According to a report by the New York Times, the government of Saudi Arabia is planning to create a fund of approximately $40 billion to invest in artificial intelligence.

The Public Investment Fund (PIF) of Saudi Arabia has been discussing a possible partnership with venture capital company Andreessen Horowitz and other financiers in recent weeks.

The report suggests that PIF and Andreessen Horowitz have discussed the possibility of the U.S. firm setting up an office in Riyadh.

The plan is to launch the artificial intelligence fund in the second half of 2024, and other venture capitalists may join the fund.

PIF officials have indicated that the country is interested in supporting various tech start-ups associated with artificial intelligence, including chip makers and large-scale data centers.

The report suggests that the fund’s plans could still change.

Last month, PIF’s governor Yasir Al-Rumayyan pitched the kingdom as a possible hub for Ai activity outside the U.S., citing its energy resources and funding capacity.

Al-Rumayyan had said that the kingdom had the “political will” to make Ai projects happen and ample funds it could deploy to nurture the technology’s development.

Neither PIF nor Andreessen Horowitz have commented on the news yet.

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According to the IBM Global AI Adoption Index 2023, 42 percent of businesses in the UAE have already incorporated artificial intelligence (AI) in their day-to-day operations.

This indicates the country’s continuous efforts towards technological advancement and digital transformation.

IBM conducted two studies that revealed the growing acceptance of AI in business operations and the retail sector, not only in the UAE but also in the wider Middle East and Africa (MEA) region.

The first study, the 2023 Global AI Adoption Index by Morning Consult, provides insights from companies in the UAE. The second study, ‘Revolutionize retail with AI everywhere: Customers won’t wait’, focuses on the retail sector.

These studies demonstrate the transformative effect of AI on reshaping business strategies, enhancing operational efficiency, and revolutionizing the retail landscape to meet evolving consumer expectations.

The IBM Global AI Adoption Index 2023 surveyed over 8,500 IT professionals, including some from the UAE. The study shows a rapid adoption and integration of AI into different business sectors, with 65 percent of IT professionals in the UAE reporting an increase in AI adoption over the past two years.

This has resulted in reshaping the way businesses operate, and increased efficiency, innovation, and competitiveness in the UAE market.

With 42 percent of companies already using Artificial intelligence, the UAE is emerging as a frontrunner in technological advancement in the region.

The study also reveals that 34 percent of companies in the UAE have a comprehensive AI strategy, while an additional 30 percent are in the process of developing one.

The reasons for Artificial intelligence adoption in the UAE include the increasing integration of AI in standard business applications, cost reduction, and automation of essential processes.

In addition to the UAE findings, IBM’s retail and AI research highlights consumer preferences and demands in the MEA region. Despite a preference for physical stores, only three percent of MEA consumers are satisfied with the in-store experience.

However, 75 percent of MEA consumers are supplementing their in-store experiences with mobile applications, indicating a shift towards a digitally integrated shopping experience.

It has immense potential to enhance the shopping journey, with nine out of every ten consumers expressing interest in AI applications for shopping.

Meanwhile, 75 percent of MEA respondents are eager for AI applications, and 67 percent for Artificial intelligence enhancements like virtual assistants.

IBM:

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The opening day featured presentations from tech giants such as HTC, Accenture, and Microsoft. Dr Yaser Al-Onaizan, CEO of SDAIA, inaugurated the event by introducing the day’s theme as “The Dawn of AI” in front of a diverse audience of international thought leaders, practitioners, policymakers, and academics from different fields.

Al-Onaizan revealed that this week’s participants include people from big companies such as Google, Meta, and Huawei, as well as entrepreneurs and smaller companies, and people working in AI from some of the world’s leading universities, such as Stanford and Berkeley.

The opening ceremony also marked the public debut of Mohammad the Humanoid Robot, QSS Systems’ latest Saudi-made bilingual robot, and the male counterpart of SARA, the first humanoid robot built in the Kingdom. Mohammad addressed the audience in flawless Arabic while gesticulating with his hands, introducing himself as the first Saudi robot in the form of a man.

He explained that he was developed in the Kingdom of Saudi Arabia as a national project to showcase the country’s achievements in the field of artificial intelligence and inspire a new generation of AI enthusiasts.

On the DeepMedia Stage, Waseem Sayegh, Head of Live Ops at TikTok METAP, delivered a keynote address about the evolution of media from the first public television demonstration in 1927 to the present-day internet age. He highlighted the power of online creation and how TikTok users can showcase Saudi culture to the world, build partnerships, relationships, and careers.

He also mentioned the recent tribute to Saudi Arabia launched on TikTok, which celebrated Foundation Day and broadcasted Saudi culture to billions of people worldwide through thousands of hours of content created by thousands of creators.

Sayegh then provided examples of regional creators who have used TikTok accounts to develop their careers, from a Saudi cooking influencer who renowned chef Jamie Oliver invited to review his restaurant, to a UAE-based fashion influencer who has launched her own clothing label and is in the process of creating her first makeup At the DeepFest Main Stage, Omar Hatamleh, the award-winning Chief Advisor of AI and Innovation at NASA, delivered a 20-minute presentation that covered various topics.

He spoke about racial and gender bias in AI, 3D printing of biological organs based on genetics, collective learning in the automobile industry, and the economic impact of longevity. He also highlighted the potential negative impact on humans’ cognitive skills through increased use of AI.

Hatamleh, who holds four engineering degrees and speaks four languages, showed a short video of two men attacking a mechanical robot and asked the audience if they felt empathy for the faceless, metal robot. Only a few hands went up.

He then posed a philosophical question, “What if this robot looked like a human, understood you, and was able to empathize with you on a deeper level than anybody else in the world?” Hatamleh has received multiple awards and recognitions from NASA, including the Silver Achievement Medal, the NASA Innovation Award, and the Superior Achievement Award.

In his closing comments, Hatamleh urged strategists to see things from different perspectives. He compared it to how astronauts look at the globe from space and see an incredibly beautiful planet without borders or countries. He then comes back to Earth with a transformed mind.

Gary Sorrentino, the Global CIO at Zoom Inc., shared his perspective on the new economy of ‘New Collar Workers’ who are becoming a challenge for employers today. These workers have proved they can do high-level work as well as showing they do not need to do it in an office.

Sorrentino urged corporate leaders to learn from past technological advancements. He emphasized that when it comes to AI, you can’t just turn it on. Instead, you need to figure out how to operationalize it and teach employees how to use it.

He used spreadsheets as an example, stating that even though the most famous spreadsheet software was created 30 years ago, we still only use two percent of it.

DeepFest, which runs from March 4-7 at the Riyadh Exhibition and Convention Centre in Malham, continues Tuesday with presentations from Google, Meta, the US Chamber of Commerce, Noon, and many others. The event also includes live demos, training sessions, and start-up pitches.hes.

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SAUDIA, also known as Saudi Arabian Airlines, will be participating in the third edition of the “LEAP” tech conference from March 4 to 7, 2024, at the Riyadh International Convention and Exhibition Center.

The conference will showcase the airline’s latest digital initiatives that aim to bring about unprecedented changes in its service system using artificial intelligence (AI) technologies.

SAUDIA will highlight its integrated connectivity services with various entities to provide seamless digital travel services for various guest segments.

More on Saudia:

The company is well-prepared to welcome visitors at its pavilion, Stand No. A02, providing an interactive experience where attendees can explore a range of digital projects aligned with the goals of Saudi Vision 2030.

One of the key highlights of SAUDIA’s participation in the conference is the introduction of “Travel Companion,” an AI-powered virtual assistant aimed at streamlining booking processes, flight planning, and destination exploration, thereby revolutionizing the travel experience.

SAUDIA is the first airline in the region to develop this technology and is utilizing this international conference to provide a beta version, enabling visitors to exclusively experience and explore its benefits.

Moreover, SAUDIA is showcasing “GovClick”, an e-wallet service facilitating seamless government ticket issuance and after-sales services through a unified digital platform.

Vice President of Digital Transformation at SAUDIA Group, Manal Alshehri, highlighted the significance of SAUDIA’s participation in this international conference hosted by the Kingdom.

She pointed out that this comes at a time when several initiatives of the digital transformation project are being implemented across sectors.

This project is considered a cornerstone of the new era and aims to enhance guest services and operational management through AI technologies.

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Step, from what started as small gatherings and a series of workshops 11 years ago became Dubai’s largest tech festival, introducing more than 400 startups, hundreds of investors and over 8,000 attendees.

The conference managed to secure $8.2 billion and over a hundred participating companies, it will start on February 21^st and will last a day until the 22^nd.

Step will have 6 main tracks each focusing on different topics and interests.

START:

Start will focus on the startup scene, tech influencers will share keynotes, panels, growth strategies, investment insight and debates.

This track will focus on growth and scalability, solopreneurship, investment and fundraising and acquisitions and IPOS.

FINTECH:

Fintech track will include industry leaders and regulators to discuss advancements in banking, wealth management such as digital assets management, ownership and security, blockchains and payments.

AI:

Ai track will focus on Artificial Intelligence including AGI, discussing LLMs, co-pilot systems and advanced neural networks with experts discussing these topics and their potential in future and current use.

DIGITAL:

Digital track envelops international developments in content marketing, ad technology and retail.

Experts will have panels and breakout sessions to talk and discuss the future of digital technology.

WELLNESS:

Wellness track focuses on lifestyle trends and how tech can be incorporated into them, with expert speakers including NLP specialists, nutritionists, coaches and startups talking about living well in the digital age.

EARTH:

Earth track discusses Greentech and the ability to build a more sustainable future using the latest technologies throughout society.

Step conference will be presented by Dubai Internet City partnered by Bim Ventures.

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Generative AI – inherent potential across economic sectors

In essence, generative AI refers to systems that can produce new, original content, from writing to images and beyond, based on vast amounts of learned data. Tracing its origins from the simple algorithms of the early 2000s, it has evolved by the 2020s to sophisticated models like OpenAI’s GPT series and Google’s DeepDream.

“While generative AI promises an array of benefits across sectors, it isn’t devoid of challenges. Key among them are risks of biased outputs, potential copyright infringements, and concerns over transparency and trust” according to Nouri. “As we delve deeper into its practical applications, it becomes imperative to weigh its transformative potential against these concerns”.

The beneficial practical applications of generative AI are myriad. Helping to meet the most fundamental needs of the world’s population, it can be applied in agriculture, healthcare and education. By simulating various growth scenarios it can optimize crop yields, helping farmers make informed decisions; this has potential to address global food security concerns. AI also holds promise in predictive imaging, allowing for early disease detection and tailored treatment strategies, revolutionizing patient care. In the academic world, generative AI can assist in content creation, from educational voiceovers to customized learning materials, paving the way for a more personalized educational experience.

Building from the level of basic needs, generative AI also brings benefits across many subsectors of manufacturing, as well as e-commerce. From aerospace to pharmaceuticals, generative designs can lead to faster product development and novel innovations in manufacturing. Predictions suggest that by 2025, 30% of drugs and materials could be produced via generative AI, for example. Through personalization, generative AI can tailor marketing messages, enhancing customer experience and sales in the e-ecommerce space. Retailers can also use it for lead identification and optimization, driving efficiencies in outreach.

Unlocking the power of generative AI

There are numerous ways that countries around the world can secure these benefits. From the regulatory perspective, implementing comprehensive legal frameworks can ensure ethical use, data privacy, and mitigate biases associated with AI applications. Building robust digital infrastructure is also key to the successful implementation and optimization of AI technologies in various sectors.

With these building blocks in place, the next step is sufficient investment in research and development is crucial for leveraging the benefits of generative AI, along with the development of human capital. Upskilling and reskilling of the workforce are essential to adapt to the new technologies and mitigate the risks of job displacement.

The final piece of the puzzle is to encourage collaboration with key stakeholders. Forming partnerships with leading tech companies and AI developers, for example, can facilitate knowledge transfer and technical expertise. Public-private partnerships can also be instrumental in driving the AI agenda forward, fostering innovation, and ensuring sustained economic growth. Educating and involving the community is crucial for the acceptance and successful integration of AI into everyday life.

Web 3.0 – Making financial services more transparent and data-rich

Web 3.0, meanwhile, is the third generation of the World Wide Web, an evolution of the second and current generation of the web, and represents another paradigm shift in the digital era. It is meant to be decentralized, open to everyone (with a bottom-up design), and built on blockchain technologies and leveraging AI.

Application of Web 3.0 to financial services has meant a step change in the “transparency, traceability [of assets] and abundance of data in the public domain” according to Dr. Bo Bai. By allowing “far more data available in a full transparent manner”, web 3.0 can also help financial services providers meet “Know Your Customer (KYC) and Anti-Money Laundering (AML) [requirements], especially in an environment of increasing regulation” Dr. Bai continued. Asian and Middle East financial services providers are currently leading adoption and innovation of web 3.0 for financial services in his opinion.

In the short term, Dr Bai sees “a lot of opportunities for the use of stablecoins and central bank digital currencies (CBDCs) to foster cross border payments and business”, pointing to PayPal as one key player that is looking into the adoption of stablecoins for crossborder payments. He is also excited about asset backed tokens, an innovation whereby “the underlying assets are digitalized real world assets, such as distributed solar, which can be tokenized.”

Vanessa Xu, the SuperBridge Council Co-founder, who is also the Executive Chairman and CIO of VS Partners, an institutional global asset allocator, said that, with the rapid development of institutionalized ecosystem, there have been increasing investment opportunities in digital assets in an institutional setup. Well-recognized and regulated service providers have developed infrastructure that enables investment in a more secured and transparent manner, which drives the growing adoption of digital assets by Institutional asset owners into their future-facing portfolios.

“I expect the inaugural SuperBridge Dubai Summit to bring governments, businesses and individuals from different backgrounds together, to create collaboration and joint growth, in an era of “de-risking” between east and west” Dr. Bai concludes.

Exploring transformative opportunity at the Summit

The enormous potential of both Web 3.0 and generative AI will be an important area of focus at the inaugural SuperBridge Summit Dubai, taking place from 16-17 October 2023 at Dubai’s iconic Museum of the Future. The Summit will be a unique platform convening more than 500 investors, business, government, policy and cultural leaders from 20 countries to accelerate investment and co-creation opportunities in hitherto untapped and under-explored markets.

A pioneering initiative by KAOUN International, a subsidiary of Dubai World Trade Centre (DWTC), and the SuperBridge Council, the SuperBridge Summit Dubai will be held in partnership with the 43rd edition of GITEX Global, the world’s largest and most influential tech event hosted in Dubai, attracting tech executives and investors from 170 countries.

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Founded in 2020 by Lebanese-American entrepreneur May Habib and CTO Waseem Alshikh, the company’s platform helps businesses generate consistent and inclusive content for various purposes, including social media posts, job listings, product descriptions and emails. It achieves this by utilising large language models (LLMs), which form the foundation of generative AI technology. Writer emphasises that it does not train its models on customer data, prioritising security, data privacy, and compliance.

Earlier in 2023, Writer launched a free tool to detect whether text-based content was generated by AI software such as OpenAI’s ChatGPT. While the accuracy of the tool was not disclosed at the time, the company has positioned itself as a full-stack generative AI platform catering to enterprise needs, delivering value in a fraction of the time it would typically take.

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Founded in April 2023, Lumi AI aims to revolutionise the ways that organisations interact with data. In creating accessible and utile data, Lumi AI uses technology which transforms imprecise prompts into AI-friendly instructions.

“We’ve engineered Lumi to seamlessly convert plain language into invaluable business insights, democratising access to data and enabling a future where everyone can make informed, strategic decisions,” Lumi AI CEO, Ibrahim Ashqar, tells StartupScene.

Lumi AI’s team includes notables from the data and AI industry and leaders from multinational corporations, as well as renowned consulting firms. This recent funding will enable the company to increase its reach and vision of providing AI-powered data analysis to a broader number of companies.

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