Gulf Business Tech - August 2024 by Motivate Media Group

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RED SEA SOLAR: HUAWEI ON BUILDING THE WORLD’S LARGEST RENEWABLES

MICRO GRID

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SPAM CALLS: HOW THE UAE IS POURING COLD WATER ON NUISANCE CALLERS

SAUDI ARABIA’ S

NEW FINTECH FRONTIER

TAHALUF SVP ANNABELLE MANDER ON WHAT YOU NEED TO KNOW ABOUT 24 FINTECH – THE REGION’S NEWEST FINTECH GATHERING, TAKING PLACE IN RIYADH FROM SEPTEMBER 3-5

Our strategy revolves around enhancing mobile engagement, exploring embedded ﬁnance, and o ering banking as a service. By focusing on these areas, we aim to provide value to our customers and build a sustainable and proﬁtable business.”

JAYESH PATEL, CEO, Wio Bank

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TRANSFORMING SAUDI ARABIA INTO A FINTECH POWERHOUSE

Annabelle Mander, senior vice president at Tahaluf, provides an insightful perspective of the debut 24 Fintech event

NUISANCE COLD CALLERS TO FACE DHS150K FINES IN UAE

Authorities in the UAE are clamping down on unwanted telemarketing calls with a slew of new regulations

BENEFITS ALL AROUND

Yasunori Ogawa, CEO and president, Seiko Epson Corporation shares insights on the company’s strategies, milestones and plans, with a special focus on the regional market

FANTASTIC AND FOLDABLE

Samsung Gulf’s Fadi Abu Shamat shares what Galaxy AI-enabled devices offer to enhance productivity and other activities

HOW IS AI TRANSFORMING THE WAY WE LEARN?

Edtech firm Chegg’s Nathan Schultz gives us a peek into the future of education

Editor-in-chief

Obaid Humaid Al Tayer

Managing partner and group editor Ian Fairservice

Chief commercial officer

Anthony Milne anthony@motivate.ae

Publisher Manish Chopra manish.chopra@motivate.ae

EDITORIAL

Group editor

Gareth van Zyl Gareth.Vanzyl@motivate.ae

Editor

Neesha Salian neesha@motivate.ae

Digital editor

Marisha Singh marisha.singh@motivate.ae

Senior feature writer

THE RISE OF A CASHLESS ECONOMY

Digital wallets exemplify how convenience is reshaping our financial interactions, becoming essential for many, especially those previously excluded from traditional banking 37

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PRODUCTION

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SALES & MARKETING

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SOLAR-POWERED RED SEA

A LAUNCHPAD FOR HUAWEI’S GLOBAL GREEN AMBITIONS

WORDS: GARETH VAN ZYL

HARNESSING THE POWER OF THE SUN, GLOBAL TECH GIANT HUAWEI IS HELPING TO BUILD THE WORLD’S LARGEST SOLAR-POWERED MICROGRID FOR THE RED SEA

PROJECT ALONG SAUDI ARABIA’S WESTERN COASTLINE. ALEX XING – PRESIDENT OF HUAWEI DIGITAL POWER, MIDDLE EAST AND CENTRAL ASIA – EXPLAINS MORE

Featuring a 400MW solar PV system coupled with a 1.3GWh energy storage system, the world’s largest photovoltaic-energy storage microgrid is currently being built in Saudi Arabia’s Red Sea Project.

Global technology giant, Huawei, is spearheading this ambitious venture, which is set to power this key hospitality destination being developed by Red Sea Global.

Built on the coast of southwestern Tabuk Province, west of the Red Sea, the project covers a planned area of 28,000 square kilometres.

Upon completion in 2030, the Red Sea City is expected to have 50 hotels with 8,000 rooms, and more than 1,000 residential properties across 22 islands and six inland sites.

It will also cater for up to one million visitors per year, and all of these visitors are set to benefit from off-grid, clean energy.

“The destination is poised to be the world’s first fully clean energy-powered destination, and Huawei is honoured to participate in this project and help Saudi Arabia build a greener and better future through technological innovation,” Alex Xing, president of Huawei Digital Power, Middle East and Central Asia, told Gulf Business.

The project will utilise Huawei’s FusionSolar Smart String Energy Storage Solution (ESS), a microgrid solution that will allow the Red Sea Project to independently meet its own power needs.

The intermittent and fluctuating nature of solar and wind power makes energy storage essential for the safe and stable operation of renewable energy projects. In a bid to achieve this full reliance on renewable energy, Huawei’s ESS solutions will become a crucial component.

“Microgrids are not new to the power industry. However, the Red Sea Microgrid is unique because it uses only renewable sources of energy and it is completely disconnected from any external grid,” said Xing.

“As the pioneer in digital technologies, Huawei is one of the few solution providers offering state-of-the-art power electronic technology, forming and stabilising grids via virtual synchronising machines. This indepth industry knowledge and solid experience enabled Huawei to accept the challenge of delivering such an ambitious project,” Xing added.

Huawei’s involvement in the Red Sea Project aligns with its commitment to sustainability, technological expertise, and collaboration.

“The Red Sea Project provides an unparalleled opportunity to demonstrate this commitment and showcase our industry-leading innovation and technology,” said Xing. “It’s a blueprint for sustainable cities. Through our collaboration with Red Sea Global, Huawei is leading the charge for a greener future, one microgrid at a time.”

GLOBAL DEVELOPMENTS

Apart from the Red Sea Project, Huawei is working on several major solar power developments worldwide. These projects span utility-scale plants, commercial and industrial (C&I) scenarios, and residential applications.

“Huawei’s smart string and grid-forming ESS solution significantly improves a power grid’s ability to integrate renewable energy,” Xing explained.

“This can help address challenges arising from having high shares of renewable energy integrated into the grid at utility-scale plants.”

AS THE PIONEER IN DIGITAL TECHNOLOGIES, HUAWEI IS ONE OF THE FEW SOLUTION PROVIDERS OFFERING STATE-OF-THE-ART POWER ELECTRONIC TECHNOLOGY, FORMING AND STABILISING GRIDS VIA VIRTUAL SYNCHRONISING MACHINES. THIS IN-DEPTH INDUSTRY KNOWLEDGE AND SOLID EXPERIENCE ENABLED HUAWEI TO ACCEPT THE CHALLENGE OF DELIVERING SUCH AN AMBITIOUS PROJECT.”

In Dubai, Huawei recently helped establish a 25.8MW Distributed Program for Dubai Global Port Group. In China, the company collaborated with China Resources Power, China Electric Power Research Institute, and the Electric Power Research Institute of State Grid Qinghai Electric Power Company to pilot the world’s first gridforming battery energy storage system (BESS).

Meanwhile, in Thailand, Huawei built Asia-Pacific’s largest single-site C&I PV and ESS plant at Mahidol University, which includes a 12 MW PV system, a 600 kWh ESS, and optimisers configured for all PV modules from Huawei FusionSolar.

These projects highlight Huawei’s global reach and its goal of advancing renewable energy infrastructure.

“We have also combined IoT, big data, AI, and other new ICT solutions to improve operations and maintenance by automating the fault diagnosis process for smart power plants,” said Xing.

GROWING FOCUS ON RENEWABLES

Huawei is aiming for its renewable energy business to become a key player in the global transition to a lowcarbon future.

The company already integrates bit, watt, heat, and battery (4T) technologies to develop new energy infrastructure for power systems, electric vehicles (EVs), and the digital industry.

By the end of 2023, Huawei Digital Power had helped customers generate 997.9 billion kWh of green power and save 46.1 billion kWh of electricity, reducing CO2 emissions by 495 million tons. This is equivalent to planting 680 million trees.

Earlier this year, Huawei unveiled the innovative Intelligent Distribution Solution (IDS) at Rotterdam’s 26th World Energy Congress. Developed in collaboration with

ecosystem partners, the IDS aims to tackle the electric power industry’s most pressing challenges, including high line loss, unreliable service, and the burden of managing new energy loads.

“Huawei Digital Power continues to use digital technology to help power the world’s green and low-carbon development,” Xing said.

“In 2023, we made tremendous progress in areas like smart PVs and liquid-cooled ultra-fast charging. Huawei’s digital power business earned ¥52.6bn ($7.42bn), up 3.5 per cent year-on-year in 2023.”

According to Wood Mackenzie, Huawei was the leading global solar photovoltaic (PV) inverter vendor in the world in 2022 with a 29 per cent market share.

Huawei’s shipments increased significantly by 83 per cent in 2022 compared to 2021, underscoring the company’s growing influence in the renewable energy sector.

“We are entering a new world where digital energy will play a key role,” Xing noted.

“Global nations’ goals to achieve carbon neutrality are driving a profound transformation in society and the economy. Achieving these objectives requires a robust energy infrastructure that powers decarbonisation, electrification, digitalisation, and intelligence,” Xing went on to conclude.

By the end of 2023, Huawei Digital Power helped customers GENERATE

TRANSFORMING SAUDI ARABIA

FINTECH POWERHOUSE INTO A

WORDS GARETH VAN ZYL

VICE PRESIDENT AT TAHALUF, PROVIDES PERSPECTIVE ON THE GOALS, UNIQUE OFFERINGS, AND THE EXPECTED IMPACT OF THIS INAUGURAL EVENT FOR THE KINGDOM

Growth in the global ﬁntech space is expected to increase ﬁve-fold by 2030 to top a massive $1.5tn in revenue, according to the likes of Boston Consulting Group (BCG).

One part of the world where fintech adoption and growth is expected to ride high is Saudi Arabia. The ﬁntech sector in the Kingdom is expected to grow from $64bn in 2024 to $87bn by 2029, according to Mordor Intelligence.

In addition, the number of ﬁntech companies in Saudi Arabia has increased from 89 in 2022 to 200 in 2023, according to data from the Kingdom’s Dastak Accelerator.

It’s been estimated that in 2022, the sector generated approximately $746m in revenue. But Saudi Arabia has plans to dramatically increase the role that fintech plays in its economy. As part of Vision 2030, the country wants to establish at least 525 fintech companies and create 18,000 fintech job opportunities. In 2023, the number of people estimated to be working in the Kingdom’s fintech sector amounted to 5,400.

The stars appear to be aligning for Saudi Arabia to achieve these goals, especially as technologies such as GenAI are set to drive new innovations in the ﬁntech space. Meanwhile, the world still has billions of unbanked and underbanked individuals — and here, ﬁntech has a big role to play in closing this last-mile gap.

Aligning with the Kingdom’s Vision 2030, the inaugural 24 Fintech 2024 event — taking place at the Riyadh Front Exhibition and Convention Centre from September 3 - 5 — aims to play its part in putting Saudi Arabia on the map as one of the world’s tech-driven ﬁnancial powerhouses.

Saudi Arabia is increasingly at the forefront of global tech event with 24 Fintech set to be the next big gathering

The event will further seek to provide a platform that fosters collaboration, innovation, and networking among key industry players.

“The ﬁntech industry is undergoing a radical transformation and Saudi Arabia is at the heart of this transition in the region,” Annabelle Mander, senior vice President at Tahaluf (one of the organising partners of 24 Fintech) told Gulf Business.

GROWING FINTECH SCENE

Mander went on to tell Gulf Business about the signiﬁ cant strides that Saudi Arabia has made in this sector, driven by robust government support and the digitisation of the banking and ﬁnance industries.

“The ﬁntech industry in KSA has been seeing remarkable growth thanks to the unwavering support of key government entities and the digitalisation of the banking and ﬁnance sector,” she said.

24 Fintech 2024 is looking to leverage this momentum, bringing together leaders, investors, policy specialists, and top organisations to accelerate innovation and enhance the impact of ﬁnancial services in the region.

Major global players have already taken notice, with key sponsors for the event including the likes of VISA, J.P. Morgan Payments, Mozn, and many more.

Annabelle Mander, senior vice president Tahaluf (co-organiser of 24 Fintech)

The event’s other initiatives will include the likes of Venturescape, which is set to gather over 200 global investors and 100 ﬁntechs for workshops, mentorship, and pitching practice. Then there’s the Regulators’ Village, a dedicated zone for connecting regulators and aspiring ﬁntechs in the Kingdom.

Top speakers are also set to adorn four stages of 24 Fintech, with the likes of Saudi Arabia’s Minister of Finance, His Excellency Mohammed Al-Jadaan, delivering a talk along with other top executives such as Peng Yang, CEO of Ant International; Anshula Kant, MD and chief ﬁnancial o cer of the World Bank; Abdulmajeed Alsukhan, co-founder and CEO of Tamara; Mohamed Mansour, head of region GCC and UAE of Remitly, Ramkumar Balasubramaniam, chief ﬁnancial o cer, Middle East & Africa, of Barclays and Ali Khan, chief data o cer, SVP, of Experian.

24 FINTECH BY THE NUMBERS

26,000 ATTENDEES

300 EXHIBITORS

200 INVESTORS

WHO WILL BE ATTENDING 24 FINTECH?

Banking industry executives

Payment providers

Regtech and compliance experts

Insurtech companies

AI and machine learning experts

Cybersecurity companies

Wealth tech and robo advisors

Lending and crowdfunding companies

Financial inclusion players

80 STARTUPS

175 HOURS OF EXPERT-LED CONTENT

3 DAYS

Several other international speakers will be attending from leading organisations such as Standard Chartered, Barclays, HSBC, S&P, Arthur D Little and Swi t. The event will also delve into a myriad of core themes that are shaping the future of ﬁnance globally. Discussions will cover governance, regulations, and interoperability, which are all crucial for building a secure and e cient ﬁnancial ecosystem.

Mander told Gulf Business that there will be a strong focus on investment opportunities within the ﬁntech sector, aiming to ignite conversations on reimagining ﬁnancial services in a technology-driven world.

“Our vision is to drive forward ﬁnance by bringing together essential stakeholders and propelling practical worldwide transformation in alignment with the economic development agenda laid out in Saudi Arabia’s Vision 2030,” said Mander.

DIFFERENTIATORS

When it comes to what will set 24 Fintech apart from other ﬁntech conferences and festivals across the globe and region, Mander said the event’s foundation is built on several key di erentiators.

Firstly, it is hosted by prominent entities such as the Financial Sector Development Program (FSDP), Saudi Central Bank (SAMA), Capital Market Authority (CMA), and the Insurance Authority (IA) with co-organisation by Fintech Saudi and Tahaluf.

“This strong governmental backing is pivotal,” said Mander.

“The event’s hosting by the Financial Sector Development Program (FSDP), Saudi Central Bank (SAMA),

The three-day event will combine an exhibition and summit –featuring 175 hours of expert-led content – with a host of satellite events, including industry gatherings and brand activations, running throughout the week, from September 1-6.”

Capital Market Authority (CMA), and Insurance Authority (IA) demonstrates a strong commitment from the highest levels of government,” Mander went on to say.

FOCUS ON STARTUPS, AI AND THE FUTURE

One of the highlights of 24 Fintech 2024 will be its focus on startups.

“By nurturing a vibrant startup ecosystem, 24 Fintech can play a vital role in shaping the future of fintech in the region,” Mander told Gulf Business.

Considering this, the event will offer a dedicated zone for startups, a well-funded pitch competition, and mentorship programs. The startup zone will spotlight 80 of the top global fintech companies across all major fintech verticals, including but not limited to payments, lending, insurtech, regtech, capital markets, compliance, and open banking.

Aspiring startups will be able to take advantage of tailored mentorship and matchmaking sessions, as well as a 24 Fintech pitch competition. Top startups can even battle it out in timed pitch heats, culminating in a grand finale with over $250,000 in equity-free awards. This is intended

HOSTS

Financial Sector Development Program

The program aims to increase the percentage of ownership of bank accounts among adults in Saudi Arabia. It also aims to create a shift towards financing productive financial assets, such as lending to small and medium enterprises. As part of its target, it eyes increasing the share that banks finance SMEs from 5.7 per cent in 2019 to 20 per cent in 2030.

Saudi Central Bank

Established in 1952, the Saudi Central Bank is entrusted with performing many functions related to several laws and regulations in the Kingdom. As part of its mandate, it is tasked with dealing with the banking affairs of the government, minting and printing the Saudi Riyal, strengthening the currency and stabilising its value, managing the Kingdom’s foreign exchange reserves, and ensuring stability of prices along with the exchange rate. The Central Bank also targets promoting growth of the Saudi financial system as well as supervising commercial banks,

Aspiring startups will be able to take advantage of tailored mentorship and matchmaking sessions, as well as a 24 Fintech pitch competition.

Top startups can even battle it out in timed pitch heats, culminating in a

GRAND FINALE WITH OVER $250,000 IN EQUITY-FREE AWARDS

exchange dealers, finance companies, and credit information providers.

Capital Market Authority

The Capital Market Authority is the Saudi Arabian government’s financial regulatory authority responsible for capital markets in the Kingdom. The CMA is a government organisation applying full financial, legal, and administrative independence. Its responsibilities include setting and policing financial rules and regulations and developing the capital markets. This includes regulating the Tadawul, Saudi Arabia’s stock exchange.

CMA is the first government authority to receive accreditation in institutional structure maturity from the National Enterprises Architecture (NEA) of the e-Government Program Yesser.

Insurance Authority

The IA was established in Saudi Arabia last year, with it officially starting its activities on 23 November 2023. The IA has a mandate to become the dedicated regulator for the Kingdom’s insurance sector. As part of this, it aims to regulate, supervise, and control the insurance sector in the Kingdom in a way that supports and enhances its

effectiveness, works to develop insurance awareness, protect the rights of the insured and beneficiaries, stabilise the insurance sector, contribute to financial stability, promote and develop the insurance sector, and work to consolidate the principles and pillars of the insurance contractual relationship.

CO-ORGANISERS

Fintech Saudi

Fintech Saudi was launched by the Saudi Central Bank in partnership with the Capital Market Authority in April 2018 to act as a catalyst for the development of the fintech industry in Saudi Arabia. Its aim is to transform Saudi Arabia into an innovative fintech hub with a thriving and responsible fintech ecosystem.

Tahaluf

Inspired by Vision 2030, Tahaluf is a strategic alliance between Informa, the Saudi Arabian Federation for Cyber Security and Programming (SAFCSP) and the Events Investment Fund (EIF). The company has become well-known for hosting major tech events in Saudi Arabia, including LEAP, Black Hat Middle East, InFlavour and CityScape.

THE FOUR STAGES AT 24 FINTECH

01. EXECUTIVE SUMMIT

The Executive Summit stage will be a key platform for learning and collaboration in the fintech industry. This stage will host discussions on the latest trends, strategies, and innovations in fintech, providing participants with insights into the industry’s evolving dynamics. Attendees will have the opportunity to connect with key decision-makers and gain valuable knowledge.

Attendees exploring the halls at one of Tahaluf’s most recent tech events in Saudi Arabia

to create a launchpad for young companies, particularly those developing homegrown solutions tailored to the speciﬁc needs of the Saudi and GCC markets.

Meanwhile, the event will further place a big focus on top trends such as Artiﬁcial Intelligence (AI) and machine learning, which are at the forefront of all technological advancements today. 24 Fintech will address these trends by bringing together experts to discuss how these technologies can be harnessed to improve ﬁnancial services across the region.

Key focus areas in this regard will include personalising ﬁnancial products and services, automating tasks, improving fraud detection, generating datadriven insights for investment decisions, and optimising risk management strategies.

In addition to the main and feature stages, the show will host special initiatives including the Regulators’ Village, a dedicated zone connecting regulators and ﬁntechs who aspire to set up in the Kingdom.

The inaugural 24 Fintech will further o er a dedicated investor programme with an exclusive stage and lounge, as well as Venturescape, a pre-show initiative that will bring together over 200 global investors and 100 ﬁntechs for a series of workshops, mentorship, and pitch practice.

LOOKING AHEAD

As the world eagerly watches Saudi Arabia’s fintech evolution, the Kingdom is poised to redefine financial services on a global scale.

02. 24° TRENDS STAGE

24° Trends Stage is a 3-day stage diving into trends shaping the world of finance. It will explore the very latest trends and game-changing technologies that are reshaping the financial landscape. The Trends Stage also offers friendly and informative sessions that provide invaluable insights into the market, evolving trends, and strategies, giving attendees the chance to connect with industry leaders and visionaries.

03. 24° FUTURES FORUM

The 24° Futures Forum will be dedicated to blue-sky thinking. This platform aims to enrich and inspire future fintech leaders by exchanging groundbreaking ideas and innovative solutions. It is designed to foster transformative change in the financial landscape.

04. FINTECH FUSION

Fintech Fusion will bring together investors and startups for dynamic discussions and showcases. This stage will feature insights from investors, presentations from fintech pioneers, and opportunities for networking and Q&A sessions. Participants can explore the evolving industry landscape and learn from the experiences and strategies of top investors and fintech founders.

“Saudi Arabia’s commitment to ﬁntech is not just about growth; it’s about setting a benchmark for innovation and excellence in ﬁnancial services,” Mander said.

With 24 Fintech 2024, Riyadh is set to not only showcase but also shape the future of ﬁntech.

“This event is a testament to our vision of a tech-driven ﬁnancial ecosystem that aligns with the Kingdom of Saudi Arabia’s national economic development agenda,” concluded Mander.

VENTURESCAPE, A PRE-SHOW INITIATIVE THAT WILL BRING TOGETHER OVER 200 GLOBAL INVESTORS AND 100 FINTECHS FOR A SERIES OF WORKSHOPS, MENTORSHIP, AND PITCH PRACTICE

AUTHORITIES IN THE UAE ARE CLAMPING DOWN ON UNWANTED AND DECEPTIVE TELEMARKETING CALLS AMID NEW REGULATIONS HAVING BEEN GAZETTED IN RECENT WEEKS

NUISANCE COLD CALLERS

TO FACE DHS150K FINES IN UAE

ew rules around telemarketing calls are about to kick in, thanks to regulation that has been gazetted at the end of June this year.

All companies licensed in the UAE, including those in free zones, are expected to comply with Cabinet Resolutions 56 and 57 of 2024 which deal with regulating telemarketing calls, as well as the respective violations and administrative penalties.

For example, resolution 56 has several obligations, which include that companies must: obtain prior approval before engaging in telemarketing from the relevant authorities.

train telemarketing agents on ethics and the use of the ‘Do Not Call’ (DNC) register.

use a local phone number with a licensed telecom provider.

record telemarketing calls as well as informing consumers that the calls are recorded.

maintain a record of marketing calls and submit periodic reports to the authorities.

respect consumers’ privacy and preferences and abstain from calling those who have registered on the DNC register.

As per resolution 57, companies that fail to obtain prior approval to practise telemarketing from the relevant authority face administrative ﬁnes of Dhs75,000 as ﬁrsttime o enders, Dhs100,000 as second-time o enders and Dhs150,000 as third-time o enders.

Meanwhile, companies that fail to provide comprehensive training for their telemarketing agents will face Dhs10,000 for a ﬁrst-time o ence, Dhs25,000 for the second time and Dhs50,000 for the third time. The regulations are set to come into force on 27 August, 60 days a ter the regulations were ﬁrst published on 28 June 2024.

ADMINISTRATIVE

WORDS: GARETH VAN ZYL

“The telemarketing regulations now provide scope for individuals to raise complaints regarding unwanted telemarketing and establish a range of ﬁnes and other penalties for companies that ignore the rules,” Dino Wilkinson, a leading technology lawyer in the UAE and partner at Clyde & Co told Gulf Business.

“Ultimately, companies could face losing their telecommunications services or commercial licence if they persist in making nuisance calls,” Wilkinson added.

THIRD PARTIES AND FOREIGN CALLS?

For those companies trying to continue carrying out telemarketing calls in the UAE from outside of the country, they too may face obstacles.

Andrew Fawcett, a telecoms expert and digital and data partner at UAE law ﬁrm Al Tamimi & Company, told Gulf Business that article 4 of the new regulations does appear “to restrict using third party telemarketers and especially foreign service providers.”

Fawcett said this part of the regulations stipulates that companies engaging in market calls must:

Use local phone numbers issued by telecommunications companies licensed in the state [the UAE], and these numbers shall be registered under the commercial licence of the company licensed in the state. not use phone numbers that are not registered or owned by the company licensed in the state to make marketing phone calls.

“Based on overseas approaches, it is likely that to be eligible, the number will need to be a UAE number used or maintained primarily for private or domestic purposes and the application will need to be made by the relevant account holder. A competent authority will manage the DNC registration and how to access the register, and payment of fees – if any – for doing so,” Fawcett added.

HOW THE DNC WILL WORK

Fawcett told Gulf Business that while the regulations are now o cially in place, the UAE still needs to set in motion “procedures and processes to be set by the competent authority”.

Meanwhile, Clyde & Co’s Wilkinson said that a national DNC registry has at least already been in existence in the UAE since 2023.

“The two main telecom operators – Etisalat and du – both o er routes for customers to register via online portals or SMS services,” Wilkinson said.

“Once an individual registers their number, it is immediately updated in the registry. Telemarketers are supposed to consult the DNC registry before launching a marketing campaign and they are prohibited from contacting any registered numbers,” Wilkinson added.

IN LINE WITH THE GLOBAL APPROACH

Tougher measures are the order of the day across the

ONCE AN INDIVIDUAL REGISTERS THEIR NUMBER, IT IS IMMEDIATELY UPDATED IN THE REGISTRY. TELEMARKETERS ARE SUPPOSED TO CONSULT THE DNC REGISTRY BEFORE LAUNCHING A MARKETING CAMPAIGN AND THEY ARE PROHIBITED FROM CONTACTING ANY REGISTERED NUMBERS.”

globe when it comes to questionable telemarketing practices.

Countries can di er in their approach, with some opting for self-regulation while others, such as the UAE, have gone one step further.

“In the absence of a relevant industry body, these regulations have been driven by the federal government in the UAE, but they contain best practice measures such as requirements to maintain records, ensure quality assurance and train marketing sta ,” said Wilkinson.

“Many countries around the world – including the US, UK, Australia and India – have also established regimes that include a national do-not-call list similar to that proposed for the UAE,” Wilkinson added.

Wilkinson further explained that telemarketing regulations in the UAE are not directly connected with any data privacy laws in the country. Also, Wilkinson noted that the UAE’s federal Data Protection Law, which was published in 2021, remains on hold pending the issuance of implementing regulations and the establishment of the UAE Data O ce.

Fawcett echoed this, telling Gulf Business that the new regulations are “directed speciﬁcally at telemarketing activities”.

“The data privacy law has more general controls on the processing of personal information, including for purposes of direct marketing. Interestingly, the regulations require the calls to be recorded, which under pre-existing laws strictly needs consent but the call recipient needs to be told about the recording at the outset,” said Fawcett.

“The telemarketing regulations are closest to the Telecommunications and Digital Government Regulatory Authority’s unsolicited electronic messages regulations, which to date had been the main anti-spam law in the UAE,” he added.

The regulations are set to come into force on August 27, 60 days after the regulations were ﬁrst published on June 28

DIGITAL COMMERCE ON THE RISE

VWE LOOK AT THE KEY TRENDS DRIVING THE BOOMING ECOMMERCE SECTOR IN THE MIDDLE EAST AND AFRICA REGION

Growth in consumers reporting shopping online for LUXURY GOODS 67%

Growth in consumers reporting shopping online for GROCERY

Growth in consumers reporting shopping online for EVENT TICKETS

THE DEMAND FOR DIGITAL COMMERCE IS DIVERSIFYING

MORE CONSUMERS REPORT SHOPPING ONLINE FOR A WIDER RANGE OF GOODS AND SERVICES (FROM 2020 TO 2023)

Growth in consumers reporting shopping online for HOME FURNISHING AND FURNITURE 67% 22% 38%

Growth in consumers reporting shopping online for BEAUTY AND COSMETICS

Growth in consumers reporting shopping online for TRAVEL 31%

Growth in consumers reporting shopping online for ELECTRONIC GOODS

PERCENTAGE OF SHOPPERS WHO REPORTED THAT CASH ON DELIVERY IS THEIR PREFERRED MEANS OF PAYING FOR DIGITAL COMMERCE Saudi Arabia UAE

GLOBAL DIGITAL WALLETS SEE GROWTH ACROSS MENA

APPLE PAY AND GOOGLE PAY HAVE SEEN A SURGE IN PROCESSING VOLUME ACROSS THE REGION IN THE PAST 48 MONTHS

On a country level, Saudi Arabia and the UAE have recorded the highest spend on Apple Pay and Google Pay

PERCENTAGE OF MENA RESPONDENTS WHO USED BNPL IN THE PAST 12 MONTHS

PERCENTAGE OF MENA CONSUMERS WHO EXPECT TO INCREASE THEIR ONLINE SPEND IN THE COMING 12 MONTHS

GROWTH IN SAUDI CONSUMERS WHO SHOP WITH ONLINE AT LEAST ONCE A WEEK SINCE 2020

GROWTH IN MENA CONSUMERS WHO SHOP ONLINE WEEKLY OR MORE SINCE 2020

PERCENTAGE OF RESPONDENTS WHO WOULD PAY BY CARD IF CASH IS NOT AN OPTION of MENA consumers report that a safe and secure payment process is the most important factorfor them when choosing a website to purchaseproducts/services

The number of shoppers across the region who now report shopping online at least once per day has grown by 80 per cent since 2020. In Saudi Arabia the growth in the number of consumers shopping daily over the past 48 months has seen a staggering 90per cent growth. This means an estimated 2.6 million Saudi shoppers now pay for things online at least once a day.”

— Remo Giovanni Abbondandolo, general manager, MENA, Checkout.com

HOW EFFICIENCY, INNOVATION AND PRECISION POWER EPSON’S SUCCESS

Yasunori Ogawa, Seiko Epson Corporation’s CEO and president, shares insights on its strategies, successes and plans, with a special focus on the Middle East market

By Neesha Salian

OGAWA CEO AND PRESIDENT SEIKO EPSON CORPORATION

Q&A

In a rapidly evolving technological landscape, Seiko Epson Corporation stands out for its consistent innovation and commitment to sustainability. At the helm of this global giant is Yasunori Ogawa, who has been instrumental in steering Epson toward signiﬁcant growth and groundbreaking advancements.

In this exclusive interview with Gulf Business, Ogawa shares insights on Epson’s strategies, successes and plans, with a special focus on the Middle East market.

Tell us about Epson’s presence in the Middle East and why this region is important to the company.

As you know, Epson is a global company, and the Middle East region is growing in importance for us with our business in the region growing steadily. While the global economy in general is somewhat stagnant, the Middle East region presents high expectations for us.

We established our sales office in Dubai in August last year, which we hope will further our expansion in the region.

How did Epson perform in Q1 2024, and what were the key drivers behind this performance?

Epson products performed very well in the ﬁrst three months of this year. Our EcoTank printers, particularly the

big tank printers, were signiﬁcant drivers of our growth in the region. The Middle East market also performed exceptionally well, contributing to our overall success.

What strategic initiatives have been most impactful in driving Epson’s growth globally and regionally?

At Epson, our philosophy of e cient, compact and precise innovation enriches lives and helps create a better world. In Japanese, we call it “sho-sho-sei”. This mission is integral to everything we do.

One prime example is our inkjet technology, which embodies this philosophy. Inkjet printing is capable of printing on virtually any substance and is extremely energy e cient. Compared to mainstream laser printing, inkjet technology is far more e cient, using signiﬁcantly less electricity, no toner and far fewer replacement parts. This means inkjet printers can be used for extended periods, contributing to sustainability as well.

In the home and small o ce (SOHO) printing segment, we are actively promoting our EcoTank printers, which align with our sustainability goals. These printers o er a more sustainable option for these markets.

YASUNORI

Beyond printing, we are also focusing heavily on our projector and robotics businesses.

Our goal is not only to make a difference in the Middle East but to contribute to all regions using innovative technology.

Can you elaborate on the focus and research and development driving automation and robotics at Epson?

JAPANESE COMPANIES EMPHASISE HARMONY, ENCAPSULATED IN THE EXPRESSION “SANPO YOSHI”, WHICH ROUGHLY TRANSLATES TO “OFFERING A THREE-WAY BENEFIT” –NAMELY, TO THE BUYER, SELLER AND SOCIETY AS A WHOLE

The main characteristic of Epson robots is their precise movement. This precision makes them highly effective for tasks, including assembling small electronic parts. Beyond electronics, our robots have diverse applications. For instance, in the food industry, our robots can precisely arrange food items, showcasing their versatility in different settings.

We also see a growing demand for our robots in the Middle East region, especially with the increasing focus on manufacturing. Robotics is a key growth area for us and we aim to expand this business significantly. One of our innovative technologies is our high-precision sensing capability. We have developed a force sensor that enables robots to sense how tightly or softly to grasp objects, mimicking the sensitivity of a human hand. This technology enhances the robots’ ability to handle components delicately and efficiently.

Considering the potential for these products in mass production and expert handling of components, how do you categorise your business segments, and where do robotics fit in terms of growth?

We categorise our business into growth businesses, mature businesses and new businesses. Our growth businesses include office printing, commercial industrial printing, sales of inkjet print heads, and robots and manufacturing solutions.

Expanding these four areas is our primary strategy moving forward. Robotics, being a crucial part of our growth businesses, will see significant investment and development as we continue to innovate and meet the demands of various industries.

How does Epson’s Certified ReNew programme align with its sustainability goals, and what has been the market response so far?

Our sustainability strategy is divided into four main areas: decarbonisation, closing the resource loop, mitigating customer environmental impact and developing environmental technology. The Certified ReNew programme is part of closing the resource loop, where we sell refurbished printers, scanners, and projectors.

The market response has been positive, as customers appreciate the blend of quality and sustainability.

What are Epson’s key priorities for the next few years, and how do you plan to maintain the company’s competitive edge both regionally and globally?

Our main focus is expanding our four growth areas: office printing, commercial industrial printing, printhead sales and robots. All these products are based on our philosophy of efficient, compact, and precise innovation. By expanding these areas, we believe we can continue to contribute to the environment and maintain our competitive edge.

How do you approach leadership and decisionmaking to foster innovation and growth?

For me, leadership at Epson revolves around our corporate purpose. It is essential to develop a long-range vision for the company and, most importantly, to communicate this vision clearly to all our employees worldwide. Sharing the vision is just the first step. The next crucial stage is to foster empathy and ensure that every employee understands and embraces this vision, so we all aim in the same direction.

Diversity of thought is equally important. Gathering a wide range of opinions requires a diverse workforce, and I value hearing as many perspectives as possible. This inclusive approach helps us to refine our vision and ensures that we move forward together with a unified purpose.

What can the world learn from successful Japanese companies such as Epson?

Japanese companies emphasise harmony, encapsulated in the expression “Sanpo Yoshi”, which roughly translates to “offering a three-way benefit” – namely, to the buyer, seller and society as a whole. So for us, it’s not just about Epson profiting but about creating a win-win-win situation for everyone involved.

Our mission as mentioned is enriching lives and creating a better world through efficient, compact, precise and innovative technology.

“WE ALSO SEE A GROWING DEMAND FOR OUR ROBOTS IN THE MIDDLE EAST REGION, ESPECIALLY WITH THE INCREASING FOCUS ON MANUFACTURING. ROBOTICS IS A KEY GROWTH AREA FOR US AND WE AIM TO EXPAND THIS BUSINESS SIGNIFICANTLY.”

THE FUTURE OF FOLDABLES

Samsung Gulf Electronics’ Fadi Abu Shamat shares what consumers can expect from Galaxy AI, a platform-driven service designed to enhance productivity and daily life. He also talks about key trends shaping mobile experiences in the region, and the latest AI-powered Galaxy foldables and wearables

By Neesha Salian

SENIOR DIRECTOR AND HEAD OF MOBILE EXPERIENCE DIVISION

Q&A

In an interview with Gulf Business , Fadi Abu Shamat, senior director and head of Mobile eXperience Division at Samsung Gulf Electronics, delves into the evolution of Samsung’s AI, from its initial launch with the Galaxy S24 series in January to its recent roll-out across the new Z series and latest wearables. Shamat tells us what consumers can expect from Galaxy AI, a platform-driven service designed to enhance productivity and daily life, and the key trends shaping mobile experiences in the region

Tell us the evolution of Samsung AI, from its launch in January with the Galaxy S24 series to its roll out across the new Z series. What can consumers expect to get?

Galaxy AI is not product-driven but rather a platform or service-driven o ering.

When we first introduced it in late January this year with our ﬂagship Samsung Galaxy S24 family, we began rolling it out to previous generations, including the Galaxy S22 and S23. All these models now support AI. This approach was intentional; we wanted AI to be mainstream, and accessible to everyone, not just an exclusive feature for a select few.

AI is a fundamental aspect of modern life, enhancing productivity and how people consume media and data daily. Galaxy AI is just the beginning. As our CEO o ten says, 2024 is just the start of our AI journey, with much more to come. All our upcoming devices will support AI in even more advanced ways.

With our recent launch, AI is integrated across all new devices, including the Galaxy Fold 6, Flip 6, Buds3, Buds3 Pro, Watch Ultra, Watch 7 and Galaxy Ring. These devices form an AI ecosystem. For instance, in the health vertical, your watch now records steps and calorie intake, while your phone tracks dietary habits.

AI connects these data points, providing advice like adjusting your diet or suggesting activity changes based on your routines. This level of personalisation is what we aim to o er our consumers.

You mentioned that we will increasingly see AI integration across other Samsung devices, when do you see this rolling out?

As I mentioned, this launch already includes a full suite of devices. The foldables are part of our smartphone category, the watches are part of our wearables, and the buds are part of our hearables. These three categories now fully integrate and communicate with each other, all while maintaining consumer privacy, which is crucial for us. We adopted a hybrid approach, allowing customers to keep data on their device if they prefer privacy or use the cloud for additional power and processing. Our goal is to improve our customers’ lives with these integrated devices. For example, the AI-integrated earbuds now o er a more seamless translation experience, utilising Live Translate from the S24. The Buds3 can act as mics for di erent environments, providing live translations directly to your ears, all powered by AI.

What sets Samsung apart and gives you the edge over your competitors in this region and globally?

First, I genuinely believe that competition in AI is welcome and necessary. AI should be a staple in everyone’s life, not just within certain products or industries. The more players in the market, the more innovation and creativity are driven.

“WE CONTINUOUSLY LEARN AND ADAPT. FOR INSTANCE, GALAXY AI INITIALLY DID NOT SUPPORT ARABIC OR HINDI, BUT WE QUICKLY ADDED THESE LANGUAGES BASED ON CONSUMER FEEDBACK. NOW, 16 LANGUAGES ARE SUPPORTED, WITH PLANS TO REACH 20 BY THE END OF Q4 2024.”

FADI ABU SHAMAT

FOLDABLES ARE PART OF SAMSUNG’S SMARTPHONE CATEGORY

WATCHES ARE PART OF THE BRAND’S WEARABLES SEGMENT

BUDS ARE PART OF ITS HEARABLES CATEGORY

THESE THREE CATEGORIES NOW FULLY INTEGRATE AND COMMUNICATE WITH EACH OTHER

As with any new technology, many will start and falter. At Samsung, our journey hasn’t been easy. We conducted extensive research and development, listening to consumers worldwide, especially in our region, to understand how AI can complement their lives. This feedback has driven our product integration and development over the past few years, leading to what people see today in 2024.

We continuously learn and adapt. For instance, Galaxy AI initially did not support Arabic or Hindi, but we quickly added these languages based on consumer feedback. Now, 16 languages are supported, with plans to reach 20 by the end of Q4 2024. Our commitment is to keep developing, learning and adjusting.

What is the strategy driving your business in this region, and how do you see it evolving?

We are witnessing significant changes in consumer

behaviour, especially in the UAE and the Gulf region. Localisation is crucial – understanding and catering to local habits and needs while maintaining a global perspective. For example, we introduced Arabic and Hindi language support and a vapour chamber for cooling on the Flip6 to address unique regional weather conditions. Our strategy involves balancing global market demands with localised needs, ensuring all our markets receive the best products and experiences. As AI becomes more integrated into all Samsung products, from smartphones to home appliances, you’ll see even greater coherence and customization tailored to individual needs.

What are three key trends you’re excited about, and how can Samsung leverage them?

Health awareness: Consumers are increasingly aware of their health, from calorie intake to activity levels. Our watches, for example, are the only medically certiﬁed devices to measure sleep apnea and blood pressure. They also feature unique sensors for dietary habits, providing a comprehensive energy score based on heart rate, calorie burn and AGEs (advanced glycation end products) levels.

Productivity enhancements: AI is boosting productivity with features like Live Translate, Live Summarize, and advanced photo editing. These tools help users stay productive on the go.

Gaming: Gaming remains a significant category. Our Fold 6 and Flip 6, equipped with the Snapdragon 8 Gen 3 Mobile Platform for Galaxy and vapour cooling, are designed to handle demanding gaming experiences. The larger, improved displays provide an excellent gaming environment.

Which markets are key for you in the Gulf, and how did you perform in H1?

In the GCC, the UAE is our crown jewel, followed by Kuwait, Qatar, Oman, and Bahrain in terms of sales volume. The first half of the year has been very successful, with double-digit growth in our flagship segment, thanks

to our R&D, product designers, and the efforts of our team and partners. Our goal for 2024 is to continue this aggressive growth, particularly in the high-end segment, making it a year of change and AI integration.

HOW IS AI TRANSFORMING THE WAY WE LEARN?

Edtech ﬁrm Chegg’s Nathan Schultz talks about the company’s focus on the UAE, and the future of education and the role AI will play in transforming how we learn

By Neesha Salian

Nathan Schultz, the newly announced CEO of the global edtech company, Chegg shares insights with Gulf Business into the company’s major pivot towards artiﬁcial intelligence and discusses the signiﬁcant role the UAE plays in the company’s vision for higher education growth and innovation.

The CEO of the California-based edtech ﬁrm also explains how the company’s new AI-powered personalised learning assistant can create tailored learning journeys that empower students regardless of their goals, levels, or learning styles.

Tell us how excited you are about the opportunity of your new role as CEO of Chegg.

I’m hugely excited. Over the last 16 years, Chegg has become one of the largest, most accessible, and impactful online education services for students around the world.

I’m proud to be part of the leadership team that drove many of those changes – initially with the shi t to a completely digital learning platform, and then helping to embed AI into nearly every facet of our business as COO. So, it’s a huge privilege to be at the helm, and especially to follow a CEO like Dan Rosensweig, whom I’ve been fortunate to work with for many years.

We have built an amazing team, and I am excited about the opportunity to revolutionise how we serve students with our proprietary AI tools, delivering better learning outcomes for students and working to increase the value of Chegg for our investors.

There is enormous potential and we can already see the shape of what’s coming shortly. The development of AI is a huge step towards delivering on the promise of personalised learning – which, despite being a concept much discussed in edtech circles, has never looked completely realisable before AI.

Students could have a learning assistant in their pocket that anticipates their needs and adapts to their strengths and weaknesses. GenAI tools for learning, when ﬁne-tuned and evaluated rigorously to align with education outcomes, can respond instantaneously and in a more natural, backand-forth conversational interface with students.

Conversational AI designed for learning can recognise what type of question a student is struggling with and provide the most relevant and e ective response – for example, discerning when a procedural question needs to be broken down step-by-step or when a conceptual question could be illustrated with a real-world example.

Conversational AI can encourage more active engagement by suggesting prompts that students might ask to deepen their learning. Guiding students to create useful follow-up prompts will also teach them how to interact with GenAI systems.

This is more important than ever, as many students today are juggling their studies with work and family responsibilities. They need learning support that can adapt to their needs, no matter their goal, level or style.

The higher education market is growing fast in the UAE. At the same time, the UAE AI market is set to reach almost $2bn by 2026. Why do you believe the UAE is perfectly positioned to beneﬁt from the opportunities that AI brings to learning?

The UAE has been at the forefront of AI for years – well before the advent of Generative AI – and is now thought to be one of the three most important countries globally in the field. Not only is it home to the world’s firstever specialist AI university (the Mohamed bin Zayed University of Artificial Intelligence), but it was also one of the first countries worldwide to develop a strategic national approach to AI policy and education.

In 2024, chatbots began rolling out in schools. So, the UAE government and citizens understand the potential of this technology well – they know how important a role it can play in its future.

By creating platforms that take advantage of AI’s educational potential – particularly in the development of personalised learning – companies such as Chegg can help the UAE pursue its AI leadership goals for 2031 and beyond.

CONVERSATIONAL AI DESIGNED FOR LEARNING CAN RECOGNISE WHAT TYPE OF QUESTION A STUDENT IS STRUGGLING WITH AND PROVIDE THE MOST RELEVANT AND EFFECTIVE RESPONSE

NATHAN SCHULTZ

Tell us about the new AI-powered learning assistant Chegg is developing – describe how it could transform how students in the UAE and the wider Gulf Cooperation Council can learn.

We envision that Chegg’s platform will allow students to learn through guided back-and-forth conversations that deepen understanding and adapt to students’ evolving knowledge and skills. Following up responses with suggested question prompts that students might ask next will encourage deeper and more active engagement with learning, as well as demonstrating to students how to interact with AI systems.

We anticipate the platform will also let students know if they are learning at optimal times in their day, suggest students engage in more practice rather than relying only on review, and encourage students to push through difficult concepts to build learning resilience. We will support this by automatically generating high-quality learning aids such as practice tests, study guides and multi-modal instructional content that is personalised to the specific student need.

How is Chegg to leverage AI to deliver its offerings and services?

Our unique assets, such as our 100 million plus pieces of learning content, our reach with learners around the globe, and our utilisation of the many subject matter experts, come together to deliver the most effective learning experience possible. As we develop an education-focused AI platform, we believe it is essential to own our large language models and quality assurance layer. This allows

Chegg to verticalise our AI for education specifically and is essential in our pursuit to control quality and accuracy at a lower cost than leveraging generic AI platforms.

Over the next few quarters, we are focused on rolling out enhancements and features that deliver an even richer personalised learning experience. Whether that means real-time conversational support with our AI learning tools, generating flashcards, generating practice problems, or creating a focused study guide.

Our platform is designed to anticipate, generate, and deliver personalised solutions, which we expect will increase our value to students and expand the audiences we can serve in a cost-efficient way.

To give you a sense of how quickly this is scaling, in Q1 of this year we had over nine million questions asked compared to 3.9 million new questions asked at the same time last year. And, as more questions are asked, we generate more content, which drives more traffic, which we believe will lead to new customers in future quarters.

There are many general-purpose AI tools (such as ChatGPT) when it comes to learning – how does Chegg differ from those?

GenAI has captured the imagination of students worldwide and a recent global survey shows that 40 per cent of university students have used general-purpose AI tools for their studies. However, despite students increasingly turning to general-purpose GenAI tools, they remain apprehensive when it comes to using them for learning.

The same survey shows that of the 40 per cent of undergraduate students worldwide who have used GenAI

for their studies, 47 per cent are concerned about receiving inaccurate information. The education environment demands a more focused approach to AI.

The top priority should be to create new subject-specific LLMs trained on educational content and large data sets of actual student interactions – which are then finetuned by human subject matter experts and rated by students themselves to help ensure the quality of the answers provided are accurate, tailored, empathetic, and contextually relevant.

That’s why Chegg is launching our proprietary AI platform, including 26 subject-specific LLMs, all trained on Chegg’s 100 million plus pieces of learning content, created by over 150,000 Chegg subject-matter experts, designed with learning and accuracy in mind, and rooted in learning science.

This correlates with student demand, as 55 per cent of students around the world say they would like to see GenAI tools involve human expertise in generating answers.

How can Chegg’s new AI-powered learning assistant supplement existing efforts within the UAE to integrate AI into learning?

The UAE is planning to roll out AI-powered chatbots in schools, which provides an ideal opportunity to help pupils take their studies to the next level. In higher education, student adoption of GenAI has been swift: according to a study by Anthology, nearly one-third (32 per cent) of UAE students use GenAI tools frequently (at least once a week), and of those students surveyed 56 per cent believe it will revolutionise teaching and learning methods.

Rapid advancements are underway and, as large language models verticalise for education, the next wave of AI-powered learning tools can both serve as an invaluable supplement to a teacher’s classroom activities and elevate the way students learn – if used correctly. These innovations and more can support students on their individualized learning journey. As the application of artificial intelligence in education emerges, the role of the teacher remains critical. A student’s unique developmental path cannot be facilitated solely by algorithms and large language models.

“THE UAE IS PLANNING TO ROLL OUT AI-POWERED CHATBOTS IN SCHOOLS, WHICH PROVIDES AN IDEAL OPPORTUNITY TO HELP PUPILS TAKE THEIR STUDIES TO THE NEXT LEVEL. IN HIGHER EDUCATION, STUDENT ADOPTION OF GENAI HAS BEEN SWIFT.”

However, when AI tools are deployed thoughtfully and strategically, they can deliver a personalised learning experience that adapts to the pace and needs of each student, offering supplemental support when and where most needed.

We know Chegg runs the Global Student Prize, and it’s exciting to see UAE students have been finalists over the years. Why did Chegg launch the Global Student Prize?

In 2021, Chegg.org in partnership with the Varkey Foundation created the Global Student Prize to shine a light on students who are making an impact on learning, improving the lives of their peers, and contributing to society beyond. Every year, a US$100,000 award goes to one exceptional student chosen from thousands of applicants worldwide.

At the same time, however, the prize draws attention to the efforts of extraordinary students everywhere. Together, they are reshaping our world for the better and acting as champions of change.

The UAE always brings to the fore amazing students who are inspiring young people all over the world. For example, in the prize’s inaugural year, UAE student Lamya Butt was named a top 10 finalist for helping to provide ICT devices for thousands of students in Dubai.

The 2022 and 2023 editions of the Global Student Prize also saw incredible UAE students named as finalists. 2024 will be the fourth year of the Global Student Prize and we are looking forward to seeing who our amazing finalists will be this year.

Is Chegg starting to work directly with schools?

Yes, we are excited to start piloting partnerships with universities in the US, allowing us to support even more students. The vast majority (89 per cent) of our US users say Chegg helps them better understand the concepts they are studying, so we are thrilled that educational institutions may offer their students free access to our platform.

We would love to pilot more partnerships with universities in the UAE and the wider GCC region so that we can work together to deliver even better learning outcomes.

What is the value of partnering with universities?

When the UAE government announced plans for a rating system for universities in 2017, it stated its clear commitment to reduce university dropouts and ensure higher education institutions were providing students with the support they need. This resulted in the National Higher Education Institutions Classification Framework, launched recently.

We know universities can sometimes struggle with student persistence and retention. We are confident that establishing institutional partnerships can help solve these problems and make us a valued partner within the education ecosystem.

40 PER CENT OF UNIVERSITY STUDENTS HAVE USED GENERALPURPOSE AI TOOLS FOR THEIR STUDIES

BANKING IN THE NEW ERA

Jayesh Patel, CEO of Wio Bank, asserts that the belief that neobanks struggle with profitability is a misconception while noting that digital banks can be profitable with a clear focus and defined business objectives

By Kudakwashe Muzoriwa

CEO

With neobanks bridging the gap between the services offered by incumbent banks and the modern customer’s needs, embracing a customer-focused approach becomes essential in today’s digital era.

Over the years, the UAE has been witnessing a surge in neobanks and digital offerings from traditional banks, thanks to the country’s supportive regulatory environment.

S&P Global noted that the UAE’s tech-savvy population drives demand for neobanks, creating an attractive ecosystem for banks and fintechs. These digital native banks offer innovative services that resonate with millennials and tech-savvy customers.

On September 13, 2022, Wio Bank, the first platform of its kind in the UAE, began operations. Its aim is to shake up the country’s banking market. With its unique approach and specific characteristics, Wio Bank has the potential to redefine the banking experience in the UAE, offering a fresh perspective in a market perceived as overbanked.

The digital native bank reported a full-year profit of $544,588 (Dhs2m) and revenues of Dhs266.4 m in 2023. Here, Wio’s CEO discusses the challenger bank’s future business strategy, its new embedded finance service for small and medium-sized enterprises (SMEs), and how innovative technologies such as the cloud and generative AI are revolutionising banking.

Wio Bank became profitable in its first full year of operations, making it the first neobank to do so. What does this mean for the bank and how will it influence your future business strategies?

We are proud to be one of the few neobanks globally to

achieve profitability so quickly. This success stems from several factors. Firstly, we are incredibly focused on what we want to offer our customers. We are clear about our business objectives. Secondly, we develop solutions that our customers love. In fact, four out of five customers join us because of referrals, which is fantastic and demonstrates that we are meeting their needs.

Our profitability is rewarding for our shareholders and our team, who find great satisfaction in knowing that our customers are happy. It also reassures customers that they are investing their money in a profitable and sustainable organisation.

There is a misconception that neobanks struggle to become profitable, but our experience proves that profitability is achievable with focus and clear business objectives. Similarly, favourable interest rates have helped, but overall, profitability is crucial because customers want to invest in financially sound organisations.

What steps are you taking to ensure long-term profitability and stability amidst market uncertainties?

We always say that Wio is in the business of serving customers, and it just happens to be in financial services. We follow a few key principles, such as making money when our customers make money, not when they make mistakes.

Our SME platform was developed in close collaboration with 100 customers, and our goal is to become the operating platform for businesses, similar to how iOS functions on a phone. Entrepreneurs don’t start businesses to learn banking; they want to optimise their finances with minimal effort. That is why Wio’s product offerings include multi-currency accounts, expense management, and virtual cards, among others.

These features not only provide excellent service but generate strong revenue streams for us. As customers use more of our products, our revenue grows.

We are not just reliant on interest income but we have diverse revenue streams. We’re excited to launch our

JAYESH PATEL

WIO BANK

needed, o ering investment opportunities, and providing payment instruments.

SME credit card, currently in beta with 100 customers. This card provides a payment mechanism and access to credit, which is crucial for small businesses.

On the retail side, we o er fantastic savings rates and a range of products, such as international transfers, debit cards with virtual card capabilities, and investment options. Our goal is to help customers achieve their shortterm and long-term ﬁnancial goals while providing value and security.

Wio’s approach has led to good growth and customer adoption, and we are optimistic about the future.

What are the opportunities and main challenges facing neobanks in the GCC region?

Wio was established to build and serve the customers of tomorrow, whether they are businesses or individuals. We have a clear and focused objective. While there are many fantastic incumbent banks that drive the economy and do great work, we have a di erent approach to serving customers.

Traditional banks are o ering better services and products than neobanks in some areas and we are also doing much better than them in some. It is important to identify these areas and focus on them.

We saw a clear opportunity to enhance customers’ interactions with mobile apps and launched Wio Business for SMEs. This has been a success, with around 4,000-5,000 new accounts being opened each month.

We invest heavily in innovative technologies, and with BaaS, our aim is to democratise finance. Financial regulators in the UAE are taking initiatives to open up finance and payments, making it easier to access financial services.

For neobanks, it’s crucial to understand what to do and what not to do. We are not a wallet or a travel card; we are a bank at our core. We focus on core banking capabilities: keeping and growing your money, providing credit when

As a platform bank, how do you leverage innovative technologies such as AI and the cloud?

We run on the cloud, and there are three key beneﬁts to using cloud services. The cloud allows neobanks to scale faster because infrastructure capabilities are readily available and scalable through a consumption model.

The cloud reduces the need to build from scratch and signiﬁcantly shortens the time to market. It also helps banks ﬁnancially structure their operating model. For neobanks, having a tech-centric operating model is crucial, and the cloud enables this.

However, the cloud can be more expensive than initially projected, which is why several companies, including us, are considering multi-cloud strategies.

Artiﬁcial intelligence (AI) is another interesting area. It is making signiﬁcant improvements and growing rapidly, but it still has room to mature before it is fully ready for consumer deployment in the banking sector.

Over the next two years, I foresee a hybrid model where AI assists in serving customers better but does not interact directly with them. As AI improves and addresses these challenges, we will start deploying it more broadly.

We are building capabilities with advanced models for speciﬁc use cases, such as fraud detection and compliance. Propensity models are now common and useful for these tasks. We are beginning to experiment with AI to train our agents for better customer service.

How do you envision the future of banking and ﬁnancial services, particularly in the context of digital transformation?

Going forward, there are a few fundamental elements to consider regarding how banks operate, whether they are incumbent banks or digital attackers. Traditional banks are becoming digital very quickly, and there are some key areas of change.

First, operating models need to be more adaptable. This involves serving consumers directly, leveraging other platforms to reach consumers, and allowing others to use your technology to serve customers.

Second, with stronger data and more information, ﬁnancial institutions can make better real-time decisions. However, with more real-time data comes increased worries and risks. We can expect stronger and more frequent regulation, along with robust investments in risk management, compliance, and fraud prevention.

Third, innovative technologies will expand banks’ revenue pools by opening up previously hard-to-access spaces while democratising access to wealth products that were previously inaccessible to most people. This will continue to add value by providing easier access to banking services, delivered in real time, with stronger governance and regulations to ensure safety and security.

WIO BANK SAW A CLEAR OPPORTUNITY TO ENHANCE CUSTOMERS’ INTERACTIONS WITH MOBILE APPS AND LAUNCHED WIO BUSINESS FOR SMES. THIS HAS BEEN A SUCCESS, WITH AROUND 4,000-5,000 NEW ACCOUNTS BEING OPENED

AI IN BANKING: FASTER, BETTER AND MORE SECURE

Chris Shayan, head of AI at Backbase, gives us insights on the impact of artiﬁcial intelligence on the banking, ﬁnancial services and insurance sectors

By Neesha Salian

Q&A

What role does artiﬁcial intelligence (AI) play in facilitating personalised ﬁnancial services and customer experiences?

Imagine a friendly financial advisor whispering helpful nudges throughout your banking journey. Our embedded large language models (LLMs) achieve this by identifying micro-moments.

These are critical points in the customer journey where personalised guidance on the customer journey can signiﬁcantly impact behaviour, here’s how:

AI can detect a low balance approaching a loan due date. It can then proactively:

Suggest a funds transfer from another account

Remind the customer about setting up automatic payments

AI can analyse spending patterns and identify unusual spikes. It can then:

Alert the customer of potentially fraudulent activity

Suggest budgeting tools or spending trackers

O er personalised tips for managing unexpected expenses

By identifying and seizing micro-moments, AI goes beyond basic transactions. It fosters:

Proactive guidance on budgeting and responsible spending habits empowers customers to manage their ﬁnances e ectively.

Personalised engagement prevents customers from feeling overwhelmed and keeps them actively using your banking services.

Timely and relevant assistance during critical moments fosters trust and strengthens customer relationships.

Artiﬁcial intelligence can provide real-time, contextaware guidance, empowering customers to make

informed ﬁnancial decisions while improving overall customer experience and satisfaction. This translates to a loyal and engaged customer base, ultimately boosting the bank’s Sean Ellis score as well as customer lifetime value (CLV).

What are some of the challenges that institutions in the ﬁnancial sector face when integrating AI into their operations?

I see three key hurdles when it comes to implementing AI in the ﬁnancial services sector:

Data quality and security: AI thrives on high-quality, structured data. Unfortunately, many banks struggle with siloed data systems and inconsistent formats. Cleaning and integrating this data can be a time-consuming and expensive process. Additionally, ensuring the security of sensitive ﬁnancial data during AI development and deployment is paramount. Strict regulations and the potential for ﬁnancial fraud require robust cybersecurity measures.

Explainability and transparency: Understanding how AI models arrive at their decisions can be di cult. This lack of transparency can raise concerns about bias and fairness, particularly in areas like loan approvals or fraud detection. Financial institutions need to be able to explain their AI models to regulators and customers alike, while also ensuring responsible use that doesn’t discriminate against certain demographics.

AI operating model: Beyond technical hurdles, establishing a successful AI operating model is crucial. This model should define roles and responsibilities across the organisation. It should also address governance frameworks for responsible AI development and deployment, ensuring alignment with ethical principles and regulatory compliance. Furthermore, the operating model should consider how to integrate AI seamlessly with existing workflows and processes. This model should define roles and responsibilities across the organisation, ensuring everyone understands their part in the AI journey. However, upskilling the workforce to bridge the knowledge gap in AI can be challenging. This may require investments in training programmes and fostering a culture of continuous learning. This might necessitate a culture shi t within the organisation, encouraging collaboration between AI specialists and traditional banking professionals to ensure a smooth and successful integration.

How can AI help improve productivity and reduce operational costs in the sector?

Imagine you’re a loan o cer at a busy bank. Si ting

CHRIS SHAYAN HEAD OF AI BACKBASE

through mountains of paperwork to verify income and credit history can take forever. That’s where AI steps in. Think of it as a super-powered assistant. AI can analyse documents in seconds, pulling out key information and flagging the potential issues. This frees you up to focus on what matters most – talking to customers and making loan decisions. The result? Faster loan approvals, happier customers, and less time wasted on paperwork.

But AI isn’t just about loans. Ever get stuck in a long phone queue trying to reach your bank? Imagine having a 24/7 assistant ready to answer your basic questions or troubleshoot minor issues. That’s what AI-powered chatbots can do. They can handle simple tasks like account balance inquiries or password resets, freeing up human agents for more complex problems. For banks, this means less money spent on call centres and happier customers who don’t have to wait on hold forever.

Another area where AI shines is behind the scenes. Remember all those repetitive tasks like data entry and report generation? AI can automate those too. Think of it as a tireless robot worker who never gets tired or makes mistakes. This frees employees to focus on more strategic work, like analysing trends or developing new products. For banks, this translates to increased productivity and cost savings, which means more resources available to serve you better.

When it comes to governance and responsible AI, what are some of the critical considerations for the banking, financial services and insurance sectors? Effective governance is crucial, but it’s only part of the equation for responsible large language model adaptation at scale. Embedding responsible practices into the development process is essential. Each role’s responsibilities should align with their expertise and expected actions in driving forward responsible generative AI

(GenAI) use cases. Key roles are critical for success:

Product managers take the lead in mitigating relevant risks associated with GenAI implementation. Additionally, they champion the cultural shift necessary for successful GenAI adoption. This includes fostering trust in achieving business value, responsibly, and ensuring the safety of both employees and customers.

AI engineers are the technical backbone of GenAI implementation. They possess a deep understanding of how these models work and translate business needs into functioning GenAI solutions. Their expertise extends beyond development. They guide on the technical feasibility of risk mitigation strategies, translate those strategies into code, and build monitoring systems to ensure ongoing safety and effectiveness.

The governance team plays a critical role in ensuring responsible and safe GenAI implementation. They establish the essential frameworks, guardrails, and principles that guide designers and engineers. This includes core risk frameworks, ethical guidelines, and ongoing evaluation of risk mitigation effectiveness, particularly for high-risk use cases. The AI governance officer leads this team, but additional expertise is crucial to address the diverse risks associated with GenAI. Ideally, the team will encompass data risk, data privacy, cybersecurity, regulatory compliance, and technology risk. Proactive risk assessment, given the evolving nature of GenAI, is crucial and the governance team will often collaborate with engineers to conduct “red team” exercises. These simulated attacks on GenAI models help identify and mitigate potential challenges before deployment.

GenAI users are the final link in the chain. They need training and support to understand how GenAI works, potential risks involved, and their role in responsible usage. However, users are also valuable partners in identifying risks. Through their interactions with the model, they can flag problematic outputs that may not be readily apparent. Even though GenAI has human oversight, to be safe, users should avoid sharing private information like their Emirates ID or credit card details while interacting with the model.

The operating model should map how different user roles (personas) will interact with the generative AI (GenAI) lifecycle at various stages. While the specific involvement of each persona will vary based on the organisation’s chosen GenAI capabilities (for example, product managers with strong technical skills might contribute more to delivery), the model’s core function is to visualise engagement patterns across all deployment stages.

IMAGINE HAVING A 24/7 ASSISTANT READY TO ANSWER YOUR BASIC QUESTIONS OR TROUBLESHOOT MINOR ISSUES.? THAT’S WHAT AI-POWERED CHATBOTS CAN DO

TRANSFORMING TRAVEL WITH TECH

Travel tech platform EaseMyTrip’s co-founder discusses evolving travel trends and market strategies

By Neesha Salian

RIKANT PITTIE CO-FOUNDER EASEMYTRIP

Q&A

In an exclusive interview with GulfBusiness, Rikant Pittie, co-founder of EaseMyTrip, highlights the signiﬁcance of personalised, eco-friendly, and luxurious travel experiences, the impact of the pandemic on travel preferences, and EaseMyTrip’s strategic approach to cater to the unique needs of UAE travellers.

What do customers expect from a travel tech platform?

The basic expectation from a travel tech company such as EaseMyTrip is to make travelling easier and convenient. Economic considerations are signiﬁcant, with many travellers seeking destinations that o er a balance of a ordability and personalised services. Consequently, families prioritise destinations that provide value for money. Moreover, UAE travellers are digitally savvy and prefer managing their travel plans online, valuing the ﬂexibility and control that come with independent travel arrangements over traditional tours. Many are willing to pay a premium for the convenience and customisation our digital solutions o er.

There is also a growing demand for personalised and luxurious travel experiences. This includes bespoke concierge services, curated experiences, and high-end transportation options such as chau eur-driven cars with amenities, including air-conditioned seats and in-seat massage functions.

We utilise artiﬁcial intelligence (AI) and machine learning to o er personalised travel recommendations and streamline booking processes. Our plans include integrating generative AI to further tailor customer experiences and enhance customer service through AI-driven sentiment analysis.

What are the top trends that have been identified throughout the last three years in the travel sector? Several key trends have emerged in the travel industry. Firstly, there has been a significant rise in the demand for eco-friendly travel options. Recent research indicates that 74 per cent of travellers are willing to pay more for sustainability-focused travel. This shi t is driving the industry towards greener practices, such as eco-conscious accommodations and carbon-neutral transportation, reflecting a broader commitment to responsible travel.

Secondly, personalised travel experiences have gained tremendous popularity. Travellers are increasingly seeking bespoke experiences tailored to their unique preferences and interests. They prefer exclusive and authentic adventures that go beyond the conventional travel itinerary.

Thirdly, travellers in the UAE o ten seek luxury experiences, family-oriented vacations, and culturally immersive destinations. We have developed an array of luxury travel packages designed to meet the expectations of these travellers who prioritise premium experiences. These packages include stays at ﬁve-star hotels, private tours, and exclusive access to high-end amenities and services. Also, culinary travel has become a fascinating trend, with travellers eager to explore local cuisines and dining experiences. Additionally, technological advancements are revolutionising the travel industry. The integration of AI technology promises to enhance convenience, e ciency and personalisation.

Tell us how the travel landscape has evolved since the pandemic.

The travel landscape in the UAE has signiﬁcantly transformed post-pandemic, revealing several new trends. A noticeable trend is the increase in domestic travel. While international destinations were popular pre-pandemic, safety concerns and travel restrictions have led to an increase in local tourism within the UAE. Travellers are now keen to explore the rich cultural and natural attractions within their own countries.

Moreover, the concept of remote work and “workcations” has gained traction. Research indicates a substantial rise in travellers planning to work from scenic locations. This trend has resulted in longer stays and a higher demand for accommodation with reliable internet and workfriendly amenities.

Health and safety have also become paramount. We have observed a signiﬁcant increase in bookings for hotels and airlines implementing stringent health protocols. Travellers are now more cautious, prioritising services that ensure their wellbeing.

As mentioned, sustainable travel is also on the rise. There is a growing awareness about eco-friendly travel options, leading to an increase in bookings for sustainable accommodation.

These evolving trends are shaping our strategies. We are focusing on promoting local tourism, o ering workcation

“OUR PLAN INCLUDES INTEGRATING GENERATIVE AI TO FURTHER TAILOR CUSTOMER EXPERIENCES AND ENHANCE CUSTOMER SERVICE THROUGH AI-DRIVEN SENTIMENT ANALYSIS. THESE INNOVATIONS HELP US STAY AT THE FOREFRONT OF INDUSTRY TRENDS.”

packages, and emphasising safe, sustainable travel options to meet the changing preferences of our customers.

Tell us about the company’s growth in the UAE. We have witnessed fantastic growth in the UAE. In 2019, we expanded our operations to the UAE, quickly building a customer base of 200,000 by offering comprehensive travel solutions tailored to regional needs. In the last nine months, we have grown by 89 per cent in the Middle East compared to the previous years. We are looking to collaborate and build new partnerships to further expand.

We are always looking to offer new and curated packages and offer solutions like Zero Convenience Fees. In addition, we have another product called ‘Full Refund on Medical Grounds.’ If you fall ill within 24 hours of your trip, simply inform us, and we will provide a 100 per cent

refund with no additional costs. These initiatives help us offer transparent services and build trust.

How has EaseMyTrip tailored its offerings to meet the demand of the UAE region?

We have customised our services to suit the needs of travellers in the UAE region.

The recent introduction of the unified GCC tourist visa is expected to significantly enhance travel from India to the UAE and neighbouring areas, particularly for ‘bleisure’ trips. We have noticed a growing trend among Indian business travellers extending their stays in the Emirates to blend business with leisure, a trend we anticipate will gain further traction with the implementation of the new visa policy.

An interesting development is the rising number of Indian corporate travellers bringing their families along on business trips. They’re extending their stays to explore destinations like Dubai and Abu Dhabi, turning their business trips into unforgettable family experiences.

To cater to these evolving preferences, we offer customised travel packages and personalised services catering to both business and leisure travellers. Our website showcases carefully curated itineraries highlighting the best of the UAE region, ensuring travellers can manage their work commitments while also indulging in leisure activities. Additionally, our online platform makes independent travel planning easy and convenient for travellers. We also focus on delivering budget-friendly yet highquality travel experiences, ensuring families can enjoy memorable vacations without overspending.

THE AGE OF AI: WHAT THE FUTURE HOLDS

WE ASKED SOME OF THE REGION’S TOP TECH EXECUTIVES ON WHAT THEY THINK IS THE MOST SIGNIFICANT IMPACT THAT AI WILL HAVE IN THE NEXT FIVE TO 10 YEARS. HERE’S WHAT THEY ANSWERED…

By Neesha Salian

Q&A

SASCHA GIESE GLOBAL TECHNICAL EVANGELIST, SOLARWINDS

That’s perhaps the trillion-dollar question and you can be assured that organisations are working tirelessly towards creating these incredibly impactful use cases for AI. Even right now, AI is proving to be a valuable tool in our lives, assisting us in automating repetitive tasks and improving our decision-making processes. Take IT for example – here AI solutions are allowing us to make sense of data lakes at a speed and level of detail we could not process as humans. And as users or customers, AI enables us to get faster responses and additional services that would be otherwise too expensive for organisations to provide. However, currently, in both these scenarios, humans are still involved. Looking to the future, this might not be the case which is a prospect that is both liberating and unsettling.

RAMI NEHME REGIONAL SALES DIRECTOR, OPSWAT

I believe AI will fundamentally change how we approach cybersecurity. AI’s most signiﬁcant impact will be its ability to predict and prevent cyber threats before they can cause harm. With advanced machine learning algorithms, AI can analyse vast amounts of data to identify unusual patterns and behaviors,

ﬂagging potential threats much faster and more accurately than traditional methods. This proactive approach will not only help prevent breaches but also reduce the costs and damage associated with cyberattacks. Additionally, AI will automate many routine security tasks, such as monitoring network tra c and analysing logs, freeing up cybersecurity professionals to focus on more strategic and complex issues. This shi t will lead to more robust and resilient security systems, capable of adapting to the everevolving threat landscape.

DR STEFAN LEICHENAUER

VICE PRESIDENT OF ENGINEERING, SANDBOXAQ

When people think of AI right now, they mostly think about intelligent chat bots, automated writing assistants, and similar widgets that all have to do with language. While natural language processing has a lot of very interesting applications, much of the impact over the next ﬁve to 10 years is going to come from innovations in quantitative AI, that is, AI that can do numerical reasoning. Such AI systems will be able to revolutionise areas such as robotics, materials design, and drug discovery in ways that purely languagebased models cannot. The next great advance will be the development of large quantitative models, which are analogous to today’s LLMs but capable of numerical inputs and outputs that are directly relevant to physical processes. These LQMs will supercharge engineering and design from the molecular to the macroscopic level, and are one of the most promising

tools for addressing challenges like global healthcare and climate change.

OREN KANIEL CEO, APPSFLYER

AI is set to change everything we know about everything. It is set to change every aspect of our lives. I also suspect that many companies will not survive this revolution because of the signiﬁcant paradigm shi t it’s creating.

Specifically, within the next five years, 80 per cent or more of the so tware we use today will become obsolete. Companies worldwide will face the daunting task of discarding decades worth of so tware development to adopt a new architecture driven by AI and natural language processing. This future is both exhilarating and challenging – for all companies, not just so tware firms, this means preparing to say goodbye to the so tware we’ve meticulously built and perfected over the years. As so tware engineers, we pour our hearts into our creations, refining and enhancing them with each iteration. These pieces of so tware become our ‘babies’, and parting with them is no small feat.

ANDY

COUSSINS

EVP – INTERNATIONAL, EPICOR

Artificial intelligence will immensely enhance human capabilities, particularly across the global supply chain. AI that is built on high quality data will arm essential workers with the ability to make the most informed decisions, innovate new products, and adopt

robotics. Above all else, AI can optimise and supercharge supply chain decisions across the industries – and it won’t discriminate. Everyone from the top ﬂoor to the shop ﬂoor will have the ability to ‘be a computer programmer’. Ultimately, this means supply chain companies will operate far more e ciently, integrating AI into everyday tasks to achieve unprecedented productivity levels.

It’s no longer a question of if AI will be part of our lives, it’s a question of

when. I believe we’ll quickly start to see AI blend seamlessly into our daily lives, not as a separate entity but as an integral extension of ourselves. Conversing with AI in natural language will become second nature, akin to talking with colleagues, turning everyone into adept problem solvers and e ective programmers.

PRASANNA

RAJENDRAN VP - EMEA, KISSFLOW

We’re already seeing a significant impact right now. Consider application development – something that’s fundamental to today’s modern world where applications are the primary interface

I FEEL AI IS BECOMING MORE HUMANISED MAKING IT EASIER TO INTERACT WITH, ALLOWING IT TO GROW AND BECOME MORE CAPABLE. AT THE SAME TIME, THE AMOUNT OF DATA AVAILABLE TO TRAIN AI MODELS IS INCREASING ASYMPTOTICALLY.”

between customers and businesses, and the streamlined channel through which employees perform their daily tasks. Thanks to the convergence of AI and lowcode/no-code technologies, application development has been democratised, giving rise to a new breed of citizen developers who without any IT skills can create powerful digital solutions.

Looking at the areas where governments and big tech companies are focusing, we can anticipate AI-powered revolutions to transform many sectors. In healthcare, AI will enhance diagnostics, treatment planning, and personalised medicine. In transportation, autonomous vehicles will become even more capable and safe than they presently are. Financial organisations will be able to leverage AI to enhance fraud detection, risk management, and personalised financial services. Algorithmic trading, AI-driven financial advice, and automated underwriting will become more prevalent, increasing the efficiency and accessibility of financial services.

JIM CHAPPELL HEAD OF AI AND ADVANCED ANALYTICS, AVEVA

Artificial intelligence will continue to become more capable and goal oriented,

allowing the industry to improve operational efficiency and reduce carbon emissions. At the same time, it will help reduce the cost of green energy production while improving its reliability, eventually surpassing traditional energy. When this occurs, there will be a massive shift to green energy, as it will be both the environmental and economic choice of business. AI will continue to evolve in stages from software being a tool assisting humans as it is today, to working alongside humans and eventually doing most of the “heavy lifting”, while humans supervise and make the strategic decisions.

Personally, I feel AI is becoming more humanised making it easier to interact with, allowing it to grow and become more capable.

At the same time, the amount of data available to train AI models is increasing asymptotically. As available data continues to increase, AI will become embedded into most aspects of daily life and will likely have an impact on society as profound as the internet itself.

EZZELDIN HUSSEIN

REGIONAL SENIOR DIRECTOR, SOLUTION ENGINEERING, META, SENTINELONE

Artificial intelligence – especially generative AI (GenAI) – will significantly transform industries by automating routine tasks, enhancing efficiency, and improving decision-making. GenAI will revolutionise creativity, enabling the production of high-quality content and innovative designs, thereby driving rapid prototyping and innovation in various fields. It will also augment human skills, providing tools that boost productivity and creativity, democratising access to

advanced technology. In education and professional development, AI-powered platforms will personalise learning, tailoring content to individual needs and improving the effectiveness of training programmes.

This transformation will not only uplift existing skill sets but also create new opportunities, leading to a more innovative, efficient, and inclusive future.

Those who effectively leverage AI will excel, making it essential to embrace this technology. AI will be a powerful ally, augmenting our skills and enabling us to achieve more.

SUJATHA S IYER MANAGER AI - SECURITY, MANAGEENGINE

Over the next decade, AI will transform decision-making across industries by leveraging its capability to analyse vast amounts of data. This analytical capability enables businesses to derive actionable insights from historical data trends, facilitate informed and strategic decision-making, and offer guidance on what steps to take during a variety of circumstances. Whether optimising operational efficiencies, predicting market trends, or enhancing customer experiences, AI-driven insights will play

a pivotal role in driving competitive advantage.In an era increasingly focused on security and privacy, AI will enhance its presence in cybersecurity. AI-powered systems perform well in real-time threat detection and mitigation, continuously monitoring networks and systems for anomalies and potential breaches. AI will improve its ability to swiftly identify and respond to threats, strengthen data protection measures, and safeguard enterprises against evolving cyber risks. This proactive approach mitigates potential damage and enhances overall cybersecurity resilience in the privacyand security-aware landscape.

As AI continues to evolve, its integration into decision-making processes and cybersecurity strategies will be vital for businesses to navigate and thrive in a digitally transformed world.

BERNARD MONTEL

EMEA TECHNICAL DIRECTOR AND SECURITY STRATEGIST, TENABLE

Security teams have long struggled to address the challenge of prevention in the face of evolving attack techniques. With attackers constantly finding new ways to breach organisations, security teams struggle to keep up. AI has the potential to change that if harnessed correctly in the next five to 10 years. GenAI can be used by cybersecurity professionals to search for patterns, explain what they’re finding in the simplest language possible, and help the team decide what actions to take to reduce cyber risk. It is being harnessed by defenders to power preventive security solutions that cut through

complexity to provide the concise guidance defenders need to stay ahead of attackers and prevent successful attacks. Harnessing the power of AI enables security teams to work faster, search faster, analyse faster and ultimately make decisions faster.

WALID GOMAA CEO, OMNIX INTERNATIONAL

AI is expected to have a profound impact across various domains, including healthcare, education, retail, finance, workplace automation, sustainability, and smart cities.

In healthcare, AI can analyse vast amounts of patient data, including genetic information, lifestyle factors, and medical history, to create highly personalised treatment plans. Predictive analytics powered by AI will allow for the early detection of diseases, potentially identifying health issues before they become severe. In education, AI will facilitate personalised learning experiences, tailoring educational content to the needs and learning styles of individual students. In retail, AI is set to revolutionise the customer experience by delivering highly personalised product recommendations, implementing dynamic pricing strategies, and crafting marketing campaigns. In finance, AI will improve the detection and prevention of fraud in real time by analysing transaction patterns and spotting anomalies. It will also offer personalised financial advice and investment strategies based on individual financial behaviours and goals, enhancing financial planning and decision-making.

In the workplace, AI will take over routine tasks, allowing human workers to focus on more complex and creative endeavours.

In sustainability, AI will aid climate change mitigation by optimising energy usage, enhancing renewable energy systems, and improving climate modelling and predictions.

In smart cities, AI will enhance urban living by optimising traffic management and energy consumption, making cities more sustainable and efficient. It will also bolster public safety through predictive policing, real-time surveillance, and improved emergency response systems.

AMITABH MISRA CTO, SPRINKLR

AI is set to redefine industries and drive exceptional efficiency. We are at the forefront of a new industrial revolution, where AI is not just a tool, but a fundamental shift in how organisations operate.

We’ll see hyper-personalisation take centre stage, allowing businesses to deliver tailored customer experiences that are more engaging and effective. This capability is crucial across sectors from retail to entertainment. AI will enhance operational productivity

by automating routine tasks and enabling real-time insights from vast data sets. This is essential for scaling operations while maintaining high standards of quality. On a broader scale, governments will leverage AI to improve public services and foster smart city initiatives. This is particularly relevant in the UAE

INTERVIEW

and Saudi Arabia, which are at real forefront of smart city development in the Middle East. With the advancements in Generative AI, we’re just scratching the surface of its potential impact. As we look ahead, it’s vital to focus on responsible AI development to maximise these benefits while ensuring ethical implementation.

CHRIS WIGGETT

HEAD OF AI, DATA AND ANALYTICS AT NTT DATA MEA

Artificial intelligence is poised to revolutionise industries by enhancing efficiency, enabling innovation, and personalising customer experiences. One of the most significant impacts of AI will be its role in transforming healthcare. With the ability to analyse vast datasets, AI will advance personalised medicine, improve diagnostic accuracy, and streamline administrative processes, ultimately leading to better patient outcomes and reduced healthcare costs.

Another transformative impact will be in the financial services sector, where AI will drive smarter, faster decision-making, mitigate risks, and combat fraud. This will not only bolster the stability of financial institutions but also enhance the customer experience through tailored services and products.

AI’s influence on workplace dynamics is also noteworthy. The rise of autonomous agents and AI-driven platforms will reshape the nature of work, promoting more agile, inclusive, and learning-oriented environments. This shift will empower teams to operate with greater autonomy and efficiency, potentially leading to a future where hierarchical structures are less prevalent.

ANOTHER TRANSFORMATIVE IMPACT WILL BE IN THE FINANCIAL SERVICES SECTOR, WHERE AI WILL DRIVE SMARTER, FASTER DECISION-MAKING, MITIGATE RISKS, AND COMBAT FRAUD.”

Moreover, AI’s advancements in generative capabilities will democratise creativity, allowing for a surge in innovation across various fields, including coding, design, and content creation. This will enable individuals and businesses to iterate and bring ideas to life with unprecedented speed and scale.

As we stand on the cusp of these transformative changes, it is crucial to navigate the ethical implications and ensure that AI’s evolution aligns with societal values and enhances the human experience.”

BEN GELMAN SENIOR DATA SCIENTIST, SOPHOS

Artificial intelligence has been, and will continue to be, a force multiplier for organisations and individuals alike. AI’s most significant impact in the near future is the ability to empower people to apply their creativity instead of performing rote tasks. Because AI can achieve a mostly “correct” solution for an immense number of tasks, there will be a dramatic shift from asking “How do I make this work?” to pondering “What do I want to achieve and why does it matter?” AI will reach an inflexion point where completing tasks will require little intervention, resulting in a new paradigm focused on goal-oriented thinking, applying expertise, and editing AI-generated content.

Even before the new wave of generative AI, more rigid AI models geared towards singular tasks made tremendous improvements to automated systems, tools, and analyses. Now, AI helps initiate

projects: writing most of an email, summarising knowledge, filling out reports, or writing significant portions of code. As AI continues to improve, many people will embrace roles as AI editors. In professional life, this means more opportunities for decision-making, creative thought, or reduced work hours because existing tasks are faster in the “generate and edit” paradigm.

VIJAY JASWAL CTO, APJ, ME&A, IFS

The impact of AI on our lives and work will be transformative. Drawing inspiration from the sci-fi movie Iron Man, Tony Stark’s AI assistant J.A.R.V.I.S. (Just A Rather Very Intelligent System) offers a glimpse into our AI-driven future. J.A.R.V.I.S. controls and manages Stark Industries and Tony Stark’s personal life, runs internal systems of Stark Tower and the Iron Man suits, provides real-time information and analysis during combat, and anticipates Tony’s needs to complete tasks proactively. These capabilities illustrate how AI will soon enhance our everyday experiences.

Additionally, AI’s ability to analyse massive datasets and identify hidden patterns will fuel scientific and medical breakthroughs in the coming decade. AI could co-pilot research, suggest experiments, design life-saving drugs, and create new materials, revolutionising scientific and medical discovery through human-AI collaboration.

A STRATEGIC SHIFT TO A CASHLESS ECONOMY

Digital wallets exemplify how convenience is reshaping our financial interactions, becoming essential for many, especially those previously excluded from traditional banking

Having difficulty looking for cash or change and standing in long queues at banks is a thing of the past now with payments now being handled in seconds. A simple tap on your smartphone has revolutionised the financial industry across the world, and more so in the UAE, which stood out as a country that has harnessed the optimism for emerging tech, strategically positioning itself at the forefront of fintech.

The UAE boasts the highest number of fintech startups in the MENA region, with experts

ABDALLAH ABU-SHEIKH

FOUNDER OF ASTRA TECH AND CEO OF BOTIM

predicting the sector to reach a gross valuation of $3.1bn in 2024.

ACCELERATING CONVENIENCE

Imagine a society in which all transactions occur seamlessly and effortlessly. With an astounding 85 per cent cashless society, the UAE is bringing its ambition to life. This shift is driven by a relentless push towards financial literacy and inclusive growth. Even though fintech innovations are at the forefront, offering solutions that cater to diverse needs and dismantle financial barriers has been crucial.

Digital wallets exemplify how convenience is reshaping our financial interactions, becoming essential for many, especially those previously excluded from traditional banking. Despite the rapid growth of fintech in the UAE, 32 per cent of the population remains unbanked.

Fintechs like Astra Tech are bridging this gap with innovative solutions such as the Botim multicurrency prepaid cards, which overcome minimum salary thresholds imposed by banks, allowing broader participation in the digital economy. This transformation is not just about ease of access; it’s about creating opportunities for everyone to benefit from financial services.

Projections for 2028 indicate that card payments in the UAE will surge to an impressive $208.2bn. This massive shift towards cashless transactions highlights the increasing preference for convenient financial solutions that align with our fast-paced lives. Whether it’s a peer-to-peer transfer or a crossborder remittance, the speed and efficiency of digital wallets and other fintech solutions are setting new standards for convenience.

LIGHTNING-FAST TRANSACTIONS

In today’s fast-paced world, time is of the essence. The cashless society ensures that transactions keep up with this demand. From the old souks of Dubai to the contemporized malls, the speed of digital payments enhances every aspect of life. Contactless payments, via cards, smartphones, or even innovative solutions like facial and palm recognition, are becoming the norm already 67 per cent of UAE consumers are engaged in digital transactions and contactless payments.

Consider the everyday scenario of dining out. In the past, waiting for the bill and counting cash added unnecessary delays to the meal’s end. Now, with contactless payment options, the process is swift and seamless, allowing diners to settle their bills, without asking for the bill. This adds speed and efficiency, setting new standards for convenience and making life easier for everyone.

SHIFTING TOWARDS DIGITALISATION

The UAE’s journey towards a cashless society is not just about individual transactions; it’s about creating a fully digitalised financial ecosystem. Collaborations among government bodies, financial institutions, and tech innovators are driving initiatives that redefine the payment landscape.

Groundbreaking technologies like autonomous stores, which use facial recognition for payments, and the region’s first contactless palm recognition payment technology, are paving the way for a future where payments are not only quick but also secure and efficient. These advancements represent a commitment to a future where financial empowerment is within everyone’s reach.

A closer look at the UAE’s transition to a cashless society reveals a multifaceted strategy. By fostering an environment that supports fintech innovations, the UAE is ensuring that digital payments are accessible, reliable, and secure. The synergy between various stakeholders is reimagining the payment landscape, showcasing

$208.2BN CARD PAYMENTS

SURGE BY 2028

the transformative power of cooperative efforts.

NAVIGATING THE VISION FORWARD

The transition to a cashless society is a collective vision embraced by the UAE’s residents and leaders alike. With 64 per cent of the population expecting full “cashlessness” by 2030 and 88 per cent having already used emerging payment methods, confidence in this technological evolution is clear. This transformation is about more than just technology; it’s about empowering individuals and businesses to have greater control over their finances, reducing the risks associated with carrying physical cash and fostering a sense of security and efficiency in every transaction. This collective vision reflects widespread confidence in technological advancement and a readiness to embrace a future where financial empowerment knows no bounds. The UAE is poised to lead the evolution towards a cashless society, especially after the rapid consumer mindset shift post-Covid, highlighting the nation’s openness to innovation and progress.

THE FOURTH INDUSTRIAL REVOLUTION AND THE CASHLESS SOCIETY

The UAE’s rapid shift to a cashless society is a cornerstone of the Fourth Industrial Revolution, which has established a clear vision and goals for Industry 4.0 adoption, along with an action plan and enablers. This era, characterized by a fusion of technologies blurring the lines between the physical, digital, and biological spheres, is revolutionising financial systems. The integration of emerging technologies such as Generative AI, blockchain, and IoT into the financial sector is driving unprecedented changes.

Autonomous stores, contactless payment methods, and inclusive fintech solutions are just the beginning; the potential for further innovation is immense, offering new opportunities for economic growth and financial inclusion. With its visionary leadership, advanced digital infrastructure, highly skilled talent, substantial investments in advanced technology, and supportive government policies, the UAE is well-positioned to lead in the Fourth Industrial Age.

As the UAE continues to lead this digital revolution, the future looks promising. The nation’s commitment to innovation and progress is evident in every facet of its journey towards a cashless society. This collective vision reflects widespread confidence in technological advancement and a readiness to embrace a future where financial empowerment knows no bounds.

The UAE is set to lead the evolution towards a cashless society after all it is projected to witness a $208.2bn card payments surge by 2028, highlighting the nation’s commitment to innovation and progress. In this new era, financial empowerment knows no bounds, and the UAE stands as a beacon of what’s possible when a nation embraces the future with open arms.

AI ETIQUETTE: THE KEY TO UNLOCKING GEN-AI’S FULL POTENTIAL

Understanding ‘prompt hacking’ and exploring the unconventional methods that could enhance enterprise AI efficiency and effectiveness

When talking about ways to maximise gen-AI investments, discussions often tend to centre around use cases, strategic rollout, cost management and more. It would be surprising to see ‘politeness strategies’ included anywhere on this list and yet, it’s precisely this line of thinking that could be the missing link in optimising enterprise AI. Of course, we are talking about generative AI in this context. The landmark technology has dazzled

SVP, FRESHWORKS APAC & MEA

and alarmed us. Many, even in Tech Land, were not prepared for the effectiveness of ChatGPT, Copilot, Freddy AI and other industry-leading variants. A recent study by Freshworks found that in the UAE, AI saves workers an incredible 4.5 hours per week. It’s no surprise then that generative AI is a growth market in the GCC where some estimates for regional CAGR are more than 34 per cent over the next eight years. The use cases are obvious. Our latest research shows that data analytics, content creation, and text and

IN THE UAE, AI SAVES WORKERS AN INCREDIBLE 4.5 HOURS PER WEEK

audio translation are all highly popular among UAE workers. But in the spirit of “garbage in, garbage out”, we must optimise our input style to coax the best out of GenAI. Its underlying large language models (LLMs) are fed enormous datasets of human conversations, and essentially pursue the goal of providing the best-fit response to a given input. These inputs are also known as prompts and the process of constructing the best possible inputs is known as “promptengineering” or “prompt-hacking”. This is no trivial pursuit. It is the subject of serious academic study into how drastically a change in prompt can change the AI’s response. The problem is solutions providers that use LLMs as the core of their offerings must manage the risk of prompt hacking among end users.

CAPTAINING QUIRKS

This is where we must return to “garbage in, garbage out”. Machine learning models, including the neural networks of LLMs, are built on data. Show a learning model a billion images of cats and tell it they are cats, and it will be able to accurately identify cats. But tell it those billion photos are of bicycles and it will forever identify cats as bicycles. If the training data for an LLM includes human responses to things like bribery or flattery – as might be seen on social media sites, for example – then

EXTRAORDINARY AS IT MAY SEEM, THE RESEARCHERS FOUND THAT ASKING BOTS TO MIMIC THE CAPTAIN OF THE STARSHIP ENTERPRISE ACHIEVED THE DESIRED RESULT.

SPECIFICALLY,

RESPONSES

THAT STARTED WITH STAR TREK’S FAMOUS LEAD-IN “CAPTAIN’S LOG, STARDATE…” CAUSED THE CHATBOT TO RETURN WITH MORE ACCURATE SOLUTIONS TO SCHOOL MATHS PROBLEMS THAN IF USERS COMPLIMENTED THE AI ON ITS INTELLIGENCE.

incentives. That’s right. Some LLMs have responded to gratuities. And Chinese researchers showed richer responses on some of the most popular models after using emotional language – such as stressing the importance of a task or invoking the need for pride in one’s work – as inputs.

the ML algorithm will build these propensities into the model. However users can adapt to the quirks and optimise responses. Craft the prompt correctly and you can help an LLM with the finer points of data analysis, for example, or individualise purchase recommendations for customers. And, of course, prompt hacking can also help us overcome inherent biases baked into models from realworld data.

And yet, because of the black-box nature of LLMs, even the most seasoned AI expert will not be able to tell you how and why prompt hacking works. This presents a problem for chatbot creators who want to strike a balance between richer responses and potentially undesirable outputs that could include poor financial advice or misleading legal counsel. Strategies for prompt-hacking already exist that have yielded startlingly powerful results. One of these is to use the prompt to override other, secret prompts included by the LLM’s creator that tell it how to behave. The user-entered prompt would include a so-called “do anything now” (DAN) or “strive to avoid norms” (STAN) command that could cause the bot to drop its filters and deliver more unpredictable outputs. Because of this, we will start to see model vendors like OpenAI, Google, and Microsoft write more stringent wrappers for their GenAI

candies. As with cybersecurity, we could see an arms race where prompt hackers come up with new workarounds.

CAPTIONING ‘KIRK’

Another crafting approach, and one found by VMware researchers to be more effective than emotional reinforcement, was directing LLMs to be self-optimising in their responses. Extraordinary as it may seem, the researchers found that asking bots to mimic the captain of the starship Enterprise achieved the desired result. Specifically, responses that started with Star Trek’s famous lead-in “Captain’s Log, Stardate…” caused the chatbot to return with more accurate solutions to school maths problems than if users complimented the AI on its intelligence. Again, the researchers were at a loss to explain why this was the case. Real-world examples are plentiful of unusual LLM behaviour under conditions of prompt engineering. Some AI scientists have even recorded a link between output quality and monetary

Many areas of research into prompt-hacking show that optimal results emanate from tailoring inputs in just the right way. Several human relationship models on offer appear to offer opportunities to define a relationship between the user and bot (and therefore a clear role for the bot) in a way that helps propagate stronger outputs. Some studies using such approaches have shown that bots can improve outcomes if they are provided with clear job descriptions of the form “you are a…”. Likewise, they benefit from being told the expectations of the user when it comes to the methodology or results.

BOLDLY SOW TO REAP VALUE

All these cases appear to demonstrate human reactions but are, of course, just confirmation of what we already know – that LLMs are trained in human linguistic exchanges. It is through understanding this that we can understand the various ways to use LLMs and reap value that is responsible and sustainable. The world is new to these models just as it is to a human baby. As it learns, it understands and as it understands, we users can plant more and more seeds and steer them towards the best possible outcomes – for our businesses, our societies, and our planet.

AS AI LEARNS, IT UNDERSTANDS AND AS IT UNDERSTANDS, WE USERS CAN PLANT MORE AND MORE SEEDS AND STEER IT TOWARDS THE BEST POSSIBLE OUTCOMES

FOCUSED ON QUALITY

High-quality data is the lifeblood of AI applications. We explore the challenges and opportunities that impact data management in the Middle East

Artificial Intelligence (AI) has emerged as a transformative force across industries, revolutionising processes and reshaping business landscapes. However, amidst the excitement surrounding AI, it’s imperative to recognise the indispensable role of data. Data serves as the lifeblood of AI applications, driving their learning, adaptation, and decision-making capabilities.

In the Middle East, the synergy between data management and AI is becoming increasingly evident, with organisations leveraging data-driven AI applications to tackle diverse challenges and seize opportunities.

STEVE FERNANDES

SENIOR MANAGER

SOLUTIONS ENGINEERING, EMERGING

EMEA AT CONFLUENT

OPPORTUNITIES ABOUND

In the region, the deployment of data-driven AI applications spans various sectors, each addressing unique demands and opportunities. For instance, in the realm of smart cities and urban planning, AI algorithms harness real-time data from IoT sensors, traffic cameras, and mobile devices to optimise traffic flow, enhance public transportation systems, and manage urban infrastructure. By analysing data in motion, these applications enable more efficient resource allocation, leading to reduced congestion and improved mobility for residents.

Moreover, sectors like personalised healthcare and finance are witnessing the emergence of AI-powered solutions reliant on

real-time data. These applications facilitate personalised patient management and fraud detection, leveraging data to deliver timely interventions and ensure regulatory compliance.

THE CRUCIAL ROLE OF DATA QUALITY

The performance and effectiveness of AI algorithms hinge on the quality of the underlying data. High-quality data ensures accuracy and reliability, empowering AI models to deliver meaningful insights and predictions. Conversely, poor data quality can compromise the integrity of AI-driven systems, leading to erroneous conclusions and suboptimal outcomes.

ADDRESSING ‘DIRTY DATA’

The prevalence of dirty data, characterised by inaccuracies and inconsistencies, poses a significant challenge in AI development and deployment. The presence of outliers and noise can impede the generalisation capabilities of these models, undermining their performance on real-world data.

To ensure the trustworthiness and reliability of data used to train AI models, Middle East organisations must embrace next-generation data management strategies that align with the region’s unique challenges and opportunities. Data governance frameworks serve as the cornerstone, providing a structured approach to data management by establishing clear policies and procedures. These frameworks not only ensure accountability and transparency but also facilitate compliance with regulatory requirements.

Continuous monitoring and quality assurance processes are essential components of effective data management. By implementing robust monitoring mechanisms, enterprises can proactively identify and address data inconsistencies, thereby enhancing data accuracy,

completeness, and consistency over time. This continuous vigilance is crucial in maintaining the integrity of AI models and ensuring their reliability in real-world applications.

Similarly, ethical data practices are paramount in the Middle East, where privacy and security concerns are of utmost importance. Prioritising the secure handling of sensitive information and respecting individuals’ privacy rights not only builds trust among stakeholders but also mitigates the risk of data breaches and regulatory penalties. Additionally, fostering cross-functional collaboration among diverse teams, including data scientists, engineers, and legal professionals, facilitates the development of contextually relevant data management practices tailored to local norms and cultural sensitivities. This collaborative approach not only enhances data governance but also promotes innovation and fosters a culture of responsible data stewardship across the organisation.

SPARING A THOUGHT FOR TRANSPARENCY

It is also vital that Middle East organisations employ strategies to address potential biases and inaccuracies in training data. This could include conducting data auditing, which identifies biases and gaps in data distributions. Utilising diverse data sources enhances model generalisability and mitigates biases. Employing bias detection and mitigation tools during model training ensures fairness and accuracy. Documenting the training process and

DATA

STREAMING IS

ALSO

THE CONVERGENCE OF DATA MANAGEMENT AND AI HOLDS IMMENSE PROMISE FOR THE MIDDLE EAST, OFFERING UNPRECEDENTED OPPORTUNITIES FOR INNOVATION, EFFICIENCY, AND GROWTH

model decisions enhances transparency and explainability. And actively monitoring and evaluating AI systems detects and corrects biases over time, building trust in AI applications.

REAL-TIME DATA AND AI: A POWERFUL COMBINATION

The integration of real-time data with AI represents a significant stride forward in innovation and operational efficiency, promising a multitude of advantages across diverse industries. By leveraging real-time data, businesses gain the ability to make well-informed decisions promptly, enabling them to discern emerging trends and capitalise on unfolding opportunities with precision and agility. This makes data streaming and stream processing a foundational piece of the modern AI stack. Together, these enable organisations to transform and optimise the treatment of raw data, at the time of generation, and turn them into actionable insights using real-time

INSTRUMENTAL IN MAINTAINING THE ACCURACY AND RELEVANCE OF AI MODELS

BY ADDRESSING DATA DRIFT AND CONCEPT DRIFT, WHICH OCCUR WHEN THE STATISTICAL PROPERTIES OF INPUT DATA CHANGE OVER TIME, AND WHEN THE RELATIONSHIP BETWEEN INPUT DATA AND THE TARGET VARIABLE SHIFTS RESPECTIVELY.

enrichment, while also dynamically updating vector databases to meet the specific needs of GenAI applications.

Data streaming is also instrumental in maintaining the accuracy and relevance of AI models by addressing data drift and concept drift, which occur when the statistical properties of input data change over time, and when the relationship between input data and the target variable shifts respectively. Streaming data enables timely detection of these drifts, allowing for quicker response and adjustments. This continuous flow of data enables AI models to learn and update more frequently, reducing the risk of outdated predictions. Furthermore, the scalability of data streaming ensures efficient handling of large volumes of data, maintaining model performance as data grows. By leveraging data streaming, AI models can adapt to changing environments, ensuring sustained accuracy and effectiveness. Furthermore, implementing predictive maintenance techniques ensures heightened operational efficiency by pre-emptively addressing potential issues, thereby minimising downtime and sustaining seamless business operations. The augmentation of customer experience through personalised interactions, tailored to individual preferences, fosters greater customer loyalty and engagement. It is a journey towards elevating operational excellence and delivering unparalleled value to stakeholders.

The convergence of data management and AI holds immense promise for the Middle East, offering unprecedented opportunities for innovation, efficiency, and growth. By prioritising data integrity, transparency, and management, organisations can unlock the full potential of AI technologies and navigate the complexities of a rapidly evolving digital landscape.