'We're all going to have a very trusted AI companion', says Abu Dhabi's Presight chief


Dana Alomar
  • English
  • Arabic

Artificial intelligence is set to become the backbone of financial services, driving everything from payments and central bank digital currencies to compliance, according to the chief executive of G42 unit Presight AI, which focuses on data analytics and AI.

“I think AI will become the backbone of the future of financial digital infrastructure,” Thomas Pramotedham told The National.

The shift goes beyond payments, he said, highlighting the Gulf region's emergence as a global hub of investment capital.

As money flows increase, “we need to build strong risk and compliance platforms and these platforms increasingly will be AI-centric”.

His comments come as governments in the six-member economic bloc of Gulf, regional central banks, financial institutions as well as public and private sector companies are heavily investing in AI adoption.

Abu Dhabi in particular is pushing hard to position itself at the forefront of AI-enabled financial infrastructure in the broader Middle East and North African region.

With AI being increasingly incorporated in systems and protocols across sectors to boost security and efficiencies, new avenues of growth for companies such as Presight AI are opening up.

Presight this year launched a joint venture with the UAE Central Bank to build sovereign AI platforms for payments, central bank digital currencies and real-time settlement systems.

Banking at the centre

The joint venture also supports the UAE Central Bank's Financial Infrastructure Transformation programme, as well as developing an AI-powered domestic card scheme and open finance systems.

Mr Pramotedham said the project underlines the UAE’s push to develop resilient, sovereign-grade systems.

“It needs to be built on sovereign AI infrastructure and the central bank is in the position to create such an ecosystem for themselves to implement these policies and regulations, so that we're in a safer and transparent environment.”

From efficiency to compliance

Risk and compliance, he argued, are now at the forefront of AI’s role in finance.

“What you're going to see is an increasing need for risk and compliance, especially where generative AI is going,” he said.

Concerns around bias and hallucinations in generative AI are colliding with traditional demands for financial compliance, Mr Pramotedham said.

This month, Presight signed an initial agreement with Dow Jones Factiva to co-develop AI-powered risk and compliance tools.

The systems are designed for banks, regulators and sovereign entities, fusing Presight’s sovereign AI infrastructure with Dow Jones’ regulatory-grade datasets.

“Presight will become a platform that will work with Dow Jones and the likes of Dow Jones to support this ecosystem as the UAE and the Middle East become a financial hub,” Mr Pramotedham said.

Trust as the foundation

Consumer trust, he said, is the foundation of any successful AI rollout, which is quite evident in digital banking as people now send money instantly from their phones because they believe the system works securely, he said.

“You turn on your phone, you're willing to do a transfer … underlying that is not technology, but trust,” Mr Pramotedham said.

The same principle applies to AI.

“If they trust the technology, the technology will become useful,” he said. “In this case, AI, better risk compliance, better infrastructure is what is needed.”

Governments v corporates

Mr Pramotedham drew a clear distinction between governments and the private sector in terms of the AI adoption.

“Government has the mission to serve us, to serve its citizens,” he said. “Serving the citizens means a safer city, an inclusive city, a sustainable city. Now, then, you look at how can AI help you with that.”

Abu Dhabi’s vision of becoming an “AI-native government”, designed to deliver services to citizens “in a much shorter, much faster and much more efficient way” is an example, he said.

The private sector, by contrast, is driven by “economic returns, cost optimisation, revenue, new sectors”, he said.

However, not every government is chasing the AI Adoption goals with the same zeal and while some remain risk-averse, others are setting the pace.

“The governments in the UAE are leading exactly how AI should be applied,” he said.

“I think organisations in the UAE are learning from that. There are organisations in the big techs that are applying AI in a much better way and we're learning from that.”

Growth trajectory

Presight reported an 80 per cent year-on-year increase in revenue in the first half of 2025, reaching more than Dh1 billion ($296 million), driven by both domestic demand and global expansion. International revenue rose to 27 per cent of the total, from less than 5 per cent a year earlier.

“Last year, we went into energy [sector] through the AIQ joint venture with Adnoc, and energy became a third of the revenue. This year, we're doubling down on financial services and insurance,” Mr Pramotedham said.

“Each of the sectors we're in, government, financial services, energy, smart infrastructure, these are the underlying sectors that drive a country's GDP. And as these sectors that have the highest economic contribution adopt AI, these will continue to be the drivers.”

Regional AI opportunity

The Gulf is positioning itself as a global hub for AI – the sector could contribute about $320 billion to the Middle East’s GDP by 2030, with the UAE accounting for close to 14 per cent of its economy, PricewaterhouseCoopers estimates.

The Gulf market, valued at around $5.4 billion in 2024, is projected to reach more than $22 billion by 2033, according to Imarc Group.

McKinsey forecasts that generative AI alone could add between $21 billion and $35 billion annually to Gulf economies, equivalent to up to 2.8 per cent of today’s non-oil GDP, with banking and finance among the top beneficiaries.

Mr Pramotedham said the region is also gaining influence in shaping global standards.

“Our region is definitely shaping up to be a voice at the table on how risk compliance and 'AI for good' is used,” he said.

He added that collaboration will be critical. “The US has a very large pool of practitioners”, he said, while Europe has a strong EU Privacy Act and AI ethics codes.

“I think it's going to be a collaboration,” he added. “UAE definitely has a strong voice, collaborating in the EU and the US. Collectively, they would exchange the best practices, the learnings, and then to define what we really need.”

A hybrid future

The impact of AI is not limited only to the government or corporate sector, it is also shaping how individuals live and work.

“My ChatGPT assistant went from my fifth screen to my first screen,” he said. “Day to day, I'm changing the way we query, from health, wellness, calorie counting, fitness, the ability to get answers in a short time opposed to waiting. Translation, language, travel has completely changed because there's a strong AI assistant.”

This kind of AI adoption is likely to scale quickly, reshaping both personal and professional life on a global level, Mr Pramotedham said.

“Extrapolate that to two billion people using this kind of assistance, and then asking their organisations, ‘Why can’t we have a system like this?’ That snowball effect will fundamentally change how we work, live and play,” he said.

“I think we're all going to have a very trusted AI companion. The companies would have very trusted AI workflows. We would see a hybrid of digital workers and human workers, collaborating, trusting and delivering greater impact.”

Name: Brendalle Belaza

From: Crossing Rubber, Philippines

Arrived in the UAE: 2007

Favourite place in Abu Dhabi: NYUAD campus

Favourite photography style: Street photography

Favourite book: Harry Potter

What is Folia?

Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.

Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."

Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.

In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love". 

There are also plans to take Folia to several more locations throughout the Middle East and Europe.

While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."

The specs: 2017 Dodge Viper SRT

Price, base / as tested Dh460,000

Engine 8.4L V10

Transmission Six-speed manual

Power 645hp @ 6,200rpm

Torque 813Nm @ 5,000rpm

Fuel economy, combined 16.8L / 100km

Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Tax authority targets shisha levy evasion

The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.

Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".

The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.

He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.

"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.

As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.

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COMPANY PROFILE

Company name: Letstango.com

Started: June 2013

Founder: Alex Tchablakian

Based: Dubai

Industry: e-commerce

Initial investment: Dh10 million

Investors: Self-funded

Total customers: 300,000 unique customers every month

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

It's up to you to go green

Nils El Accad, chief executive and owner of Organic Foods and Café, says going green is about “lifestyle and attitude” rather than a “money change”; people need to plan ahead to fill water bottles in advance and take their own bags to the supermarket, he says.

“People always want someone else to do the work; it doesn’t work like that,” he adds. “The first step: you have to consciously make that decision and change.”

When he gets a takeaway, says Mr El Accad, he takes his own glass jars instead of accepting disposable aluminium containers, paper napkins and plastic tubs, cutlery and bags from restaurants.

He also plants his own crops and herbs at home and at the Sheikh Zayed store, from basil and rosemary to beans, squashes and papayas. “If you’re going to water anything, better it be tomatoes and cucumbers, something edible, than grass,” he says.

“All this throwaway plastic - cups, bottles, forks - has to go first,” says Mr El Accad, who has banned all disposable straws, whether plastic or even paper, from the café chain.

One of the latest changes he has implemented at his stores is to offer refills of liquid laundry detergent, to save plastic. The two brands Organic Foods stocks, Organic Larder and Sonnett, are both “triple-certified - you could eat the product”.  

The Organic Larder detergent will soon be delivered in 200-litre metal oil drums before being decanted into 20-litre containers in-store.

Customers can refill their bottles at least 30 times before they start to degrade, he says. Organic Larder costs Dh35.75 for one litre and Dh62 for 2.75 litres and refills will cost 15 to 20 per cent less, Mr El Accad says.

But while there are savings to be had, going green tends to come with upfront costs and extra work and planning. Are we ready to refill bottles rather than throw them away? “You have to change,” says Mr El Accad. “I can only make it available.”

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

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Price: From Dh450,000, Autograph model from Dh510,000

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THE LIGHT

Director: Tom Tykwer

Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger

Rating: 3/5

5 of the most-popular Airbnb locations in Dubai

Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:

• Dubai Marina

The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.

Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739 
Two bedroom: Dh627 to Dh960 
Three bedroom: Dh721 to Dh1,104

• Downtown

Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure.  “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."

Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154

• City Walk

The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena.  “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”

Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809 
Two bedroom: Dh682 to Dh1,052 
Three bedroom: Dh784 to Dh1,210 

• Jumeirah Lake Towers

Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.

Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629 
Two bedroom: Dh549 to Dh818 
Three bedroom: Dh631 to Dh941

• Palm Jumeirah

Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.

Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770 
Two bedroom: Dh654 to Dh1,002 
Three bedroom: Dh752 to Dh1,152 

AT%20A%20GLANCE
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Key developments

All times UTC 4

Jigra
Director: Vasan Bala
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Rated: 3.5/5
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Washmen Profile

Date Started: May 2015

Founders: Rami Shaar and Jad Halaoui

Based: Dubai, UAE

Sector: Laundry

Employees: 170

Funding: about $8m

Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures

How the bonus system works

The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.

The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.

There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).

All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.

Tree of Hell

Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla

Director: Raed Zeno

Rating: 4/5

Results

5.30pm Maiden (TB) Dh82,500 (Turf) 1,400m

Winner Spirit Of Light, Clement Lecoeuvre (jockey), Erwan Charpy (trainer)

6.05pm Maiden (TB) Dh82,500 (Dirt) 1,900m

Winner Bright Start, Pat Cosgrave, Saeed bin Suroor

6.40pm Handicap (TB) Dh92,500 (D) 2,000m

Winner Twelfthofneverland, Nathan Crosse, Satish Seemar

7.15pm Handicap (TB) Dh85,000 (T) 1,600m

Winner Imperial Empire, Tadhg O’Shea, Satish Seemar

7.50pm Handicap (TB) Dh92,500 (T) 2,000m

Winner Record Man, Tadhg O’Shea, Satish Seemar

8.25pm Handicap (TB) Dh92,500 (D) 1,600m

Winner Celtic Prince, Fabrice Veron, Rashed Bouresly

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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The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
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What the law says

Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.

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Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EHayvn%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EChristopher%20Flinos%2C%20Ahmed%20Ismail%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EAbu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3Efinancial%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3Eundisclosed%3Cbr%3E%3Cstrong%3ESize%3A%3C%2Fstrong%3E%2044%20employees%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Eseries%20B%20in%20the%20second%20half%20of%202023%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EHilbert%20Capital%2C%20Red%20Acre%20Ventures%3C%2Fp%3E%0A
The specs

Engine: 3-litre twin-turbo V6

Power: 400hp

Torque: 475Nm

Transmission: 9-speed automatic

Price: From Dh215,900

On sale: Now

LIVING IN...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Getting%20there
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The specs
Engine: 3.0-litre twin-turbo flat-six

Power: 480hp at 6,500rpm

Torque: 570Nm from 2,300-5,000rpm

Transmission: 8-speed dual-clutch auto

Fuel consumption: 10.4L/100km

Price: from Dh547,600

On sale: now 

White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

Updated: August 19, 2025, 11:42 AM