This year’s Nobel prizes are another turning point that begs the question: where next for humanity? AFP
This year’s Nobel prizes are another turning point that begs the question: where next for humanity? AFP
This year’s Nobel prizes are another turning point that begs the question: where next for humanity? AFP
This year’s Nobel prizes are another turning point that begs the question: where next for humanity? AFP


Nobel prizes prove that AI has left the research labs forever


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October 11, 2024

The Nobel prizes, regarded by many scientists as the pinnacle of professional achievement, often do an admirable job of bringing complex – sometimes niche – discoveries to lay audiences.

Some findings are perhaps less likely to catch the public’s imagination than others. In 2022, Alain Aspect, John Clauser and Anton Zeilinger won the Nobel Prize for Physics for “experiments with entangled photons, establishing the violation of Bell inequalities and pioneering quantum information science” – important work, surely, but not a topic for most water-cooler conversations.

But the 2024 prizes in physics, chemistry and medicine, announced earlier this week, are linked to a technology that has already staked a place in the zeitgeist, and could prove to be as revolutionary as the theory of relativity developed by another Nobel winner, Albert Einstein.

The Royal Swedish Academy of Sciences awarded this year’s prize in physics to researchers John Hopfield and Geoffrey Hinton – also known as the "godfather of AI" – for "foundational advances in machine learning with artificial neural networks". In chemistry, Demis Hassabis and John Jumper were awarded a Nobel for developing an AI model to solve a 50-year-old problem, that of predicting proteins’ complex structures. Victor Ambros and Gary Ruvkun won their Nobel prize in medicine for discovering microRNA, a vital component of effective Covid-19 vaccines in which AI tools played a key developmental role.

All three cases help to reveal AI as perhaps the most ubiquitous and impactful technology of the early 21st century. Research into machine learning and advanced computing was once considered a fringe science but now it powers everything from everyday tools such as ChatGPT to research into climate change and space exploration. AI’s ability to play a part in everything from protein research or vaccine development has now been recognised at the highest level.

Many of the recipients of this year’s prizes also reflect AI’s emergence from university labs into the wider world. For example, Mr Hinton was a key figure at Google AI’s division for many years and Mr Hassabis is an entrepreneur and the chief executive of DeepMind, an influential AI research company. He has also advised the UK government on AI.

All three cases help to reveal AI as perhaps the most ubiquitous and impactful technology of the early 21st century so far

Closer to home, AI’s potential for changing the world and tackling global crises has also been reflected in the Zayed Sustainability Prize, which this week selected the 33 finalists among projects that aim to harness artificial intelligence and other advanced technologies to reduce carbon emissions and ensure access to clean energy, water, food and health care. The UAE’s embrace of this pioneering science – from having the world’s first minister for AI as well as setting up the Mohamed bin Zayed University of Artificial Intelligence – shows it is at forefront of this new era.

Einstein’s 1921 Nobel prize for discovering the photoelectric effect helped revolutionise our understanding of physics. Crick, Watson and Wilkins’s discovery of the molecular structure of DNA led to their own Nobel prize in 1962. In both cases, their breakthroughs had effects that reached into every corner of our lives, with profound implications for all of us. This year’s Nobel prizes are another such turning point, that begs the question: where next for humanity?

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. 

The five new places of worship

Church of South Indian Parish

St Andrew's Church Mussaffah branch

St Andrew's Church Al Ain branch

St John's Baptist Church, Ruwais

Church of the Virgin Mary and St Paul the Apostle, Ruwais

 

Veil (Object Lessons)
Rafia Zakaria
​​​​​​​Bloomsbury Academic

UAE currency: the story behind the money in your pockets
The Details

Kabir Singh

Produced by: Cinestaan Studios, T-Series

Directed by: Sandeep Reddy Vanga

Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa

Rating: 2.5/5 

THE DETAILS

Kaala

Dir: Pa. Ranjith

Starring: Rajinikanth, Huma Qureshi, Easwari Rao, Nana Patekar  

Rating: 1.5/5 

Story of 2017-18 so far and schedule to come

Roll of Honour

Who has won what so far in the West Asia rugby season?

 

Western Clubs Champions League

Winners: Abu Dhabi Harlequins

Runners up: Bahrain

 

Dubai Rugby Sevens

Winners: Dubai Exiles

Runners up: Jebel Ali Dragons

 

West Asia Premiership

Winners: Jebel Ali Dragons

Runners up: Abu Dhabi Harlequins

 

UAE Premiership Cup

Winners: Abu Dhabi Harlequins

Runners up: Dubai Exiles

 

Fixtures

Friday

West Asia Cup final

5pm, Bahrain (6pm UAE time), Bahrain v Dubai Exiles

 

West Asia Trophy final

3pm, The Sevens, Dubai Hurricanes v Dubai Sports City Eagles

 

Friday, April 13

UAE Premiership final

5pm, Al Ain, Dubai Exiles v Abu Dhabi Harlequins

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.”

Updated: October 11, 2024, 3:00 AM