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UAE Companies See Artificial Intelligence as Key to Resilience

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Dataiku study shows 98% of UAE organizations regard AI as a major enabler and are investing more heavily in established data science platforms to build and maintain AI models, but business users must become more involved if enterprises are to deliver sustainable culture change.

Almost all UAE companies believe artificial intelligence (AI) can help them weather current economic uncertainty, but access gaps between technical and business users must be addressed, according to a new study from Dataiku, the platform for Everyday AI.

The research which surveyed 700 IT decision-makers across five countries in EMEA, including the UAE, revealed that 98% of business decision-makers in the UAE see AI as a major enabler when looking for ways to be more resilient amid current economic conditions. The poll further showed that this belief was reflected in widespread action, with almost three-quarters (74%) of companies have either maintained or increased investment in AI programs in recent months. More than two-thirds (68%) of UAE organizations are investing up to 50% of their tech budget in AI and have formalized plans in place driven by specific business goals to be delivered over the next five years.

While the UAE was aligned with the overall EMEA area as the top priority, innovation — 64% of UAE organizations chose this as a five-year business goal — the nation diverged from its regional peers on the second- and third-ranked priorities. While EMEA was fixated on cost reductions and increased revenue, UAE businesses said they would be concentrating on competitive advantage (56%) and improved customer experience (54%), which is a strong indicator of the maturity level of the UAE AI market.

“The UAE has a proud tradition with AI, having been the first country to appoint a minister of state to oversee its development,” said Sid Bhatia, Regional Vice President and General Manager for the Middle East and Turkey at Dataiku. “Once again, the report shows us that enterprises here have a strong grounding in the factors underpinning Everyday AI, as they are prioritizing competitive advantage and improved customer experience rather than trying to jump to the end of the story with financial goals like costs and revenue. We have seen that by concentrating on the fundamentals, we naturally curve towards an AI future in which revenues are boosted and costs are reduced.”

Sid Bhatia, Regional Vice President ME and Turkey at Dataiku

Digging a level deeper though, the study did highlight one key area of improvement if UAE organizations are to optimize their AI practices. The data showed that while almost all (94%) UAE data science and technology specialists can work with data and AI to contribute towards the attainment of their organization’s business goals, this number is much lower for business users, only 42% of whom have full access to the data they need. However, 92% of UAE respondents said they were using low-code or no-code development platforms to make AI more accessible to business users and help automate and improve daily decision-making processes, thereby building an Everyday AI culture.

Bhatia added: “Interestingly, at a time when we see unprecedented media buzz around large-language models like OpenAI’s ChatGPT, Google’s Bard, and Microsoft’s revamped Bing, we asked companies in the UAE if they had invested in data science platforms to build and maintain AI models over the past five years. They all said ‘yes’. That’s 100% of companies saying they have taken the AI plunge. This is great news, but we now know that to truly harness the value of AI and achieve business goals, we cannot leave progress solely in the hands of data scientists and backroom technologists. We need to fully democratize AI. The wide availability of platforms like ChatGPT and Bard serves as a great example of what that can look like. We must now apply these principles to all established AI platforms and usher in an inclusive era for these technologies — the Age of Everyday AI.”

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THIRD EDITION OF BENTLEY’S EXTRAORDINARY WOMEN INITIATIVE WELCOMES STUDENTS FROM THE UK AND QATAR TO CREWE

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Extraordinary Women

The third edition of Bentley Motors’ Extraordinary Women initiative has concluded with students from universities in the UK and Qatar spending a week at the luxury car brand’s headquarters in Crewe, England. As part of a specially designed schedule, they met with Bentley experts and executives, went behind the scenes of its manufacturing operations, and tackled individual tasks.

Designed to encourage and develop the next generation of young female leaders, the 2024 edition of the Extraordinary Women programme has seen the students receive one-on-one mentorship over the past three months from a selection of inspirational Pioneers from the fields of technology, engineering, design, and business.

The students, who passed through a structured selection process focused around these four specific fields, came from a variety of participating universities: including The University of Doha for Science and Technology in Qatar, and the Universities of Bath, Loughborough, and Manchester Metropolitan in the UK.

Noora Al-Hajri, University of Doha for Science & Technology student, commented, “This experience has been nothing short of life-changing. Through the programme, I have gained invaluable knowledge and skills that will significantly impact my personal and professional growth. The opportunity to learn from inspiring mentors in both Qatar and the UK has been particularly enriching. Their guidance has broadened my horizons, challenged me to think critically, and empowered me to pursue my dreams with renewed confidence. The opportunity to visit the Bentley headquarters at the end of the programme has also been truly awe-inspiring. Thank you, Bentley, for believing in us and for creating such a transformative programme.”

The Pioneers were equally carefully selected. In the UK, entrepreneur Sara Davies MBE, founder and owner of Crafter’s Companion and TV personality from BBC One show Dragons’ Den, provided business mentorship, with Cecilia Harvey, founder of Tech Woman Today, offering the same in the field of technology.

Titi Oliyide CEng MIET, Senior Process Safety Engineer and winner of the 2023 Young Woman Engineer of the Year, mentored the engineering student, and renowned interior designer and Founder of Studioilse, Ilse Crawford provided design support.

The four Qatari Pioneers included Qatar’s UNESCO art ambassador, Muna Al-Bader, in the field of design. Dr Noora Fetais Al Marri, honoured by the Arab Women of the Year 2024 awards for her contributions to cyber security. Education and founding President of the Arab Association for Cyber Security, offered technology mentorship.

Covering the field of engineering was Dr. Hanan Farhat, founder of the Qatar Association for Women Engineers, and Dr. Buthaina Al Ansari in the field of business, who is a senior advisor at the organisation that established Tamkeen Training and Consulting Solutions.

Member of the Board for Human Resources at Bentley Motors, Dr. Karen Lange, commented, “With every year, the Extraordinary Women programme grows stronger, as exemplified by the quality of this year’s Pioneers, all who have generously given their time in the spirit of collaboration as we seek to build a legacy for young women. It has been a great honour to meet and engage with such talented young women during their visit – witnessing their energy and ability fills me with great optimism for the future.”

Launched in the UK and Middle East in 2022, the Extraordinary Women initiative has previously engaged students and Pioneers from the United Arab Emirates, Saudi Arabia, and the United Kingdom. It forms part of Bentley’s wider commitment to diversity, equity, and inclusion under its Beyond100 strategy, and was created to encourage women to explore a variety of career paths in the STEM and automotive sectors.

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Reem Finance signs with Network International to accelerate digital transformation

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Network International (Network) has announced the signing of a strategic partnership with Reem Finance, the leading financial services provider in the UAE. The strategic alliance aims to leverage Network’s expertise to provide a fully-fledged payment processing solution to support the digital transition.

The partnership with Network complements Reem Finance’s focus on offering customers with a unique banking experience in tune with the digital age. The scope of services includes a comprehensive range of products and services from transaction processing, card hosting and management, as well as value-added services. As the region’s largest payment solutions company, Network is committed to supporting the UAE financial services sector by providing innovative solutions to customers and enhancing the experience of consumers.

Navneet Dave, Managing Director & Co-Head of Processing – Middle East at Network International, commented, “We are thrilled to partner with Reem Finance as we jointly deliver innovative digital payment solutions that offer an effortless and secure experience for customers. Our collaboration builds on Network’s three decades of experience and expertise in creating world-class digital payments infrastructure and services for clients. It underscores Network’s commitment to empowering our partners with cutting-edge processing services and value-added solutions and driving growth in the UAE financial services industry.”

Mr. Seraj Faidi, CEO of Reem Finance,said: “As part of our ongoing commitment to enhancing the quality of our products and services for our esteemed clients, and in light of our recent collaborations with prominent service providers and partners, we are delighted to partner with Network International to explore innovative paths to accelerate digitizing our services to better serve our customers. This engagement is an important step for Reem Finance in expanding our capabilities to provide top tier, friendly and easy to use services to our customers. We are confident that with Network International, the processing of card transactions related to both consumer and commercial sectors will be state-of-the-art and seamless. We are committed to playing a vital role in elevating the financial system in the UAE, delivering value to our shareholders, and prioritizing the needs of our clients.”

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Wio Bank Redefines SME Banking with New Embedded Finance

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Wio Bank PJSC is introducing a new embedded finance service designed especially for the UAE’s small and medium-sized enterprises (SMEs). This initiative includes strategic partnerships with leading accounting software platforms Zoho Books, Fiskl and Wafeq, aiming to embed banking services into daily business operations and simplify financial management.

Wio Business, the bank’s first digital banking application, caters to micro, small, and medium enterprises (MSMEs), as well as freelancers and entrepreneurs. By directly integrating with accounting and financial management systems through APIs, Wio Business facilitates seamless financial workflows, enhancing management and eliminating the need for third-party intermediaries. This integration automates bookkeeping, significantly reducing manual labor and allowing businesses to concentrate on their core activities.

Jayesh Patel, Chief Executive Officer of Wio Bank PJSC, shares his vision for the new service: “By adopting Embedded Finance, we are transforming how businesses manage their finances. Our direct integration initiative simplifies how financial services are delivered and managed, making it easier and more transparent for SMEs.”

With over 94% of UAE businesses categorized as SMEs and significant contributors to employment, Wio Bank’s new service is tailored to meet a vital market need. This initiative, along with its strategic partners, is designed to simplify business operations, allowing them to thrive by focusing on growth rather than administrative financial tasks.

A New Era of Financial Management

Through Wio Business, companies can now link their accounts with selected software platforms such as Zoho Books, Fiskl, and Wafeq, offering a holistic view of their financial health. This integration eliminates the dependency on third-party intermediaries, simplifies financial workflows, ensures real-time financial insights with automatic updates, and streamlines accounting tasks with features like auto-reconciliation of bank statement. Additionally, integrating Wio Business APIs into Corporate ERPs and payment platforms facilitates automated account payables and instant transaction reconciliation, thus reducing manual labor and errors, and enhancing cost efficiency and operational gains.

Wio Bank was established to redefine banking in the UAE for both businesses and consumers. Its second digital offering, Wio Personal, is a day-to-day banking platform that changes how individuals see, manage, and grow their money. It provides users with unprecedented financial visibility and flexibility, serving as a foundation for achieving personal financial goals with an engaging experience that includes smart cards and exciting rewards.

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