The UAE is developing the world’s first ChatGPT tool for the agricultural community. WAM
The UAE is developing the world’s first ChatGPT tool for the agricultural community. WAM

Cop29: UAE developing world’s first ChatGPT tool for the agricultural community


Rachel Kelly

The UAE is developing the world's first ChatGPT tool for the agricultural community.

Mariam Almheiri, Head of the International Affairs Office in the UAE Presidential Court, made the announcement at Cop29 in Baku, Azerbaijan.

During a panel session at the UAE Pavilion with AIM for Scale, part of the UAE-Gates Foundation partnership, Ms Almheiri discussed the role technology can play in helping farmers make more informed decisions, such as when to harvest and plant seeds.

The tool, which is being referred to as “Chag” (for Chat + Ag), is backed by data collected over more than 50 years.

Speaking at the session, Celeste Saulo, secretary general of the World Meteorological Organisation said: “Instead of providing a general forecast, we are translating all this into something actionable for farmers with the power of AI.”

The announcement was made at the UAE Pavilion at Cop29, which hosted events focused on the transformative role of technology, collaboration and data in accelerating decarbonisation and driving the energy transition around the world, particularly through agricultural innovation and hydrogen development.

Sheikha Shamma bint Sultan, president and chief executive of the UAE Independent Climate Change Accelerators, opened the day with the first session on Scaling Carbon Footprint Reduction in the UAE for unlocking carbon markets with international sustainable finance implications.

In a wide-ranging discussion on green economic growth, Fanny Modin, head of business development at Seagrass-E.ON, said “the UAE is already showing a lot of leadership in the carbon markets sector and recognising them as a key financing instrument”.

She described the Alterrra fund, which originated at Cop28 in Dubai, as “a significant game-changer”.

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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

What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany

Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)

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Updated: November 17, 2024, 4:10 AM