Peng Xiao, group chief executive of G42, at a roundtable event at the Gitex conference in Dubai. Pawan Singh / The National
Peng Xiao, group chief executive of G42, at a roundtable event at the Gitex conference in Dubai. Pawan Singh / The National
Peng Xiao, group chief executive of G42, at a roundtable event at the Gitex conference in Dubai. Pawan Singh / The National
Peng Xiao, group chief executive of G42, at a roundtable event at the Gitex conference in Dubai. Pawan Singh / The National

G42 is well placed to 'move forward' as US elections approach


Salim A. Essaid
  • English
  • Arabic

UAE artificial intelligence company G42 has a “very strong track to move forward” with the current US administration, but it is also prepared if former president Donald Trump takes office again, its group chief executive Peng Xiao said.

“We are equally prepared, equally comfortable, to work with whoever will become the new leader of the US government,” he said on Tuesday, during a roundtable discussion at the Gitex exhibition in Dubai.

G42 has been boosting partnerships with technology companies worldwide as it seeks to expand its offering. It partnered with global chip maker Nvidia in September to develop AI solutions with the goal of improving the accuracy of weather forecasting and wider technologies. Last week, its AI and cloud company Core42 announced it will be using Nvidia's H100 Tensor Core GPUs in the UAE to provide scalable AI resources.

While there have been several reports of US concerns over sharing advanced technology with competitors, particularly China and Russia, Mr Xiao said G42's co-operation and policies helped to ensure the growing US-UAE partnership.

He said G42 operated in compliance with the US Commerce Department’s Validated End User status policy expansion announced in late September, which permits approved entities to receive chips under general authorisation, rather than requiring US suppliers to have a previous licence.

The UAE has its own Regulated Technology Environment policy that he described as a “fully guarded, fully open management system”. The system has direct input from the US government and partners.

“They can see exactly which products and personnel and software IP enter our country, exactly how each element is being utilised to serve which causes,” he said, adding that from “cradle to grave, we have full transparency”.

That also applies to "which end users, and exactly how we depreciate such capabilities over time and eventually retire those systems and where they go", he said. This system of protecting advanced AI technology is airtight, “there is no back door”.

Connecting intelligence

Mr Xiao also highlighted the importance of establishing an intelligence grid, a term he said was coined at Davos in January. It was expanded on when he accompanied President Sheikh Mohamed during his visit to Washington in September, which included meetings with US industry leaders.

An intelligence grid would connect the AI and other intelligence capabilities of one nation or entity to the rest of the world. It would ensure the free flow of intelligence to serve those who are in need and help democratise its access, Mr Xiao explained.

It starts with semiconductor chips, which connect to intelligence factories that would generate data 24/7 to connect to a global intelligence grid. “That’s our ultimate vision,” he said. “We want to go from making tools to building factories to then connecting factories which already can produce intelligence and to ensure the free flow of intelligence.”

He said that "they are at the heart of this programme". The H100 series is part of this effort, but is not the most advanced. “There’s the H200 and the GP 200 is coming. Our friends at AMD, they are making MI350x chips. Our friends at Cerebras, a company which we invested in, are building their CS-3, CS-4 chips,” he added.

The National asked Mr Xiao about how G42 plans to acquire this next generation of semiconductor chips. “We’ll be able to access a lot of them from different sources, because our partners realise, I think, and understand and appreciate why we’re doing this,” he said, adding that the company's goal is to develop AI for public good.

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Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

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.”

CHATGPT%20ENTERPRISE%20FEATURES
%3Cp%3E%E2%80%A2%20Enterprise-grade%20security%20and%20privacy%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Unlimited%20higher-speed%20GPT-4%20access%20with%20no%20caps%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Longer%20context%20windows%20for%20processing%20longer%20inputs%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Advanced%20data%20analysis%20capabilities%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Customisation%20options%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Shareable%20chat%20templates%20that%20companies%20can%20use%20to%20collaborate%20and%20build%20common%20workflows%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Analytics%20dashboard%20for%20usage%20insights%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Free%20credits%20to%20use%20OpenAI%20APIs%20to%20extend%20OpenAI%20into%20a%20fully-custom%20solution%20for%20enterprises%3C%2Fp%3E%0A
25%20Days%20to%20Aden
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Guns N’ Roses’s last gig before Abu Dhabi was in Hong Kong on November 21. We were there – and here’s what they played, and in what order. You were warned.

  • It’s So Easy
  • Mr Brownstone
  • Chinese Democracy
  • Welcome to the Jungle
  • Double Talkin’ Jive
  • Better
  • Estranged
  • Live and Let Die (Wings cover)
  • Slither (Velvet Revolver cover)
  • Rocket Queen
  • You Could Be Mine
  • Shadow of Your Love
  • Attitude (Misfits cover)
  • Civil War
  • Coma
  • Love Theme from The Godfather (movie cover)
  • Sweet Child O’ Mine
  • Wichita Lineman (Jimmy Webb cover)
  • Wish You Were Here (instrumental Pink Floyd cover)
  • November Rain
  • Black Hole Sun (Soundgarden cover)
  • Knockin’ on Heaven’s Door (Bob Dylan cover)
  • Nightrain

Encore:

  • Patience
  • Don’t Cry
  • The Seeker (The Who cover)
  • Paradise City
Central%20Bank's%20push%20for%20a%20robust%20financial%20infrastructure
%3Cul%3E%0A%3Cli%3ECBDC%20real-value%20pilot%20held%20with%20three%20partner%20institutions%26nbsp%3B%3C%2Fli%3E%0A%3Cli%3EPreparing%20buy%20now%2C%20pay%20later%20regulations%26nbsp%3B%3C%2Fli%3E%0A%3Cli%3EPreparing%20for%20the%202023%20launch%20of%20the%20domestic%20card%20initiative%26nbsp%3B%3C%2Fli%3E%0A%3Cli%3EPhase%20one%20of%20the%20Financial%20Infrastructure%20Transformation%20(FiT)%20completed%3C%2Fli%3E%0A%3C%2Ful%3E%0A
Updated: October 16, 2024, 4:52 AM