Microsoft says the UAE is playing an increasingly important role in the company's success and turning the many promises of AI into reality.
“It's a growing hub of innovation,” said Doug Dawson, the company's vice president of global communications, during an exclusive interview with The National near its headquarters in Redmond, Washington.
Mr Dawson noted that the country was among the first in the world to start a university dedicated to artificial intelligence, MBZUAI, back in 2019.
“The UAE was very proactive in making AI investments,” he said.
“To have that foresight to make the investments in advanced technology like that, the UAE is a hugely important hub.”
Mr Dawson also reflected on Microsoft's $1.5 billion investment in the UAE's artificial intelligence and cloud company, G42, last year. The UAE's emphasis on AI so many years before it went mainstream gave the company confidence, he said.
The UAE has shown tremendous interest in all aspects of AI, ranging from solutions in science and health care, to the energy needed make the burgeoning technology possible, he added.
“The infrastructure needed for all the advanced compute power is an opportunity where the UAE has been quite forward in thinking about 'how can we tap our natural resources like sunshine to help power AI centres',” he said.
Mr Dawson's comments come several weeks before the company's chief executive Satya Nadella is expected to visit the UAE for a Microsoft AI tour in Dubai, where he will also give a keynote address on the potential of the technology and the progress made.
Inside Microsoft's Redmond headquarters, Mr Dawson's comments about the UAE were echoed by Somanna Palacanda, the head of country-specific social impact strategies at the company.
“It's one of the first countries in the world to set up a minister for AI,” he said, referring to Omar Al Olama, Minister of State for AI, Digital Economy and Remote Work Applications.
Mr Palacanda also pointed out that the UAE has trained government employees on various aspects of AI, and that Microsoft had also opened its first Middle East “AI for Good Lab” in Abu Dhabi.
“They're creating a whole ecosystem, and that's what you need,” he said.
“I think in terms of government regulations, the UAE clearly looked at AI as a tool to help them become more competitive in the global space.
“They invested in changing the curriculum of the schools to make sure that future generations are more competitive. They're creating, you know, favourable work environments for innovators to move to the UAE to create companies on AI with the golden visa.”
The UAE's golden visa is designed to make residency more accessible and the process faster.
According to online learning platform Coursera, people in the UAE and the Middle East overall are seeking to stay ahead of the AI learning curve this year, based on course enrolments.
In recent years the UAE, the Arab world’s second biggest economy, has expressed its desire to be a front-runner on AI as it diversifies away from oil.
The country’s efforts have resulted in the establishment of several start-ups, partnerships and investments from industry leaders.
The UAE has also created several large language models, such as Jais, seen as the backbone of the technology.
For Microsoft, AI has helped to boost the company’s bottom line through products such as Copilot assistant and its Azure cloud computing platform.
For many consumers, AI has led to a renaissance for Microsoft, a company previously known for operating systems and office productivity software.
Eric Boyd, Microsoft's corporate vice president for the Azure AI platform, also spoke about the company's affinity for the UAE and the Middle East.
“I think there's a huge opportunity to continue to grow and do more there,” he said.
“The Gulf area economically is a massive growth area because there's a good amount of money but also because amount of interest in how they can do things with AI and build the economy in that area, so it remains a major focus for us.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
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
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
THE DETAILS
Director: Milan Jhaveri
Producer: Emmay Entertainment and T-Series
Cast: John Abraham, Manoj Bajpayee
Rating: 2/5
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
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
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
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
Flights
Emirates flies from Dubai to Phnom Penh with a stop in Yangon from Dh3,075, and Etihad flies from Abu Dhabi to Phnom Penh with its partner Bangkok Airlines from Dh2,763. These trips take about nine hours each and both include taxes. From there, a road transfer takes at least four hours; airlines including KC Airlines (www.kcairlines.com) offer quick connecting flights from Phnom Penh to Sihanoukville from about $100 (Dh367) return including taxes. Air Asia, Malindo Air and Malaysian Airlines fly direct from Kuala Lumpur to Sihanoukville from $54 each way. Next year, direct flights are due to launch between Bangkok and Sihanoukville, which will cut the journey time by a third.
The stay
Rooms at Alila Villas Koh Russey (www.alilahotels.com/ kohrussey) cost from $385 per night including taxes.
