Today’s technological advancements have simplified our lives to the point where everything from email responses to social media postings can now be completely automated with the help of a scheduling software that leverages artificial intelligence.
Had the Covid-19 pandemic hit in the 1990s, businesses and people’s lives would have been more adversely affected, while the economic damage would have been astronomical.
However, today’s innovative technologies have offset much of the pandemic’s damage to our economy. Over the past two years, for instance, I have led remote teams and initiated and executed multiple projects often without physically meeting my clients.
But even with all of these technological advances, one thing that AI will not be able to replace is our creativity; the compilation of our complex emotions, thoughts and aspirations.
AI has the ability to process information that is already out there. While it is good at replicating repetitive or predictive tasks, creativity is deeply rooted in the human experience and out of reach for AI.
The spark of inspiration that prompts artists or designers to think of a new future, a new solution or come up with an art piece that connects people across time and space, is something that AI cannot compete with.
Creativity is, without a doubt, the most coveted skill of the future and one that businesses and governments need to incorporate in their processes to stay ahead.
As an Arab society, creativity and creatives have always been held in high regard. Poetry, for example, had a special place in the Holy Kaaba during the pre-Islamic period.
Poems recited by the greatest Arab poets of the time, such as Antarah ibn Shaddad and Labid, have been written in gold on strips of Egyptian cotton and suspended from the interior walls of the Holy Kaaba. The creativity of poets was also celebrated annually at Souk Okaz, in Taif, Saudi Arabia, where Arabs would gather from faraway lands to recite poetry and sell their merchandise.
The appreciation of poetry and poets — not just then, but even now — is testimony to how we as a society have always valued creativity. We now see that passion and respect for creativity and creatives reflected in our national policies.
The Dubai Creative Economy Strategy, for instance, aims to double the contribution of the creative sector to the gross domestic product of Dubai to 5 per cent by 2025, from 2.6 per cent in 2020.
Meanwhile, the UAE’s National Strategy for Cultural and Creative Industries (CCI) announced last December that it will introduce 40 initiatives across three segments in the creative sector: talents and creatives, professionals and business environment, and enabling of the business environment.
“The strategy establishes a new phase in the future of the creative economy and lays down a strong foundation to enhance the contribution of the cultural and creative sector to achieve sustainable development,” Noura Al Kaabi, Minister of Culture and Youth, said at the time.
The work of creatives inspires us and drives us to change, to dream and to build a better future. The technology race will not slow down. A year from now, the way we work may completely change. Technology is likely to be so entrenched in our lives that we may realise there’s no area left where it does not dominate.
But creativity is what will help us stay ahead of the game. For that to continue, we need to incorporate creativity in our decision-making processes for it to play an active role in building the future and helping us come up with solutions to global issues.
Creativity will always be the distinguishing factor — the one thing that AI will never be able to overcome.
Manar Al Hinai is an award-winning Emirati writer and communications consultant based in Abu Dhabi. Twitter: @manar_alhinai
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Liverpool's all-time goalscorers
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Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
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- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
SPEC SHEET
Display: 10.9" Liquid Retina IPS, 2360 x 1640, 264ppi, wide colour, True Tone, Apple Pencil support
Chip: Apple M1, 8-core CPU, 8-core GPU, 16-core Neural Engine
Memory: 64/256GB storage; 8GB RAM
Main camera: 12MP wide, f/1.8, Smart HDR
Video: 4K @ 25/25/30/60fps, full HD @ 25/30/60fps, slo-mo @ 120/240fps
Front camera: 12MP ultra-wide, f/2.4, Smart HDR, Centre Stage; full HD @ 25/30/60fps
Audio: Stereo speakers
Biometrics: Touch ID
I/O: USB-C, smart connector (for folio/keyboard)
Battery: Up to 10 hours on Wi-Fi; up to 9 hours on cellular
Finish: Space grey, starlight, pink, purple, blue
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The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
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Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
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Company profile
Company name: Nestrom
Started: 2017
Co-founders: Yousef Wadi, Kanaan Manasrah and Shadi Shalabi
Based: Jordan
Sector: Technology
Initial investment: Close to $100,000
Investors: Propeller, 500 Startups, Wamda Capital, Agrimatico, Techstars and some angel investors
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SUZUME
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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MATCH INFO
Norwich 0
Watford 2 (Deulofeu 2', Gray 52')
Red card: Christian Kabasele (WatforD)
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