Artificial intelligence data mining company Palantir's joint venture with Dubai Holding is “part of an AI arms race” and investment boom, according to its executive vice president Noam Perski.
Palantir and Dubai Holding have launched a platform called Aither in an attempt to drive the AI-powered transformation of public and private sectors in Dubai.
It is the US company's first joint venture in the UAE.
Aither will combine Palantir's technology with Dubai Holding's local knowledge of the market to enhance operational efficiency, strengthen competitiveness and unlock new sources of value creation, the companies said in a statement on Tuesday.
“I have very rarely been this excited about a partner,” Mr Perski told The National. “To do these things right, you need very smart people that are very focused on outcomes. And I think we found that.”
Palantir chief executive Alex Karp has previously referred to his company being in an AI arms race with competitors after striking a deal with telecoms company Lumen Technologies last month.
Mr Perski said the UAE is similar to the US – a major player in AI adoption – in understanding the “existential nature” of the AI investment boom.
“There's this visceral understanding that those that don't [invest] will absolutely get left behind, and we won't have a chance to make our imprint on what this looks like,” he said.
Mr Perski pointed to Dubai's investment in AI infrastructure. The UAE has made significant investments and partnerships in AI as part of its efforts to diversify its economy and become a global technological hub, including a $15.2 billion investment by Microsoft to support its AI and cloud infrastructure development.
“So what we're doing is taking this technical platform that basically you plug into an enterprise, right? That lets you bring AI into the heart of an enterprise, and then you very quickly can apply it across everything that you do.”
The companies said the joint venture will support the Dubai Economic Agenda D33. Aither will also localise the economic value of Palantir's technologies, help develop national talent and establish governance frameworks intended to guide AI implementation across the local commercial landscape.
The announcement came a day after Palantir reported its fourth-quarter earnings, in which it beat analysts' estimates.
Palantir said it expects revenue of roughly $1.33 billion for the quarter compared to the $1.19 billion expected by analysts, according to LSEG data. It said it now expects between $4.396 billion to $4.4 billion in sales for the full year, raising it from its earlier expectations of between $4.142 billion and $4.15 billion.
Mr Karp said the speed at which Palantir is growing is forcing it to “really be judicious about where we invest our energy”, arguing that a less-focused approach means the company would not be able to grow as fast as possible.
“We're being very selective, and the Emirates is one of the markets where we've made a very conscious decision to invest because we have a lot of belief in the alignment of the Emirates with what's possible with these technologies.”
Palantir's revenue from US government contracts rose 52 per cent to $486 million, while its US commercial segment saw year-on-year growth climb 121 per cent to $397 million.
The defence tech firm has faced criticism for its deals including with the US Immigration and Customs Enforcement agency.
ICE also granted the Denver, Colorado-based software company a contract to develop a surveillance platform targeting people in the US without authorisation.
Mr Perski said technologies critical to national infrastructure must be owned by people whose priorities “are very aligned with the countries and cultures that they're in”, noting that the data will stay in the UAE and be operated by those who live in the country.
“We build very powerful technologies and we believe that those technologies need to be controlled by the governments … that we operate in,” Mr Perski said.
“And so this whole intention is, how do you create a sovereign version of these very powerful technologies that's secure and able to be controlled by the Emirates in this case.
“That's a big that's a big part of the reason for doing this in this joint venture form. We want to provide that assuredness.”
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PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
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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
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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
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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
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The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
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- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
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- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
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1. Fasting
2. Prayer
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Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
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Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
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- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
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Director: Sharat Katariya
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3.5/5
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If you go
The flights
Etihad (etihad.com) flies from Abu Dhabi to Luang Prabang via Bangkok, with a return flight from Chiang Rai via Bangkok for about Dh3,000, including taxes. Emirates and Thai Airways cover the same route, also via Bangkok in both directions, from about Dh2,700.
The cruise
The Gypsy by Mekong Kingdoms has two cruising options: a three-night, four-day trip upstream cruise or a two-night, three-day downstream journey, from US$5,940 (Dh21,814), including meals, selected drinks, excursions and transfers.
The hotels
Accommodation is available in Luang Prabang at the Avani, from $290 (Dh1,065) per night, and at Anantara Golden Triangle Elephant Camp and Resort from $1,080 (Dh3,967) per night, including meals, an activity and transfers.
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