https://adgully.me/post/3780/pwc-middle-east-predicts-ai-automation-in-18-months

PwC Middle East predicts AI automation in 18 months

PwC Middle East expects Generative AI (GenAI) to be able to automate a significant part of day-to-day tasks in the next 18-20 months.Speaking at the panel discussion, GenAI Today, AGI Tomorrow, at the Dubai Assembly for Generative AI on Wednesday, Ali Hosseini, Chief Digital Officer at PwC Middle East said evolution to Artificial General Intelligence (AGI) is imminent, rather than a “distant dream”.  Hosseini, along with Stephen Anderson, Partner, Strategy and Markets Leader at PwC Middle East, explained how we can now get a new idea to market in 20 minutes using GenAI. He said: “AI and humans can collaborate, augmenting each other's capabilities to drive innovation and efficiency across industries.”He highlighted the need to stay up to date with the latest GenAI tools and capabilities, noting improvements in ChatGPT accuracy with latest plugins.Hosseini said: “AI can now be utilized for market assessments, pricing strategies and competitive analysis, using the impressive capabilities of tools, such as Midjourney and Leonardo. These, along with others, are transforming the way we design and create digital content. It not only saves time but also enhances the quality of our output.”Anderson and Hosseini stressed the need for transparency, acknowledging that AI models have limitations in terms of data accuracy and potential biases. They emphasised the importance of establishing frameworks and educating teams to work effectively with AI, ensuring ethical and productive AI implementation.Anderson commended the UAE's role in the global AI landscape, citing innovations like Falcon, the generative AI model developed by the Technology Innovation Institute (TII). He highlighted Dubai's readiness for exponential change, emphasizing that AI is not eliminating jobs but rather transforming them. "AI holds the key to addressing challenges such as climate change and sustainability. It is an exciting time, and technology is our ally in overcoming these hurdles," he said. Hosseini said: "AI will touch every aspect of our lives and industries, creating new jobs that require different skill sets." During the assembly, PwC hosted a side session titled, ‘The Rise of Open Source: LLM Deep Dive and Open-Source Frameworks’. It offered a comprehensive exploration of key topics in the realm of AI. Featuring demos and discussions on multi-agent systems, PwC experts delved into crucial concepts such as the rise of AI, model sizes, usage, and the intricacies of quantization. PwC also hosted an exhibit titled ‘Industry Use Cases in Generative AI?’, showcasing how generative AI is being deployed across various sectors to enhance efficiency and productivity.The Dubai Assembly for Generative AI brings together more than 1,800 officials, experts, and decision-makers from around the world. Organised by the Dubai Future Foundation, the GenAI Assembly takes place on 11-12 October at the Museum of the Future and AREA 2071.More than 70 keynote speakers are participating in around 45 sessions and 12 exhibitions. The event covers five main themes, including Generative AI 101, Generative AI Sector Deep Dives, Governments, Regulators and Generative AI, Generative AI and Other Emerging Technologies, and Big Tech vs. Emerging Startups.
https://adgully.me/post/2922/the-uae-government-partners-with-mastercard-to-accelerate-adoption-of-ai

The UAE government partners with Mastercard to accelerate adoption of AI

Dubai: The UAE’s Artificial intelligence, Digital Economy and Remote Work Applications Office and Mastercard today signed a Memorandum of Understanding to increase Artificial Intelligence (AI) capabilities and readiness in the region. An initial focus of the effort will be dedicated to battling financial crime, securing the digital ecosystem, and driving inclusive growth in the UAE and beyond.H.E. Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications emphasized the UAE government's dedicated efforts towards strategic collaborations with the private sector and leading international companies. These collaborations have been recognized as pivotal catalysts for expediting the adoption of Artificial Intelligence, a crucial component of the nation's journey towards digital advancement and prosperity.His Excellency pointed out the significance of bilateral cooperation. He emphasized the importance of realizing the aspirations outlined in the UAE Strategy for Artificial Intelligence 2031. This strategy aims to consolidate the UAE's position as a leading hub for Artificial Intelligence. Concurrently, it seeks to foster the development of comprehensive technology-driven frameworks within priority sectors.Furthermore, His Excellency praised Mastercard's efforts in adopting AI, as well as their inauguration of a global center dedicated to Artificial Intelligence and advanced technology within the UAE.Investing in Enhanced InnovationThe signing of this partnership comes as Mastercard unveiled its latest global Centre for Advanced AI and Cyber Technology in Dubai. In addition to developing AI-powered solutions to fight financial crime, the Centre will focus on securing the digital ecosystem and driving inclusive growth. It will also serve as a hub to nurture and hire local AI talent, including data engineers and data scientists, with a remit to accelerate AI innovation globally and service customers all around the world from the UAE.“AI plays a critical role in our operations, powering our products and fuelling our network intelligence to improve digital experiences, while reducing financial fraud and risk,” said Ajay Bhalla, president, Cyber & Intelligence at Mastercard. “The combination of this latest Advanced AI Centre and our partnership with the Government of the UAE will deliver greater value for our customers and ultimately reinforce trust in the digital ecosystem.”Mastercard's new centre – drawing on the company’s technical knowledge and expertise – will support a new Innovation Hub in the Emirate of Dubai. Under this program, governments and businesses from across the region will collaborate on new efforts to support the continued digital transformation."The UAE is a global leader in developing innovative technologies to foster economic growth and drive digital transformation. For more than 35 years, Mastercard has been investing in the UAE to harness the power of technology for the good of the nation. By embracing the power of AI through this new partnership, we are ushering in the next generation of transformative technology, and actively supporting the National Artificial Intelligence Strategy 2031,” said Dimitrios Dosis, president, Eastern Europe, Middle East and Africa, Mastercard.The Middle East is undergoing a rapid technological shift. According to IDC, investments in digital transformation are expected to double over the next few years in the Middle East. PwC estimates that AI will contribute $320 billion to the region and more than $15 trillion to the global economy by 2030. AI has the power to address some of today’s most pressing challenges, including reducing fraud while helping more people access financial services.Heritage of AI InnovationThis Centre in Dubai is the latest in a series of investments Mastercard has made in Advanced AI, with existing centres in the US, Canada and India. To date, Mastercard has made use of AI most significantly and successfully in its efforts to enhance cybersecurity and user experiences. By applying a sophisticated AI engine, Mastercard protects more than 125 billion transactions from fraud every year – at speed and scale.However, today we stand at the precipice of yet another transformative leap in technology, fuelled by the accessibility of generative AI. With its ability to create new content and predict a wholes series of next steps, it has the potential to transform customer experiences, enable personalized interactions and reshape industries.At Mastercard we are using generative AI for many purposes, including through synthetic transaction data to supercharge fraud detection and boost approval rates. Our Centre in Dubai will help us develop these new and ground-breaking use cases, and with this knowledge we plan to establish additional Advanced AI Centres across the globe, to drive continued innovation.
https://adgully.me/post/2617/how-ai-and-blockchain-technologies-are-shaping-financial-markets-in-the-gcc

How AI and blockchain technologies are shaping financial markets in the GCC

Dubai: It didn’t take long for Artificial Intelligence (AI) and Blockchain technologies to impact companies, as their rise is gradually shaping new business models, optimizing performance and boosting efficiency across the entire economic spectrum. Among the many sectors affected by this digital transformation, are financial markets in the GCC and beyond.On one hand, the integration of AI helps to improve data analysis and enables the swift processing of vast financial data, leading to better decision-making and risk assessment. Automated trading algorithms execute trades rapidly based on market trends and patterns, while AI assists in risk management by identifying and mitigating potential risks through data analysis.On the other hand, Blockchain technology enhances security in financial markets, guaranteeing safe and transparent transactions, which helps reduce fraud and enhances trust in regional financial markets. It also streamlines financial processes, such as settlements and record-keeping, driving efficiency and lowering costs. In Saudi Arabia, for example, Blockchain technology is being used to create a new and simple way to finance small and medium enterprises. As for Dubai, the city has been at the forefront of Blockchain adoption, with ambitious plans to become the Blockchain capital of the world, as the Emirati leadership strives to fully digitize the government by utilizing Blockchain for all government documents, which demonstrates a firm commitment to embracing this technology for various sectors.According to Ritu Singh, Regional Director of Stone X Group Inc., the combination of AI and Blockchain technologies is expected to have a profound impact on financial markets in the Middle East. Singh says: “While the specific investment capital dedicated to AI and Blockchain in this part of the world is not clear yet, their projected impact and the region's advancements indicate a growing interest and investment in such transformative technologies, which contributes to reshaping the financial landscape.”A recent PwC report has highlighted the potential for AI to disrupt markets and foster the creation of innovative services and business models in the Middle East. The report projects that the region will gain 2% of the total global benefits of AI by 2030, with the UAE experiencing the largest impact, amounting to approximately 14% of its 2030 GDP. The report further estimates that the potential impact of AI in the Middle East could reach US$320 billion, with Saudi Arabia anticipated to be one of the economies that will benefit the most from AI advancements.According to The International Data Corporation, it is estimated that the Middle East will be spending $3 billion on AI in 2023 with that amount more than doubling to $6.4 billion by 2026. The region is expected to see annual growth in spending of almost 30% in this technology over the next three years, which is the fastest growth rate worldwide over the coming years. Furthermore, more than 80% of CEOs in the Middle East believe that AI is critical to the future of their businesses, and over 70% of them are investing in such technologies.For FOREX.com, a leading trading company which has its office in Dubai and part of StoneX Group Inc., investing in AI technologies has already started. The company offers customers an AI-based Performance Analytics tool, in addition to giving them access to advanced Risk Management Performance Analytics solutions.In this line, Singh confirms: “At FOREX.com, our commitment lies in delivering the finest cutting-edge tools and market access to our esteemed customers. We firmly believe that AI will revolutionize every aspect of trading, spanning from markets to trading technology, and we are at the forefront of this transformation by offering our customers AI-based tools, such as Performance Analytics. We’ve also introduced an AI index for trading, The BITA Artificial Intelligence Giants UST Index, and other exciting offerings are currently under development.”Recently, a growing number of companies has started using The BITA Artificial Intelligence Giants UST Index, which aims at providing exposure to the Artificial Intelligence (AI) sector through a selection of companies that are publicly listed in the US with revenue in the AI ecosystem. This includes areas such as microprocessors, data center platforms, machine learning and autonomous artificial intelligence development, among others. Index constituents are weighted by free-float market capitalization and rebalanced semi-annually, while index values are disseminated on an intraday and end-of-day basis. The base currency of the index is USD. However, index values may be published in other currencies when applicable.
https://adgully.me/post/2361/private-sector-must-take-further-action-to-retain-emirati-talent

Private sector must take further action to retain Emirati talent

Dubai, United Arab Emirates: - PwC Middle East has issued its first-ever 2023 Emiratisation Survey, The Retention Riddle: How to keep Emirati talent in the private sector, that explores how the UAE is actualising the country’s national vision mandate of boosting Emirati representation in the private-sector workforce.The survey polled 500 nationals working across the UAE public and private sectors and new graduates emerging into the workplace. It finds that while interest in private-sector employment in the UAE is beginning to increase among the younger generation, nationals often do not stay the course. Two-thirds of those currently working in private companies are considering a return to the public sector.Additionally, one of the salient themes in the survey is that private sector companies must take further action to boost national talent retention to avoid any risk in delivering sustained economic development for the UAE.Khaled Bin Braik, Emiratisation Programme Leader - PwC Middle East, commented, “The Emiratisation survey was conducted to create an impact in both public and private sectors, as well as to support the government and economy. Collectively, we all must play a leading role in helping the UAE achieve its shared vision and continue building a sustainable, prosperous economic future. The time has come for us to work together to deliver the agenda of this ambitious nation.”The survey underpins five key themes as outlined below:The impetus for changeSo far, the UAE economy has heavily relied on expatriate workers, who represent 89% of the population and 92% of the workforce. Emiratis account for just 4% of employees in the private sector today.Driving nationalisation at scaleIn and beyond the GCC, countries are increasingly adopting nationalisation initiatives at scale to enhance the participation of nationals in the labour market, particularly in the private sector. 75,000 is the target number of Emiratis the UAE government aims to be integrated within the UAE private sector by 2026. Active measures include cross-cutting policies, targeted regulations, upskilling initiatives, incentives to employers, and dedicated investments to boost job opportunities and connect labour-market stakeholders.Harnessing growing graduate interest in private-sector workAccording to the survey, over half of participating Emirati graduates said they would likely join the private sector upon completing their studies. Yet, many also perceive barriers to entry.Contrasting perceptions of the public and private sectorsIn the survey, most public and private sector employees reported satisfaction with their overall job experience; more than 8 in 10 are happy with their current learning and development opportunities, and roughly two-thirds believe that there is a clear path for career progression – as well as the existence of a fair and equitable performance management system.Private-sector leaders need to act nowWhile the government continues to be the leading driver of nationalisation in the UAE, the onus is now on private-sector leaders to take up the challenge. That means transitioning from playing a supporting role to a leading one in driving nationalisation. The survey highlights seven steps for retaining nationals in the private sector.With the UAE experiencing globalisation, digital and urban transformation and sustainability are reshaping labour demand; this has created jobs that require new skills while making other employment opportunities and skills obsolete. The Emiratisation Survey 2023 emphasises that understanding and responding to the preconceptions and preferences of Emirati employees are crucial if employers are to break down traditional barriers and secure the strongest appointments long-term.PwC Middle East prioritises nationalisation as a core part of its people strategy, aligning with its purpose of solving client problems and building trust. Since 2012, PwC has launched the "Watani" programme, ensuring UAE national representation across service lines. This Emiratisation initiative, supports national talent at every career stage, offering dedicated programs, client exchanges, and comprehensive training opportunities. As part of PwC Middle East’s New Equation strategy, the firm upskills its workforce, fostering a community of solvers with human-led and tech-powered solutions.