microsoft had the power, influence and technological know-how to make an impact, and in turn, help you leave your mark.
On April 16, at 8.45am, that question immediately entered my mind as a news release from G42, Abu Dhabi’s artificial intelligence and cloud company, arrived in my inbox, announcing that Microsoft, would be making a $1.5 billion investment to help hasten its AI development.
As The National's Future Editor, covering stories at the intersection of technology and societal trends, I am used to receiving emails with announcements purporting to be impactful and earth-shattering, so it is easy to approach them with ample cynicism and a critical eye.
Yet, upon receiving G42’s announcement, even the most seasoned critic or grizzled pundit had to take notice.
Since its founding in 2018, G42, originally Group 42, has not been subtle about its lofty ambitions related to AI. G42 did not just want to ride the wave of AI momentum, it wanted to be the wave. Fast-forward to 2024, about six years later, and G42’s CV certainly shows proof of that concept.
In health care, one of its companies, M42, created a large language model, Med42, that can help health care professionals and patients easily decipher medical reports, analyse test results, and improve the overall health care experience.
For education, customer service and content creation, another company under the umbrella of G42, Core42 spearheaded development of Jais, one of the world’s most accurate Arabic large language models – no easy feat considering the intricacies and complexities of Arabic, yet incredibly important seeing as how Arabic was at risk of getting left behind the initial surge of English-based LLMs.
In terms of energy, there was also G42’s partnership with Adnoc for the creation of AIQ, which combined the efforts of data scientists and software developers to use AI modelling tools, along with machine learning to boost efficiency and avoid disruptions.
What to do with all of these entities and their goals of addressing challenges in health care, energy and climate action using AI? That's where the Condor Galaxy comes into the G42 picture. The company joined forces with Cerebras Systems to launch the "world's largest supercomputer" that significantly reduces AI model training time. It currently boasts eight exaflops of capacity. If you need to look up the definition of exaflop, nobody would blame you. The point is, G42 has not let much grass grow underneath its feet.
Yet, despite even the loftiest of ambitions, no person, no entity and no company can do it alone. History books are filled with geopolitical, corporate and organisational partnerships that have paved the way for new accomplishments that have ratcheted up our species.
This particular partnership with Microsoft manages to tick all of those boxes mentioned above.
Sure, G42 has in the past announced endeavours with AstraZeneca, Cisco, IBM, Nvidia and Oracle, just to name a few, but the Microsoft partnership crosses a major threshold, and even words such as “partnership” and “investment” do not seem to do it justice.
Firstly, you can probably count on one hand the number of companies that have AI investments and projects on a scale similar to that of Microsoft.
From its partnership with OpenAI to its appointment of AI expert and “serial tech entrepreneur” Mustafa Suleyman to the position of chief executive for Microsoft AI, the US technology company, which helped to put a personal computer on almost every desk, is still able to set the agenda, even in the realm of AI, where it often seems to consist of a new cast of characters.
It is not simply a matter of Microsoft cutting a cheque for G42 either. The UAE AI company will also be adding Microsoft’s vice chairman and president Brad Smith to its board of directors.
In turn, this also opens more doors for G42 to the US market, which is always a good thing if you want to be a player with plenty of staying power in the world of technology.
It is worth noting that Microsoft has been around for about half a century. That is no mistake, nor is it luck. It is a combination of persistence, good execution and limitless ambition to make a difference in the lives of everyday people.
That brings us full circle to G42, which is only six years old but has a track record and now – with the investment from Microsoft – the street cred, to have an AI impact on an unprecedented scale.
Indeed, where do you want to go today? For G42, it seems almost anything is possible.
An earlier version of this article initially referred to one of G42's companies, M42, as Med42. M42 is the name of the company, whereas Med42 is the name of the large language model also referenced.
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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.”
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
The biog
Title: General Practitioner with a speciality in cardiology
Previous jobs: Worked in well-known hospitals Jaslok and Breach Candy in Mumbai, India
Education: Medical degree from the Government Medical College in Nagpur
How it all began: opened his first clinic in Ajman in 1993
Family: a 90-year-old mother, wife and two daughters
Remembers a time when medicines from India were purchased per kilo
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Company%20profile
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