Abu Dhabi is to launch a dedicated artificial intelligence research centre to help cement the UAE's growing status as a global centre for technological innovation.
The state-of-the-art complex will be central to the work of the capital's Technology Innovation Institute, which already is home to the Middle East's first quantum computer and to teams of researchers developing advanced materials, drones and robots for commercial use.
The centre aims to bridge the gap between the research centre's seven labs and the spreading field of AI, providing oversight and technical know-how.
Take, for example, an autonomous boat under development at TII's robotics lab, which is being designed to self-navigate to the site of an oil spill, send out dozens of robotic “fish” to assess the damage to marine life, all while sending information to drones hovering above to determine a course for clean-up.
This scenario relies heavily on AI capabilities and is one of dozens of commercial projects being developed at TII's Masdar City campus. The new AI Research Centre will assist on gathering the relevant data to support machine learning and develop algorithms to push such projects forward, with plans to grow to a workforce of 50 in 2022.
Attracting talent and tackling projects that have commercial potential in the region is critical to Dr Ray Johnson, who joined TII in August as the centre's first chief executive.
Before coming to Abu Dhabi, he was the chief technology officer at US defence company Lockheed Martin from 2006 to 2015, then a partner at Bessemer Ventures, one of the longest-running venture capital firms in the US.
"I came from overseeing a team of 70,000 people working on 4,000 projects, and so I'm very accustomed to seeing top talent," Dr Johnson told The National in an interview, speaking about his time at Lockheed Martin. "I was delighted when I got here to see that the level of talent that TII has already attracted, is equal to or greater than the talent that I was used to working with in very large organisations."
Autonomous robots are "a major focus area" for TII, Dr Johnson said, and are likely to be among the first products sold to paying customers.
"You can hardly pick up a newspaper or magazine without reading about Amazon using them for delivery or nation states developing capabilities that need to be watched," he said.
The security, energy, transportation and construction industries are of particular interest to TII, he said.
TII, the applied research arm of Abu Dhabi's Advanced Technology Research Council, is a critical part of the UAE's efforts to diversify from a reliance on oil exports and develop a knowledge-based economy.
At the same time, the advent of AI, quantum computing and more sophisticated cybersecurity threats means that nations around the world are concerned with developing independent technology.
"One of the things the pandemic did was remind nations that this global supply chain, and dependence on others, brings risk," Dr Johnson said.
Technical independence is certainly important, he said, but the ambition is to develop world-class research labs that are producing commercially viable solutions that can "scale beyond" the UAE and ultimately be exported.
"We've taken a nice portfolio approach, whereby some products, some of the innovations, will make their way to products sooner, some innovations will take longer," Dr Johnson said.
"You want to have that portfolio approach so that you always have innovations coming out going through commercialisation and making it out to customers."
Investing in local and international talent
While the robotics lab may be first to market with a product, the quantum research centre has a longer time horizon, he said.
Partnerships are also critical. TII has signed 46 collaborative research partnership agreements with 32 research universities, including Stanford University, Khalifa University, New York University and Purdue.
Dr Johnson emphasised TII would always be an international crossroads for research. While the centre employs 100 Emiratis and wants to increase that number, the ambition is to be multinational and focused on partnerships.
"The kind of talent that is [at TII] today, and that we're attracting, and the situational awareness around the science and the understanding of the environment of their field is the best I've seen," he said. "We're able to build around that."
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.”
Fixtures
Friday Leganes v Alaves, 10.15pm; Valencia v Las Palmas, 12.15am
Saturday Celta Vigo v Real Sociedad, 8.15pm; Girona v Atletico Madrid, 10.15pm; Sevilla v Espanyol, 12.15am
Sunday Athletic Bilbao v Getafe, 8.15am; Barcelona v Real Betis, 10.15pm; Deportivo v Real Madrid, 12.15am
Monday Levante v Villarreal, 10.15pm; Malaga v Eibar, midnight
Charlotte Gainsbourg
Rest
(Because Music)
JOKE'S%20ON%20YOU
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Company%20profile
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Stree
Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5
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