US company Oracle launched a host of generative artificial intelligence solutions on Tuesday, with chief executive Safra Catz emphasising the technology's growing impact across sectors ranging from national defence to hospitality, banking and tech.
“We are infusing unbelievable capabilities and generative AI to our technologies … building it differently to run faster, securely, and give you [customers] the option to run it any way you want,” Ms Catz told the CloudWorld event in Las Vegas, Nevada.
“Our customers want the best technologies … like the CIA [Central intelligence Agency] is using Oracle’s technology, harnessing data in their mission of keeping the world safe.”
The CIA was Oracle’s first client when the company was founded in 1977 in Santa Clara, California.
“Technology and AI are part of every effort that we do at the CIA … [we are] accessing the best data and the best technology as quickly as possible to take the right decisions,” said the CIA's chief information officer, La’Naia Jones, who joined Ms Catz on stage.
She spoke of data’s crucial role in augmenting the agency’s intelligence, especially in the field of cyber security, and helping to produce insights and achieve its global security goals.
Ms Catz said that customers’ demands are constantly changing. Oracle is working with its partners to boost their AI capabilities and introducing solutions designed to help customers manage multi-cloud environments, she said.
Oracle launched its latest generative AI innovation on Tuesday to help businesses integrate the technology into everyday operations.
Called GenAI Agents, the new technology combines large-language models and retrieval-augmented generation technology – an AI technique that boosts the generation of text or other outputs, with user data.
The Texas-based company’s new offering will allow businesses to directly interact with their data for tasks such as call-centre optimisation, legal research, and recruitment, using natural language queries instead of manual processes.
AI is driving “breakthroughs and efficiencies at an unprecedented pace”, leading to new business models, applications and innovation across industries, said Greg Pavlik, executive vice president for AI and data management services at Oracle.
The new service is “designed for companies looking to put AI into their real-world production environments quickly … by bringing AI to their data", Mr Pavlik said.
The GenAI Agents was among a number of announcements and updates made by Oracle during its conference.
After the announcement, Oracle’s stock jumped 11.44 per cent to $155.89 at market close on Tuesday. It expanded 0.44 per cent to trade at $156.57 a share at 5.55pm UAE time on Wednesday after the US market opened, giving the company a market value of $432.81 billion. The company's market has jumped more than $47 billion in the past two days.
Oracle’s shares have surged by almost 50 per cent up since the start of the year, compared to the S&P 500′s nearly 16 per cent jump.
Oracle has 162 cloud data centres in operation and under construction around the world. The company is emphasising amalgamation of generative AI into its cloud solutions to make operations more secure and ensure clients’ transition a seamless experience.
The overall global AI market is projected to reach $184 billion this year and it is expected to grow at an annual growth rate of 28.46 per cent, reaching a market volume of $826.70 billion by 2030, according to Statista data.
AI to break data silos
Oracle also launched new AI-powered features aimed at helping businesses maximise the value of their data and make quicker, more informed decisions. The updates include intelligent applications for Oracle cloud human capital management, as well as supply chain and manufacturing systems.
The company’s executive vice president for analytics TK Anand said that the new AI capabilities will break down data silos and turn insights into steps that allow companies to have a faster response to market changes.
The new technology intends to help businesses respond quickly to changing demand, supply and market conditions by recommending intelligent actions across the supply chain network.
The company also unveiled a generative development solution for enterprises, an AI-powered application development platform. It offers technologies that enable developers to create applications and also makes it easier for those applications to use AI-powered natural language interfaces and human-centric data.
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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UAE-based players
Goodlands Riders: Jamshaid Butt, Ali Abid, JD Mahesh, Vibhor Shahi, Faizan Asif, Nadeem Rahim
Rose Hill Warriors: Faraz Sheikh, Ashok Kumar, Thabreez Ali, Janaka Chathuranga, Muzammil Afridi, Ameer Hamza
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
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Scoreline
Man Utd 2 Pogba 27', Martial 49'
Everton 1 Sigurdsson 77'
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The Transfiguration
Director: Michael O’Shea
Starring: Eric Ruffin, Chloe Levine
Three stars
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
UAE currency: the story behind the money in your pockets
Left Bank: Art, Passion and Rebirth of Paris 1940-1950
Agnes Poirer, Bloomsbury
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
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The specs
Engine: 3.0-litre 6-cyl turbo
Power: 435hp at 5,900rpm
Torque: 520Nm at 1,800-5,500rpm
Transmission: 9-speed auto
Price: from Dh498,542
On sale: now
Normcore explained
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
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Sunday's games
All times UAE:
Tottenham Hotspur v Crystal Palace, 4pm
Manchester City v Arsenal, 6.15pm
Everton v Watford, 8.30pm
Chelsea v Manchester United, 8.30pm
Smart words at Make Smart Cool
Make Smart Cool is not your usual festival. Dubbed “edutainment” by organisers Najahi Events, Make Smart Cool aims to inspire its youthful target audience through a mix of interactive presentation by social media influencers and a concert finale featuring Example with DJ Wire. Here are some of the speakers sharing their inspiration and experiences on the night.
Prince Ea
With his social media videos accumulating more half a billion views, the American motivational speaker is hot on the college circuit in the US, with talks that focus on the many ways to generate passion and motivation when it comes to learning.
Khalid Al Ameri
The Emirati columnist and presenter is much loved by local youth, with writings and presentations about education, entrepreneurship and family balance. His lectures on career and personal development are sought after by the education and business sector.
Ben Ouattara
Born to an Ivorian father and German mother, the Dubai-based fitness instructor and motivational speaker is all about conquering fears and insecurities. His talk focuses on the need to gain emotional and physical fitness when facing life’s challenges. As well managing his film production company, Ouattara is one of the official ambassadors of Dubai Expo2020.
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
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.
RESULT
Argentina 0 Croatia 3
Croatia: Rebic (53'), Modric (80'), Rakitic (90' 1)
