More than two-thirds of UAE business leaders say Artificial Intelligence-led innovations will be even more important to their companies in a post-Covid era, according to General Electric.
More than three-quarters of UAE executives expect AI will improve the remote work experience for employees, allowing more people to work from home and focus on more high-level productive tasks, according to the 2020 GE Global Innovation Barometer survey released on Wednesday.
Nearly 40 per cent said AI will be an "indispensable tool" in the fight against Covid-19 and possible future pandemics, while 38 per cent said AI will reduce costs, giving employees more job security.
"AI is seen as important to facilitate new innovations and improve the working experience especially for remote working employees," the report said. "AI is a catalyst for innovation, and an indispensable tool."
The seventh edition of the survey illustrates how perceptions of business executives have changed in light of the Covid-19 pandemic.
GE surveyed business executives shaping their company's innovation policies and decisions. The Global Innovation Barometer, which was conducted in January and in September, surveyed more than 3,400 executives in 22 markets including the UAE, Saudi Arabia, China, India, Brazil, France and the US.
In the UAE, GE polled 102 innovation executives in September and 101 in January.
The Covid-19 pandemic has accelerated the use of AI by companies – which includes subfields like machine learning, natural language processing and computer vision – to wield competitive advantages.
The UAE's focus on the fourth industrial revolution and drive to attract talent by easing rules on visas and foreign ownership of companies has made it a "beacon of open borders" and innovation, Dalya Al Muthanna, president and chief executive of GE Gulf, said in a media webinar.
In terms of innovation among industries, healthcare ranked highest in making significant progress in innovation over the last six months during the pandemic, according to UAE executives surveyed.
High tech and IT, telecoms and internet, communications, electronics and media and culture rounded off the top five industries making inroads in innovation during the period, according to UAE business leaders.
Companies that fail to innovate and keep up with advances in technology will face major challenges and may not survive in the next five years, Ms Al Muthanna told reporters.
Some 85 per cent of UAE business leaders said innovation plays a crucial role in protecting public health and well being, according to the survey. There is an even bigger need now to use innovative solutions for public health challenges, according to 88 per cent of the UAE respondents.
Global executives were asked about the country they see as the innovation champion in the world. Some 24 per cent of Middle East executives selected China.
Executives in the Emirates see the UAE as the top innovator globally, ahead of the US, Japan and China, according to the survey.
Asked which markets develop an innovation-friendly climate, 4 out of 10 global business executives said the UAE has created an "innovation-conducive environment" ahead of Finland, India, Italy and Malaysia, according to the GE survey.
The US, Japan, China, Germany, and the UK lead the barometer as the top five nations for an innovation-conducive environment.
The majority of global and UAE executives agreed that is more important for innovation to deliver long-term benefits to society and the environment rather than short-term profitability, GE said.
The UAE was among the first Arab nations to realise the impact that AI will have on its economy. In 2017, the government rolled out an AI strategy, dubbed UAE 2031, outlining plans to use the technology to make governance more efficient and identifying eight sectors it aims to transform including space, renewable energy, water and education. The country also appointed the world’s first Minister of State for Artificial Intelligence, Omar Al Olama.
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FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
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Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
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UAE currency: the story behind the money in your pockets
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
A general guide to how active you are:
Less than 5,000 steps - sedentary
5,000 - 9,999 steps - lightly active
10,000 - 12,500 steps - active
12,500 - highly active
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
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- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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BIG SPENDERS
Premier League clubs spent £230 million (Dh1.15 billion) on January transfers, the second-highest total for the mid-season window, the Sports Business Group at Deloitte said in a report.
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UAE currency: the story behind the money in your pockets
Our family matters legal consultant
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UAE currency: the story behind the money in your pockets
Common OCD symptoms and how they manifest
Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.
Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.
Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.
Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.
Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.
Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia
Omar Yabroudi's factfile
Born: October 20, 1989, Sharjah
Education: Bachelor of Science and Football, Liverpool John Moores University
2010: Accrington Stanley FC, internship
2010-2012: Crystal Palace, performance analyst with U-18 academy
2012-2015: Barnet FC, first-team performance analyst/head of recruitment
2015-2017: Nottingham Forest, head of recruitment
2018-present: Crystal Palace, player recruitment manager
