London is fast becoming a global centre for AI development and business, a major tech conference in the UK capital was told on Monday.
Over the past decade, the total value of London's tech ecosystem has surged from $70 billion in 2014 to $621.5 billion in 2023, the Global Startup Ecosystem Ranking 2024 launched at London Tech Week on Monday said.
Ranking alongside New York and just behind Silicon Valley standing at No 1, London is established as Europe's premiere tech hub. The report said London is now home to 103 unicorn businesses, and has seen an 800 per cent rise in venture capital investment over the past decade, reaching a total of $107 billion invested. Tech ventures invested $12 billion in London in 2023.
Mayor Sadiq Khan told London Tech Week the city has “unique strengths” and was “fast becoming one of the most important centres for AI businesses globally”.
Alex Kendall, the founder of the autonomous driving firm Wayve, told conference delegates that London was a “tech superpower”, and that “having global ambitions is important”.
AI would “transform robotics” and “we are going to need robots that can make decisions for themselves”, he added.
More than 45,000 people are expected over the next three days at Tech Week, which includes keynote speeches, panel discussions and fringe events.
Twice as many visitors as last year are predicted, with hundreds of exhibitors packed into London's Olympia exhibition centre looking to show their wares and network with other tech companies.
Chief executives and chief technology officers from some of the world's biggest technology companies said the next few years will be transformative, not just for the tech sector but for society as a whole.
“As we think about AI’s potential in the year ahead, decisions made by all of us will shape the future and the headlines that will happen in the next 12 months,” said Clare Barclay, the chief executive of Microsoft UK.
“I think it’s one of the most remarkable times we have in the tech sector. We really are on the cusp of the next era.”
AI was very much the focus of the opening sessions and panels, with questions being asked around the current viability and take-up of the technology by businesses.
“There is commercial value in AI and it can be done safely and ethically,” said Nicola Hodson, IBM's chief executive for the UK and Ireland.
“AI will add $4.4 billion a year to global GDP. The AI industry will outstrip the UK economy by a trillion dollars within six years.”
'Utterly breathtaking'
Ms Barclay described the developments in AI as “utterly breathtaking” and pointed out that a third of Europe's AI start-up companies were in the UK.
“Linked to this, there's an influx of investment and venture capital into the UK that's fuelling growth,” she said.
“AI cloud technologies could add up to £550 billion [$700 billion] to the UK's GDP by 2035 and [the country] is now ranked third in the global AI-readiness index.”
Much was made of AI's potential to heighten productivity for companies, with one statistic highlighting that for every pound companies spend on AI and upskilling, they are seeing about £5 returned in terms of value created.
While the potential for AI to enhance economic growth is clear, Ms Hodson also pointed out that AI needs to “be trusted” and that the development of it needs to remain open.
“An open approach means more eyes on the code and encourages collaboration,” she said.
Many of the speakers talking about AI made much the same point that artificial intelligence is a future that is sprinting towards the present.
“Computing power continues to be almost unlimited,” said Mark Chaban, general manager of customer success and innovation at Microsoft.
“When you think about the scale of laws in terms of these deep neural networks, it really broke Moore's law in terms of computing power doubling every 12-18 months.
“What we're seeing now is the training of the large language models are doubling every six months and quadrupling in terms of their power and capability.”
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
Fixtures (6pm UAE unless stated)
Saturday Bournemouth v Leicester City, Chelsea v Manchester City (8.30pm), Huddersfield v Tottenham Hotspur (3.30pm), Manchester United v Crystal Palace, Stoke City v Southampton, West Bromwich Albion v Watford, West Ham United v Swansea City
Sunday Arsenal v Brighton (3pm), Everton v Burnley (5.15pm), Newcastle United v Liverpool (6.30pm)
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
ARGYLLE
%3Cp%3EDirector%3A%20Matthew%20Vaughn%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Bryce%20Dallas%20Howard%2C%20Sam%20Rockwell%2C%20John%20Cena%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3ETwin-turbo%2C%20V8%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E8-speed%20automatic%20and%20manual%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E503%20bhp%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E513Nm%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh646%2C800%20(%24176%2C095)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
UAE currency: the story behind the money in your pockets
PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
