A Dubai competition focused on developing skills in artificial intelligence technology is under way, with Dh1 million ($272,290) in prize money on offer for participants from around the world.
The Global Prompt Engineering Championship has been organised by the Dubai Future Foundation (DFF) and Dubai's Centre for Artificial Intelligence.
In AI, a prompt refers to a specific request made to a language model such as ChatGPT, which can provide a response or solution to a user.
DFF deputy chief executive Abdulaziz Al Jaziri spoke to The National at the competition and described prompt engineering as the next phase in acquiring new skills in the tech sector.
"We recognised AI as a technology that can revolutionise lives, enabling individuals to develop new skills and discover new roles and opportunities. Prompt engineering is now emerging as a crucial new skill set in this context," he said.
The selection process
The first of the two-day conference focused on selecting nine from the top 30 prompt engineering programmers to participate in the final phase on Tuesday at the Museum of the Future.
The selection process involves a rigorous evaluation of the participants' skills and understanding of prompt engineering. The programmers will then be divided into five groups, each competing in literature, art, and coding.
Mr Al Jaziri explained the championship's inclusive approach, addressing why it includes categories beyond coding.
"We realised that coding is for a subset of society. Literature appeals to a wider society and art to an even bigger set. We want everyone to feel included in this skill set, and this is a skill that we believe everyone should get and learn," he said.
The nine competitors will be announced in the auditorium Tuesday morning, and only three, one from each category, will receive prize money totaling Dh1 million ($272,290).
Inclusivity beyond age limits
What stood out to Mr Al Jaziri was the diversity of the participants. "There were initially thousands of entries from over 100 countries, and in terms of age groups, we have a 13-year-old to a 60-year-old," he said.
The youngest participant in the literature category, Zara Hasnain from the UK, found out about the championship online and registered independently. A self-proclaimed enthusiast of both AI and literature, she found the competition's unique blend of disciplines irresistible.
"I was interested in AI and liked linking it with other things like literature. So I thought it would be a great opportunity to participate in this competition," she told The National.
Although the competition has an age limit of 18, an exception was made for the 13-year-old prodigy due to her exceptional skills at such a young age.
"I was surprised, to be honest, because I thought more people my age would participate. There was no age limit online, so I assumed it was for everyone," she said.
Judging AI mastery
A specialised committee evaluates the completed projects and looks for speed, quality, and accuracy.
Abdelrahman Al Mahmoud, one of the judges and the Head of Research and Infrastructure in the Artificial Intelligence Office at the Prime Minister's Office, emphasised the importance of mastery of AI systems.
He noted that judges focus on how well participants can control and direct AI tools.
"We are looking at their mastery of the tool: how they can make the system do what they want, rather than simply accepting whatever output the system gives them," he told The National.
Major global technology companies, including Microsoft, Google, and IBM, participated in the event with the Dubai Chamber of Digital Economy as its strategic partner.
As the first day unfolds, excitement and anticipation fill the air. Participants are eager to showcase their skills and creativity, hoping to qualify for the finals.
The GPEC, with its unique focus on prompt engineering and its inclusive approach encompassing literature, art, and coding, is set to be an inspirational event, paving the way for future advancements in the digital economy.
Profile of Bitex UAE
Date of launch: November 2018
Founder: Monark Modi
Based: Business Bay, Dubai
Sector: Financial services
Size: Eight employees
Investors: Self-funded to date with $1m of personal savings
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
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The chalet
Chalet N is currently open in winter only, between now and April 21. During the ski season, starting on December 11, a week’s rental costs from €210,000 (Dh898,431) per week for the whole property, which has 22 beds in total, across six suites, three double rooms and a children’s suite. The price includes all scheduled meals, a week’s ski pass, Wi-Fi, parking, transfers between Munich, Innsbruck or Zurich airports and one 50-minute massage per person. Private ski lessons cost from €360 (Dh1,541) per day. Halal food is available on request.
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Rating: 4.5/5
Bundesliga fixtures
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
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Fortuna Dusseldorf v Paderborn (4.30pm)
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Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
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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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