The rise of technologies such as artificial intelligence (AI) has caused much anxiety around its potential impact on the global workforce. This is not a new fear and there are several examples in history that point to similar concerns.
In the early 19th century, for example, during the time of mechanisation of weaving looms, textile workers strongly opposed the change as they believed that it would eliminate their livelihood. Similarly, the invention of the printing press initially caused apprehension among book keepers who feared being replaced.
However, history tells a different story. While new technologies did alter and take certain jobs, they ultimately created new opportunities and whole industries that were unimaginable at the time.
Similarly, in the current context, AI creates new job opportunities in AI development, data analysis, machine learning engineering and AI ethics.
The truth is that many of the jobs that are under threat lack creativity and innovation. Instead of lamenting their disappearance, we should view the automation of these tasks as a chance to redefine work as well as the education system that prepares us for this new world. AI can augment human capabilities, leading to the creation of new roles that require a blend of human creativity and AI assistance.
For perhaps understandable reasons, our education system has been geared towards producing successive generations of people trained to excel in specific, narrow fields and repetitive skills, often at the expense of their inherent talent and critical thinking skills.
Education systems have been geared towards producing people trained to excel in specific, narrow fields and repetitive skills, often at the expense of their inherent talent and critical thinking skills
This focus on economic value rather than personal growth or societal benefit must shift. Our task now is to embrace technology and find new ways to equip students with the tools to be more creative and innovative. We must cultivate a generation of passionate workers who can think differently, collaborate and translate ideas into solutions.
Fostering skills such as divergent thinking – the ability to generate a wide range of ideas – and critical thinking – the ability to interpret, evaluate, and analyse facts and information that is available – allows for the selection of the most promising solutions. Collaborative problem-solving should be central to real-world challenges that require teamwork and diverse perspectives. Fostering inclusivity is also crucial as it ensures diverse perspectives, which can lead to breakthrough ideas.
In addition to mastering technical skills, students must grasp the importance of networking, forging connections and navigating an increasingly complex job market. The ability to maintain focus and to persevere through challenges is also vital in the pursuit of any creative endeavour.
Finally, ethics must be central to our teaching and thinking. As AI becomes increasingly integrated into education and the workforce, it is crucial to ensure that ethical considerations are prioritised and human oversight is maintained. This involves addressing issues such as algorithmic bias, data privacy and the ethical implications of AI-driven decision-making. Our role is not just about ensuring that people can remain economically productive but to inspire them to develop ideas that can have a broad positive impact across societies.
This task is vital because the problems we face as a society are manifold – from the environment to social and economic inequality, health care, and, potentially, unequal access to future technologies.
It is all too easy to imagine a future where underserved populations do not have access to the innovations that power richer nations forward. This cannot be allowed. As the Covid-19 pandemic revealed, and as climate change will continue to remind us, we are all in the same boat. Our challenges are global, and we need locally sourced solutions from people who understand the nature of these problems and how best to fix them.
The experience of running the NYU Abu Dhabi Hackathon for Social Good for the past 12 years has shown me the value of inspiring creativity, passion and co-operation among young people. Top students from around the world convene in the UAE and are mentored by leading experts on utilising quantum computing to advance the UN’s social development goals.
The hard skills they learn during this competition are important. But equally valuable are the soft skills: co-operation, teamwork, and inspiring each other to approach problems in new ways. The students also build a network of global contacts that is of huge value as they go on to start companies and create products and solutions that apply to different parts of the world.
The results of this competition have been outstanding. Last year’s hackathon winners presented their idea – a quantum computing-powered tool to predict and avoid citywide power cuts – to the Geneva Science and Diplomacy Anticipator summit in Switzerland. We aim to implement the NYUAD Hackathon framework to underserved communities across the world, who can then disseminate this knowledge in their own countries.
By finding more such ways to inspire creative thinking in education, we can unlock a future where human ingenuity thrives alongside technology. The future is not dominated by competition between humans and machines; it is about collaboration and putting people first.
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Company%20Profile
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Results:
CSIL 2-star 145cm One Round with Jump-Off
1. Alice Debany Clero (USA) on Amareusa S 38.83 seconds
2. Anikka Sande (NOR) For Cash 2 39.09
3. Georgia Tame (GBR) Cash Up 39.42
4. Nadia Taryam (UAE) Askaria 3 39.63
5. Miriam Schneider (GER) Fidelius G 47.74
Qosty Byogaani
Starring: Hani Razmzi, Maya Nasir and Hassan Hosny
Four stars
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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.”
The%20Roundup
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Mobile phone packages comparison
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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”.
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UAE currency: the story behind the money in your pockets
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Profile of RentSher
Started: October 2015 in India, November 2016 in UAE
Founders: Harsh Dhand; Vaibhav and Purvashi Doshi
Based: Bangalore, India and Dubai, UAE
Sector: Online rental marketplace
Size: 40 employees
Investment: $2 million
PROFILE BOX
Company name: Overwrite.ai
Founder: Ayman Alashkar
Started: Established in 2020
Based: Dubai International Financial Centre, Dubai
Sector: PropTech
Initial investment: Self-funded by founder
Funding stage: Seed funding, in talks with angel investors