Facebook parent company Meta launched a host of generative artificial intelligence features during its Connect conference at its Menlo Park campus in California on Wednesday.
Generative AI is disrupting industries across the board. A type of AI system that can generate text, images or other media, it uses neural networks to identify patterns and structures in existing data to generate new and original content.
It could add as much as $4.4 trillion annually to the global economy and will transform productivity across sectors with continued investment in the technology, a recent report by consultancy McKinsey found.
The National looks at Meta’s eight key initiatives in the AI realm announced on Wednesday.
AI stickers
Meta has introduced a new feature in its chat and story platforms – AI stickers. This functionality enables users to craft personalised stickers effortlessly.
Using the power of Meta's Llama 2 technology and the foundational image generation model, Emu, this AI tool can swiftly transform text prompts into a diverse array of stickers.
Over the next month, this innovative feature will be introduced to select English-speaking users across WhatsApp, Messenger, Instagram and Facebook Stories, the company said.
Revolutionising image editing with AI
In the coming weeks, Meta users will witness a transformative shift in image editing capabilities. Meta is set to introduce two novel features, Restyle and Backdrop, on Instagram.
These features harness the prowess of Emu technology. With the Restyle feature, users gain the ability to apply various visual styles to their images, breathing new life into their photographs.
Meet Meta AI: your personal assistant
Meta AI is an innovative addition to the Meta ecosystem, designed to interact with users in real-time in a human-like manner.
Already available on WhatsApp, Messenger, and Instagram, it is soon to make its debut on Ray-Ban Meta smart glasses and Quest 3 headsets.
This AI assistant is driven by a custom model incorporating elements from Llama 2 and Meta's latest advancements in large language models.
In text-based chats, Meta AI has access to real-time information through its partnership with Bing, offering a handy tool for generating images. Meta AI is still in beta phase and is limited to the US market only.
Join the conversation with 28 more AIs
In addition to Meta AI, users can engage with 28 other AI entities on WhatsApp, Messenger, and Instagram.
Meta has collaborated with cultural figures and influencers to bring these AIs to life, each having their own profiles on Instagram and Facebook for users to explore.
Introducing AI Studio
Meta has launched AI Studio, a versatile platform that empowers the creation of AI entities.
The company plans to make this platform accessible to people outside of Meta, catering to coders and non-coders.
Developers will soon have the opportunity to craft third-party AIs for Meta's messaging services, starting with Messenger and later expanding to WhatsApp.
Enhancing businesses and creators
Businesses, small and large, will be able to create AIs that align with their brand values and enhance customer service experiences.
Meta is launching this feature in alpha (one of the testing phases) and plans to scale it further in the coming year.
Creators will also have the chance to develop AIs that extend their virtual presence across Meta's apps, provided they are approved and directly controlled by the creators themselves.
Glimpse of the future
Meta is also working on a sandbox, set to be released in the coming year, which will allow anyone to experiment with creating their own AI.
As the universe of AIs continues to expand and evolve, Meta is dedicated to bringing this sandbox to the metaverse, enabling users to build AIs with an even greater level of realism and interconnectedness.
Privacy matters
Meta said it has included important privacy protection in its new generative AI features to guard people’s information and help them to understand how the features work.
“Our generative AI features go through a rigorous internal privacy review that helps ensure we are using people’s data responsibly, while building better experiences for connection and expression.”
The company is launching a generative AI privacy guide and other transparency resources for people to understand how Meta builds its AI models, and what controls and data privacy rights they have.
Mark Zuckerberg, Meta's founder and chief executive, said new AI experiences come with a new set of challenges.
That is why Meta is introducing its new AIs slowly and building protection around them, he said.
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.”
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
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UAE’s revised Cricket World Cup League Two schedule
August, 2021: Host - United States; Teams - UAE, United States and Scotland
Between September and November, 2021 (dates TBC): Host - Namibia; Teams - Namibia, Oman, UAE
December, 2021: Host - UAE; Teams - UAE, Namibia, Oman
February, 2022: Hosts - Nepal; Teams - UAE, Nepal, PNG
June, 2022: Hosts - Scotland; Teams - UAE, United States, Scotland
September, 2022: Hosts - PNG; Teams - UAE, PNG, Nepal
February, 2023: Hosts - UAE; Teams - UAE, PNG, Nepal
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Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
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Western Region Asia Cup Qualifier, Al Amerat, Oman
The two finalists advance to the next stage of qualifying, in Malaysia in August
Results
UAE beat Iran by 10 wickets
Kuwait beat Saudi Arabia by eight wickets
Oman beat Bahrain by nine wickets
Qatar beat Maldives by 106 runs
Monday fixtures
UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain
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What is cyberbullying?
Cyberbullying or online bullying could take many forms such as sending unkind or rude messages to someone, socially isolating people from groups, sharing embarrassing pictures of them, or spreading rumors about them.
Cyberbullying can take place on various platforms such as messages, on social media, on group chats, or games.
Parents should watch out for behavioural changes in their children.
When children are being bullied they they may be feel embarrassed and isolated, so parents should watch out for signs of signs of depression and anxiety
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'The Coddling of the American Mind: How Good Intentions and Bad Ideas are Setting up a Generation for Failure'
Greg Lukianoff and Jonathan Haidt, Penguin Randomhouse
