Author: head dubai

Development in Dubai

As the real estate market booms, Dubai aims to reduce the risk of debt.

head dubai September 2, 2023 No Comments

With its global ambitions restored thanks to a quick economic recovery following COVID, Dubai is vying for talent and investment to fuel long-term growth.

The opulent Gulf city-state’s strategy is a revamp of a flashy economic model that for years prioritized real estate investment, tourism, and money inflows from abroad.

Real estate is once again thriving, aided by Russian demand amid the conflict in Ukraine and looser residency regulations. Analysts believe that stronger safeguards are in place this time to prevent a recurrence of the issues that brought down Dubai following the global credit crunch in 2008.

Dubai, home to the tallest building in the world and artificial islands, has ambitious new objectives: D33, a 10-year economic strategy, seeks to quadruple the size of the economy and elevate Dubai to one of the top four financial centers on the planet.

By 2040, it also plans to extend its public beaches from 21 kilometers to 105 km and revitalize the dusty Palm Jebel Ali island, which was abandoned after the 2008 financial crisis.

According to data by Knight Frank, with 219 home sales over $10 million in 2018, Dubai was the fourth busiest ultra-prime real estate market in the world. Tourist numbers are virtually back to levels of 2019.

In addition, the demand for ultra-high-end goods and the rise in real estate prices are bringing back regrets from earlier excesses.

Dubai was severely impacted by the global financial crisis in 2008, which resulted in a capital and population exodus, a collapse in real estate values, and highly leveraged flagship businesses known as government-related enterprises (GREs) that were having trouble paying off loans.

The oil-rich capital of the UAE, Abu Dhabi, eventually intervened with a $20 billion lifeline that is generally anticipated to be renewed a third time.

Nasser Al Shaikh, who led Dubai’s finance division until 2009, told Reuters that there is a danger that Dubai would become an unaffordable place to live and that new construction must ensure that there is a sufficient supply of mid-range housing to fulfill demand as the population rises.

“If developers in the private sector are unable to accomplish that, then the government and GREs may have a bigger role to do that while keeping prices reasonable,” Shaikh added, alluding to the top businesses that have driven Dubai’s explosive rise.

According to official figures, Dubai’s population increased to about 3.55 million in 2022, up 2.1% from 2021 and 4% since 2020; S&P estimates it to surpass 4 million by 2026.

The possibility of a significant new round of borrowing (by GRE developers) based on irrational expectations for real estate sales exists, but Justin Alexander, director at Khalij Economics and Gulf analyst at GlobalSource Partners, is optimistic that this risk will be reduced as a result of lessons learned from previous cycles.

In response to an inquiry for comment on how its strategy ensures that growth is sustainable and not speculative, the Dubai Media Office did not provide a response right away.

In order to acquire funds and expand its financial markets, Dubai established a Debt Management Office in 2022, paid off or restructured certain outstanding debt, and announced intentions to sell government holdings in 10 enterprises. Last year, it mentioned four of those.

Shaikh claimed that current financial officials had gained knowledge from the past mistakes of last 15yrs.

“Dubai has a strategy today, and the growth of capital markets is a key aspect of Dubai’s overall financial idea, not only to generate liquidity and pay off debt but also to deepen capital markets inside the financial sector.”

Worldwide Safe Haven

Dubai, the economic hub of the United Arab Emirates, has invested heavily in corporate and social reforms as well as industries like digital technology. Unlike the wealthy capital Abu Dhabi, less than 2% of GDP is derived from oil.

According to real estate research firm CBRE, villa prices increased by almost 15% in Q1, driving up average real estate prices by 12.8%. Sales of villas have topped 2014 peaks. Behind India and the UK, Russian buyers were third in Betterhomes’ list of the top 10 purchasers for May.

According to Richard Waind, group managing director at Betterhomes in Dubai, “Dubai has really established itself as a global safe haven,” adding that it is secure for families, politically, and economically.

“The market is no longer speculative. This market is based on sincere investment. That, in my opinion, is a significant departure from what we witnessed in 2008–2009 and perhaps the most recent peak in 2014.

According to S&P, Dubai’s gross general government debt will decrease from 78% of GDP in 2020 to 51% of GDP, or approximately $66 billion, by the end of 2023. However, due to large non-financial GRE liabilities, the overall public sector debt will remain elevated at approximately 100% of GDP.

Dubai’s five-year credit default swaps, which measure the price of insurance against a default, fell to a record-low 66 basis points on March 8 of this year, a significant decline from the 316 basis points it achieved at its peak during the COVID-19 pandemic in 2020.

According to the 2022 Financial Times ‘fDi Markets’ study released last month, Dubai garnered an estimated $12.8 billion in FDI capital last year; FDI into Saudi Arabia was roughly 30 billion riyals ($8 billion).

Dubai’s infrastructure, schools, and hospitals continue to be in high demand despite increased competition from Gulf neighbors.

entreprenuership

Dubai is the most advantageous location for business travelers.

head dubai September 2, 2023 No Comments

Thanks to its strategic position, pleasant environment, and liberal trade laws, Dubai has become a popular destination for businessmen from all over the world. The city can provide a special opportunity for ambitious people wishing to expand their enterprises.

The journal continued by saying that the prospective tax benefits and appealing labor laws are two of the most significant benefits for entrepreneurs who expand their firms in Dubai because the emirate offers a business-friendly tax environment.

The UAE declared that it would enact corporation taxes in 2022 to aid small enterprises. The UAE wants to keep its position as a top location for business and investment, thus the legal tax rate in the nation will be 9% on taxable income that exceeds Dhs375,000 ($102,000). This is one of the lowest and most competitive corporate tax rates in the world.

Entrepreneurs may be able to improve their revenues as a result and reinvest them to expand more quickly.
Dubai may be a desirable location for businesspeople looking to increase their financial earnings because there are no personal income taxes and no taxes on investments in stocks, real estate, or other financial assets.

Additionally, the government has created free zones for foreign investors, which offer specialized support services and streamlined procedures.

The ability to repatriate cash and profits is one among the many benefits offered by these free zones, along with 100% ownership, exemptions from import and export duties, and corporation and income tax exemptions.

The city draws in a talented labor force from a variety of backgrounds, which contributes to the development of a multicultural corporate climate that fosters cooperation and innovation. To help their firm expand more quickly, entrepreneurs can access a wide network of like-minded people, potential customers, investors, and mentors.

Entrepreneurs in the technology and e-commerce industries have a distinct advantage in Dubai as well as the chance to profit from underserved markets with lower levels of competition. Dubai keeps growing as a significant participant in the technology and e-commerce industries, even though other big global technology hubs may be full. Entrepreneurs can increase their market share and position themselves as industry leaders by being an early adopter and providing creative solutions.

The city embraces technology advancements and works to create a futuristic setting that encourages creativity across a range of industries.

Dubai-based businesses looking to grow can take advantage of this ecosystem and cutting-edge programs that promote innovation and creativity.

entreprenuership

In the first half of 2023, orders for wind turbines increased globally by 12%.

head dubai September 2, 2023 No Comments

According to Wood Mackenzie, the market for wind turbines outside of China and North America increased by 12% in the first half of 2023.

The energy consultant stated in a study on Thursday that the total amount of orders received during the period hit a record 69.5 gigawatts, with orders from outside China increasing by 47% from the same period a year earlier.

With two offshore contracts accounting for over half of the total, North American orders increased by more than four times to 7.7 gigawatts.

Although 44 gigawatts of orders were placed in the first half of this year in China, the world’s largest consumer of renewable energy, the report stated that demand was unchanged from the previous year.

Global orders totaled $25.3 billion in the second quarter and $40.5 billion in the first half, respectively.
Luke Lewandowski, vice president of global renewables research at Wood Mackenzie, said, “We’ve seen substantial interest outside of China this year, which is really encouraging.”

Although there are still issues with the supply chain, things have become better enough to encourage purchasing decisions.

Order activity has been aided by momentum from the Inflation Reduction Act (IRA) in the US, but volume will increase as clarity and market certainty improve.

The IRA, passed last year, promotes the purchase of electric vehicles and offers a number of tax benefits on renewable energy sources, such as wind, solar, and hydropower.

According to Goldman Sachs, it is anticipated to stimulate $3 trillion in investments in renewable energy technology.

In the first half of the year, offshore order intake increased by 26% to a record 12 gigawatts, according to Wood Mackenzie. It increased by 48 percent to 9.1 gigawatts in the second quarter.

As project developers awaited permits and clearances, “momentum had been growing in the offshore market for some time, and many deals had been subject to those conditions.”

According to the Global Wind Energy Council, 2022 was the “second-best” year for new capacity for the offshore wind industry globally, with 8.8 gigawatts of new renewable energy being connected to the grid globally.

According to a report released this week by the council, nearly half of the 380 gigawatts of new offshore wind capacity that will be built by 2032 will originate from the Asia-Pacific area.

Due to delays brought on by permitting and other regulatory concerns, the council revised its short-term projection downward for Europe and North America and stated that supply chain bottlenecks were a danger for all regions except China.

Slow permission clearances, increased costs for raw materials and shipping, and other issues are posing major hurdles to the European wind industry, particularly turbine manufacturers.

In the meanwhile, as nations attempt to solve future energy shortages, investment in clean energy is predicted to exceed $1.7 trillion this year, overtaking spending on fossil fuels, according to the International Energy Agency.

According to the Paris-based agency’s World Energy Investment report from April, global energy investments are expected to total $2.8 trillion in 2023, with more than 60% of that amount going toward sustainable technologies including renewable energy, electric vehicles, nuclear power, and heat pumps.

Coal, gas, and crude oil will make up the final 40% of spending.

entreprenuership

GCC retail is changing due to connected intelligence and omnichannel strategy.

head dubai August 31, 2023 No Comments

Experts predict that the GCC retail sector will continue to grow strongly in the near future and will be worth $308 billion in 2023.

Unquestionably, the sector has benefited from the post-pandemic recovery, but opportune governmental changes have also contributed to women’s labor participation, company accessibility, and macroeconomic stability. These elements have a domino impact on consumer confidence and retail expenditure. Retailers have thus made deliberate attempts to stay up with those changes.

Customers are at the center of the redesigned retail tactics. With the growing adoption of digital technology, this shift entails using customer data to tailor brand communications and offerings. For consistent consumer experiences, top brick-and-mortar shops have systematically embraced e-commerce by integrating various channels.

According to Shehbaz Shaikh, chief retail officer of Redtag, a top value fashion and homeware brand in the GCC, these trends have significant ramifications for the sector’s future.
Fundamentally, being customer-centric means keeping up with customer movements, whether those be their shopping habits or preferences. The 98 percent internet penetration rate in the GCC has increased e-commerce. However, this is not the price of traditional brick-and-mortar retail. Both are structurally in demand, with the same consumer favoring online and offline shopping depending on the situation. In such case, being customer-centric means taking special note of each customer’s preferences.

Understanding the distinctive interests of a wide range of clients is crucial for businesses in this situation. Possibly, that is where Big Data and AI analytics come in.

We can comprehend what a customer wants, when they want it, and how they prefer it supplied by integrating data from functions throughout the retail value chain. In other words, customer-centricity represents a paradigm change from traditional vendor-driven commerce in that we now cater to client needs rather than our own or that of our suppliers.

Why is it so important in the GCC today to integrate online and physical retail?

According to numerous studies, 265 million individuals in the Middle East, or around 55% of the region’s population, are familiar with how omnichannel shopping works. The commercial argument for merchants offering “phygital” experiences to customers is therefore compelling. The same reasoning underpinned all of Redtag’s recent e-commerce initiatives.

Opponents of omnichannel retail bear the risk of greater customer attrition, which is unviable in a market where the churn rate can already be as high as 7%. That being said, traditional brick-and-mortar stores will not be able to stand out from the competitors with a simple e-commerce platform. Efficiencies in service delivery and consistent client experiences must be the goals of the omnichannel strategy.

How do merchants implement an effective omnichannel strategy?

The lifeblood of multichannel retail is customer data. So gathering the data is the first thing to do. To establish a single source of truth, it typically entails breaking through the barriers across diverse retail disciplines. For the same, Redtag implemented a customer data platform (CDP), combining data from various channels to get a comprehensive view of a customers behaviour.

The data must then be contextualized in order to yield insightful conclusions. Here, a customer experience management (CEM) platform is used to create “connected intelligence” out of unstructured data. The deep-learning models will assist brands in optimizing their inventory in line with changing client expectations and demand when combined with other technologies, such as enterprise resource planning (ERP). Marketing teams will be able to give individualized recommendations and services by segmenting the audience according to demographics, interests, and preferences with the aid of the acquired insights. Personalization is a crucial component of an effective omnichannel strategy.

Why is product/service personalization a necessary component of GCC retail today?

The focus on personalization is driven by a high level of customer awareness. GCC is seeing clear sociocultural changes, particularly in relation to women’s employment rates and rising purchasing power. Millennials and Gen-Z, who make up a substantial portion of the population in the area, are also steadily growing their percentage of retail spending, which has an impact on the sector’s strategic orientation. They are digital natives who have a thorough understanding of the range of market products, price points, and value propositions.

How do multichannel shopping, the emphasis on personalization, and expanding FinTech use relate to one another?
Modern retail is a wonderful fit for fintech because it is intended to enhance and automate the delivery of financial services according to end-user requirements. Retailers have enthusiastically embraced full-stack financial solutions in an effort to expedite and simplify vital processes like e-billing and refunds. Most significantly, FinTech platforms have improved accountability and transparency in retail operations, which has increased consumer confidence and encouraged spending. Future customer-centric loyalty programs will be made possible by the developing FinTech-retail synergy in the GCC. More use cases will continue to develop as retail increasingly goes digital, which shows no indications of slowing down any time soon.

Travel & Explore

Despite a rise in residential and hospitality construction, the UAE real estate market is still strong.

head dubai August 30, 2023 No Comments

Despite global macroeconomic headwinds, the UAE’s non-oil economy expanded strongly in the first half of the year, which helped the country’s real estate market perform well across all sectors.

According to consultant CBRE’s most recent market report, average prices in Dubai’s market increased by 16.9% in the year to June 2023, while the residential market in Abu Dhabi registered 4,737 sales transactions in the first half of the year, up 88.6% yearly.

The hospitality industry was supported by UAE hotels, which saw an increase in average occupancy rates of 4.1 percentage points during the first half of the year.

Despite what appears to be diminishing global financial challenges, the outlook is still generally favorable, according to the UAE Real Estate.

The impact of rising interest rates, the effect on consumers as a result of rising property costs, particularly in Dubai, and lastly the overall effect of a falling US currency are the main downside risks that we are keeping an eye on.
The second-largest economy in the Arab world, the UAE, increased 7.9% last year, the most in 11 years, following growth of 4.4% in 2021. This growth was aided by the non-oil sector as the nation advanced its diversification policy.

According to the UAE Central Bank, its GDP is projected to increase by 3.3% this year, with the non-oil sector rising by 4.5%.

The non-oil private sector’s business activity grew as new order growth reached a four-year high in june.

From 55.5 in May to 56.9 in June, the seasonally adjusted S&P Global purchasing managers’ index reading increased. This was significantly higher than the neutral 50-point line separating growth from contraction.

Every one of the previous 31 survey periods has seen an improvement in the non-oil private sector’s health.

The government’s measures, such as residency permits for retirees and remote employees, have helped the country’s real estate market recover quickly from the downturn brought on by the coronavirus.

The expansion of the 10-year golden visa program, the financial benefits of Expo 2020 Dubai, and increased oil prices all contributed to the sector’s expansion.

Rise of the residential market
According to CBRE, average villa prices rose by 15.1%, while average apartment prices jumped by 17.2% during the course of the year in Dubai’s residential sector.

According to the report, the average price of an apartment in June was Dh1,294 per square foot, while the average price of a villa was Dh1,525 per square foot.

The survey revealed that while average villa prices are already 5.5% over this peak and some areas have long beyond 2014 levels, average apartment sales rates are still 13.1% behind the highs records of 2014.

The study stated that the number of transactions in the first half of the year was 57,738, which was the “highest total over this period on record” and represented a rise of 43.2% annually.

A total of 16,499 residential units were finished and delivered in the first two quarters of 2023, with Downtown Dubai, Dubai Creek Harbour, and Business Bay accounting for 44.6% of this current supply.

Although part of the stock may not be delivered as scheduled, an additional 45,380 units are anticipated to be finished by the end of this year, according to CBRE.

In contrast, rents were stable for the fifth month in a row in June as tenants decided to extend their current leases.

According to CBRE, average apartment and villa prices in Abu Dhabi’s residential market increased by 0.9% and 1.7%, respectively, year over year in the second quarter.

When only transactions from the second quarter were taken into account, the average price for an apartment was Dh14,873 and the average price for a villa was Dh11,232.

According to the research, the market saw 4,737 sales transactions in the first half of the year, a growth of 88.6% yearly, supported by a rise in off-plan market sales of 151.1% and a rise in secondary market sales of 10.5%.

At the halfway point of the year, 1,265 units have been finished in Abu Dhabi, with 65.8% of this supply going to Al Raha.

Over the final two quarters of the year, an additional 4,538 units are anticipated to be finished, with Al Maryah Island set to get 49% of this new supply. The average rent for apartments in Abu Dhabi grew modestly by 0.1% in the second quarter, while the average rent for villas increased by 1%.

According to registrations for rentals in the second quarter, the average rent for apartments was Dh66,259 and the average rent for villas was Dh166,248.

Tourism boom supports the hospitality industry

According to the survey, the reopening of the European travel market is now helping the UAE’s hospitality sector.

According to CBRE, travelers are being enticed to arrange a stopover in the nation, which is boosting demand and profitability during the traditionally slow summer season.

According to CBRE, the average hotel occupancy rate in the UAE improved by 4.1 percentage points in the year to June, while the average income per available room—a crucial indicator of the hotel industry’s performance—rose by 3.6% annually.

According to the report, the industry is anticipated to keep expanding throughout the year as a result of a number of significant upcoming events, including the Cop 28 summit, the Abu Dhabi F1 Grand Prix, and the steady restoration of important supply markets that reopened after the pandemic.

According to CBRE, the nation’s commercial, industrial, and retail real estate sectors all saw growth in the first half of the year.

Travel & Explore

The strongest post-pandemic tourism recovery worldwide was seen in the Middle East.

head dubai August 30, 2023 No Comments

Despite ongoing global economic challenges, the Middle East’s tourism industry has experienced the strongest post-pandemic recovery worldwide, according to HSBC.

According to the bank’s latest Jet, set, go! research study, the area, which is home to the largest Arab economy in Saudi Arabia and the global commercial and leisure center of the UAE, is exceptional in that it saw a “total recovery” in terms of visitor arrivals in the first quarter of 2023.

In comparison to the same period last year, the number of visitors increased by 15% in the first three months of this year.

The Middle East’s tourism industry recovered to a much greater extent than Europe, which came in second place and saw 90% of global visitors.

Top international tourist destinations including Saudi Arabia, the UAE, Qatar, and Turkey saw large increases in tourist spending.

“The Middle East region experienced the strongest growth in terms of rebound in tourism and is the first region in the world that has grown beyond pre-pandemic numbers,” said Maitreyi Das, an economist at HSBC Securities and Capital Markets who prepared the research.

According to the first quarter of 2023, “Qatar and Saudi Arabia are the best growing tourist destinations globally.”

One of the key pillars of Middle Eastern countries, particularly the six-member economic bloc of the GCC, that are attempting to diversify their economies away from oil is the development and expansion of the tourist sector.

In order to reach its goal of 100 million visitors annually by 2030, Saudi Arabia is investing billions of dollars in the growth of its tourism industry.

Asfar, the Saudi tourist Investment Company, was established in July to aid in the expansion of the travel and tourist industry by the kingdom’s sovereign fund, the Public Investment Fund.

According to a statement released at the time by the PIF, Asfar would invest in new tourism initiatives and create tourist hotspots around Saudi Arabia with hospitality, attractions, shopping, and food and beverage options.

The PIF-owned AlUla Development Company began operations earlier this year with the goal of making the city a popular travel destination on a worldwide scale.

A fully owned subsidiary of the PIF, Saudi Entertainment Ventures (Seven), said in November that it intended to invest 50 billion Saudi riyals ($13.3 billion) to build 21 integrated entertainment destinations across 14 Saudi cities.

The second-largest economy in the Arab world, the UAE, is making significant investments to grow its tourism industry.

The vice president and ruler of Dubai, Sheikh Mohammed bin Rashid, said in May that Dubai had the greatest visitor expenditure in the region, at Dh121 billion ($33 billion), up 70% from the previous year.

We have set a goal of welcoming 40 million visitors within the next seven years, and we want the tourism industry to contribute Dh450 billion more to our GDP than it does currently.

According to HSBC, the Middle East has the highest percentage of global GDP derived from tourism, at 5%, indicating that “the region may benefit from the ongoing recovery in the year ahead.”

It said, “Asia Pacific is second, with more than 4% of the region’s GDP coming from tourism.

Additionally, international tourism receipts increased to $1 trillion last year, up 50% from the level recorded in 2021.

Comparing each region’s recovery, Europe experienced the most dramatic improvement (87% of pre-pandemic levels), followed by Africa (75%), the Middle East (70%) and the Americas (68%).

“Asia destinations earned about 28% of pre-pandemic revenues last year due to prolonged border shutdowns, likely to be up sharply in 2023,” HSBC added.

Turkey ranked fourth globally among regional travel destinations last year, with tourism receipts exceeding (by 104%) those from before the pandemic.

The rate at which air traffic seat capacity has expanded is one of the elements determining how quickly the tourism industry recovers, according to the HSBC report.

According to perceptions, 40% of individuals believe that the Middle East has already seen a tourism revival, while 20% believe that this will happen by the end of 2023.

Travel & Explore

AviLease, a PIF-backed aircraft lessor, is on pace to more than triple growth to $20 billion by 2030.

head dubai August 30, 2023 No Comments

As the company tries to get “more exposure” to Emirates and flydubai airlines, bond sales and increased stock are anticipated to fuel company growth.
Through the issuance of dollar-denominated bonds and increased owner equity, AviLease, a plane lessor controlled by Saudi Arabia’s Public Investment Fund, is on course to more than triple its expansion to $20 billion by 2030.

According to AviLease’s CEO Edward O’Byrne, the sovereign wealth fund section intends to grow at a $3 billion per year rate, with bond issuances ranging from $1.5 billion to $2 billion.

According to Mr. O’Byrne in the interview on Wednesday, the Riyadh-based company anticipates receiving an investment-grade credit rating by the end of 2024.

“Over the next ten years, Saudi Arabia is expected to experience growth on a truly remarkable scale. We’re talking about more than doubling cargo volume and tripling passenger travel, he said.

We are considering allocating the additional equity that PIF has committed to the balance sheet over the course of the next seven years.

This week, AviLease announced that it would pay $3.6 billion to acquire Standard Chartered’s aviation finance division.

The Saudi firm will purchase a portfolio of 100 narrow-body planes and take on the role of service provider for an additional 22. 167 aircraft will be owned and operated by the merged platform.

After the acquisition is complete, the PIF-backed company will emerge with a balance sheet of $6 billion and 167 aircraft, with plans to grow to $20 billion and 300 aircraft by 2030, according to Mr. O’Byrne.

According to Mr. O’Byrne, AviLease will “have a lot of capacity” to purchase wide-body aircraft following the acquisition of the narrow-body jet portfolio.

new airline company To handle long-haul flights, Riyadh Air, which is also supported by the PIF, ordered 39 Boeing 787 wide-body aircraft with options for 33 more.

After beginning operations in early 2025, Riyadh Air is expanding its fleet of aircraft in order to reach 100 destinations by 2030.

In Saudi Arabia, wide-body expansion will continue, although daily bids on wide-body assets are made on the international market, according to Mr. O’Byrne.

According to him, AviLease is frequently in communication with operators in the area and aims to increase its customer base of airlines to 100 from the present 47.

We aim to develop the Middle East as an aviation center since we are friendly neighbors. We are aware of flydubai, and we want to learn more about it and Emirates, the man added.

AviLease, established in June 2022, is a PIF initiative to expand the aviation industry in the kingdom.

As part of its Vision 2030 economic diversification plan, Saudi Arabia wants to increase the number of tourists it receives and improve its aviation industry.

According to the Saudi Aviation Strategy, actions must be taken to increase the number of destinations from 99 to 250 and to triple the annual passenger volume to 330 million by 2030.

$100 billion in investments from the public and commercial sectors support this goal.

Technology

Google announces new features as it intensifies its work on generative AI

head dubai August 29, 2023 No Comments

The world’s largest technology company, Google, is strengthening its commitment to AI by implementing the most cutting-edge version of the technology on its user-centered platforms.

At its annual Cloud Next conference this week in San Francisco, Google, whose parent company Alphabet is the largest internet firm in the world, is introducing generative AI enhancements throughout its portfolio, including for Google Meet, Google Slides, and Google Chat.

The updates are “built for the future” and represent a “major evolution” for the company’s ecosystem, according to Kristina Behr, vice president of management of products for collaboration and apps at Google. The ecosystem is a collection of interconnected apps and services that range from the cloud and data centers to workspaces and its Android platform.

Because of our cloud-native design and extensive experience with AI, we were able to quickly apply the power of Google’s sophisticated large language models to workspace, according to the spokesperson. “We’re fundamentally redefining AI’s role as your collaborative companion across workspace,” she added.
The new Take Notes for Me function, which makes use of generative AI to serve as a meeting assistant and record notes, action items, and short video clips in real time, will put Duet AI “at the forefront of conversations and messages” on Google Workspace.

Duet AI is a generative AI-powered collaborator that was unveiled at the I/O conference in May and has features including the capacity to summarize text and produce graphics. First, it was incorporated into Google Cloud.

When a user fails to attend a meeting, Duet AI can represent them and send the user a document after the meeting.

Duet AI will assist users in creating speaker notes on Google Slides, the company’s presentation software, based on the information in each slide. Duet AI also supports real-time teleprompting and language translation.

Google has “significantly invested in chat in order to make it easier for groups to connect and collaborate anywhere,” according to Ms. Behr, and it now supports more than 300 language combinations. In contrast, Duet AI on Google Chat will operate as a “real-time partner” who can offer notifications, analysis, and proactive advice across a user’s Workspace apps.

Insights from a user’s Gmail and Google Drive accounts can also be requested from Duet AI, as well as a recap of recent chats. Google Chat spaces will soon accommodate 500,000 users.

When utilizing any of Google’s services, Ms. Behr added, protection is “kept intact and automatically applied” to maintain the confidentiality and privacy of user data.

Customers may be confident that their conversations with Duet will remain within of their organization and their current workspace because, as she stated, “protecting the privacy and confidentiality of customer data continue to be our top priority” as Duet AI is integrated into Workspace.

Businesses and corporations have long employed AI to improve workflow efficiency and optimize operations.

With the advent of generative AI, which gained notoriety through ChatGPT, the language model-based phenomenon created by Microsoft-backed OpenAI and capable of producing a variety of data types, including audio, code, photos, text, simulations, 3D objects, and videos, its popularity skyrocketed.

As a result, Microsoft and Google competed to release Bard first. Additionally, it spurred Apple to upgrade its Siri personal digital assistant and opened up a new front in the tech industry, with X CEO Elon Musk introducing xAI.

Following a spike in interest in 2019, investors invested more than $4.2 billion into generative AI start-ups through 215 deals in 2021 and 2022, according to latest data from CB Insights.

According to a report released this month by Goldman Sachs Economic Research, global AI investments are anticipated to reach $200 billion by 2025 and may have a greater effect on GDP.
“This is a moment of exciting change. Sundar Pichai, CEO of Google and Alphabet, earlier said, “We have the opportunity to make AI even more beneficial for people, for businesses, for communities, for everyone.

We have long used AI to make our products significantly more useful. We’re moving forward with generative AI.”

Additionally, Google revealed a partnership with General Motors to implement conversational AI in the US’s largest automaker’s millions of vehicles.

This came after Microsoft and Mercedes-Benz teamed together to test ChatGPT in the German luxury car manufacturer’s fleet in June, marking the first time the technology had been used in a vehicle.

In addition, Google has partnered with international consulting firms like Deloitte and Capgemini to train more than 150,000 individuals in AI. By 2025, they also hope to have tripled the amount of generative AI they can handle for Google Cloud.

Moody’s Investors Service, MSCI, Bayer, a German multinational, and Capcom, a Japanese video game developer, are a few other famous clients that Google has acquired. The Google Cloud Next conference is anticipated to feature additional announcements.

Technology

STC’s Tawal completes the $1.33 billion purchase of cellular towers from United Group in the Netherlands.

head dubai August 29, 2023 No Comments

The Saudi cellular Company has finished paying €1.22 billion ($1.33 billion) for the cellular tower assets owned by the Netherlands-based United Group.

In a statement sent on Sunday to the Tadawul stock exchange, where STC’s shares are traded, the business claimed that the deal, which was carried out through its infrastructure unit Tawal, was formally finished on August 24.

The deal’s financial effects will be revealed in the business’ third quarter earnings, which are anticipated to be announced on October 30, 2023.

Tawal’s portfolio will grow to more than 21,000 telecom towers across five nations as a result of the acquisition, which was first announced in April and represents the company’s first investment in Europe.

Tawal, which was introduced in April 2019, makes it possible for telecom providers, the government, and private organizations to increase infrastructure sharing, which ultimately contributes to cheaper costs and higher operational efficiencies.

United Group operates in eight different nations and employs over 14,500 people. It has about 11 million users.
On Sunday, Tawal announced that it had borrowed a total of $1.42 billion from Sharia-compliant banks to finance the cash portion of the transaction.

In line with the kingdom’s aim for digital transformation, iot squared, a joint venture among STC and the Public Investment Fund, signed a legally binding deal last week to purchase 100% of technology startup Machinestalk, which specializes in the Internet of Things.

The Riyadh-based Machinestalk’s field services capabilities, technology, unique IoT platforms, internal development capabilities, local and international partner, and client relationships would offer value for iot Squared, according to a report at the time by the Saudi Press Agency.

In order to accelerate digital transformation and get ready for the future economy, Saudi Arabia earlier this year promised more than $9 billion in investments in the country’s technology sector.

According to Abdullah Alswaha, Saudi Arabia’s Minister of Communications and Information Technology, the investments are spearheaded by a $2.1 billion promise from Microsoft, which will develop a super-scaler cloud in the kingdom.

They also include $400 million from China’s Huawei to improve Saudi Arabia’s cloud infrastructure as well as Oracle’s promises to contribute $1.5 billion to increase the nation’s cloud computing capacity.

Technology

In honor of Middle Eastern science pioneers, Samsung introduces the Astro watch.

head dubai August 29, 2023 No Comments

A limited edition of Samsung Gulf Electronics’ most recent wristwatch has been released in honor of the Middle East’s significant historical contributions to astronomy, science, and timekeeping.

The 47mm Galaxy Watch6 Astro Edition was unveiled in Dubai by T.M. Roh, president and head of Samsung’s mobile experience division.

It boasts a rotating bezel with an astronomy-inspired pattern and a dial that shows the phases of the moon and sun.

It will be made available by the UAE, Saudi Arabia, Bahrain, Egypt, Iraq, Jordan, Kuwait, Morocco, Oman, Qatar, and Turkey.

Al Battani, who was recognized as the best astronomer during the Islamic era, and Muhammad Ibn Ibrahim Al Fazari, an astronomer and mathematician who is credited with developing the first astrolabe in the Muslim world, were among those honored by the Astro Edition.

The Galaxy Z Fold5 and Flip5 as well as the Watch6 series, which includes the basic model and Classic, were unveiled by Samsung during the company’s first-ever Unpacked event last month in Seoul.

The firm did not disclose the quantity of Astro Edition watches in stock, but Fadi Abu Shamat, head of Samsung Gulf’s mobile experience division, told The National ahead of the debut that the company is “confident that it will sell out in the first week of its launch”.

He claimed: “Samsung has a special spot in its soul for the Middle East as an area of dynamic innovation & tech-savvy enthusiasts.”

The launch of the Astro Edition here demonstrates our commitment to providing unique solutions that respect the area’s rich history and cater to the interests and requirements of the Gulf markets.

It is also the first in a series of Middle Eastern-specific limited-edition collections, though neither the release date nor the names of the “innovators and pioneers” Samsung Gulf plans to recognize for the following collection were provided.

According to Mr. Abu Shamat, Samsung is dedicated to offering locally relevant goods that enhance user experience. Samsung is committed to encouraging today’s innovators while recognizing Middle Eastern pioneers.

As smartwatches evolved into smartphone accessories and tools for users to track particular health metrics—the most advanced of which includes heart rate, blood oxygenation, and EKG—their popularity grew.

However, the market continued to shrink in the first quarter of 2023, posting a “slight” drop on an annual basis, based on the most recent data from Counterpoint Research.

In the first three months of this year, Samsung had a 9% market share, maintaining its position as the second-best smartwatch brand internationally. The Hong Kong-based research company did point out that it is currently almost tied with Fire Boltt from India.

Apple continues to have a commanding lead with over a third of the market thanks to its popular Watch series.

According to Samsung, enhanced health tracking features in the Galaxy Watch6 series, complemented by the Astro Edition, are anticipated to improve consumer interest and drive sales in the future.
Mr. Abu Shamat stated, “We believe its unique characteristics will not only bring in prospective consumers but also entice current consumers to explore our wider selection of smartwatches in addition to the wider Galaxy ecosystem.”

In addition, Samsung Gulf revealed a unique “Whimsical Midsummer Collection” bundle for the Galaxy Z Flip5 that features works of art by Lebanese artist Nourie Flayhan, who resides and creates her art in the United Arab Emirates.

The clamshell-style Flip5’s cover screen has almost doubled to 3.4 inches, which is a significant increase.