The latest graduating class of Abu Dhabi's dedicated artificial intelligence university have been urged to help harness the "profound potential" of the advanced technology.
A commencement ceremony for 59 students was held on Sunday by the Mohamed bin Zayed University of Artificial Intelligence to celebrate the completion of their Master’s degrees in specialised subjects such as machine learning, computer vision and natural language processing.
It is estimated that AI could contribute $320 billion to the Middle East economy in 2030, with the UAE seeing the greatest gain.
The ceremony was attended by Sheikh Hamed bin Zayed, director of Abu Dhabi Investment Authority, and Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, managing director and group chief executive of Adnoc and chairman of the board of trustees of MBZUAI.
MBZUAI president Eric Xing told the graduates in his speech that the world was seeing a modern-day renaissance fuelled by AI.
Technology to shape society
"You graduate in a time where education and many other industries are to be reshaped by artificial intelligence, the very subject of your study," he said.
"Our current education model centred around memorising and retrieving information often fails to prepare us for real challenges we face.
"And now we must embrace the profound potential of AI and an educational paradigm that focuses on problem-solving.
"Using existing knowledge, and creation of new knowledge, as graduates from the world's first AI university you are uniquely equipped to chart this evolving landscape.
"As you venture into the next stage of your journey, I want to urge you to remain curious, and uphold the virtue of courage, humility, compassion, honour and perseverance."
An international success
The graduating class comes from 25 different countries, including the UAE and China, as well as parts of Africa and the Middle East.
Founded in 2019, the forward-thinking institution currently has more than 200 students with 30.5 per cent of them being women.
Since its opening, professors and students have been able to get work published in 456 journals and conferences around the world.
Jobs of the future
Klea Ziu, 27, from Albania, was the valedictorian of her class and graduated with a Master's in machine learning.
"My area of study is very important because now the UAE, and places abroad, are trying to implement AI in ministries, education and elsewhere," she told The National.
"So, to have knowledge about AI will be very important in the future to secure a job and to build a career."
Ms Ziu said she received "many job offers" but turned them down to pursue her PhD at the university.
Machine learning is a type of AI that "learns from experience". As the software gets new data, over time, the model improves and offers better outcomes.
The technology is transforming many fields such as healthcare, education, transport, entertainment and farming.
Maksym Bekuzarov, 23, from Ukraine, graduated with a Master's in computer vision.
He will spend the summer completing his position as a research assistant at the university and will then move to the UK to start a full-time position as a machine learning engineer at Snapchat, a social media giant.
"It's a great company, and since I did my internship with them, and I know the team that I'll be joining, I'm quite excited," he said.
"I like their approach to work where nobody cares how many hours you spend in the office and how you do something as long as you do it well.
"So, what they value is the results and that's what I like."
He said graduating from an institution like MBZUAI was an "extremely rare opportunity", as he expects AI to develop even more rapidly in the future.
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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.”
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
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VERSTAPPEN'S FIRSTS
Youngest F1 driver (17 years 3 days Japan 2014)
Youngest driver to start an F1 race (17 years 166 days – Australia 2015)
Youngest F1 driver to score points (17 years 180 days - Malaysia 2015)
Youngest driver to lead an F1 race (18 years 228 days – Spain 2016)
Youngest driver to set an F1 fastest lap (19 years 44 days – Brazil 2016)
Youngest on F1 podium finish (18 years 228 days – Spain 2016)
Youngest F1 winner (18 years 228 days – Spain 2016)
Youngest multiple F1 race winner (Mexico 2017/18)
Youngest F1 driver to win the same race (Mexico 2017/18)
If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
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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
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