Category: Technology

STC announced on Tuesday that it has paid 8.5 billion Saudi riyals ($2.27 billion) for a 9.9% interest in Telefonica, a Spanish company.

STC, the largest mobile operator in the country, will be able to increase its global presence in important markets thanks to the cooperation.

The Middle East and North Africa region’s leading provider of digital goods and services, STC, declared it had no plans to take controlling ownership of Telefonica.

According to Mohammed Al Faisal, chairman of STC Group, “Telefonica and STC Group share a lot in common with a vision to use technology to link people and a strategy to drive growth.”

“STC Group is continuing its growth strategy as we invest in crucial technology and digital infrastructure sectors with this long-term, significant investment,”

One of the biggest telecom firms in the world, Telefonica is based in Madrid and has operations in Brazil, Germany, Spain, and the UK.
In order to increase its free cash flow, which the company estimates might reach €4 billion ($4.3 billion) this year, Telefonica is set to submit a plan in November.
The most recent investment is consistent with STC’s expansion ambitions and growth strategy.

According to investment bank EFG Hermes, “the investment supports STC’s capital recycling efforts and growth strategy to expand in promising markets and profit from the return on these investments, which enhances the company’s ability to invest in new domains and maximize shareholder returns in a sustainable manner.”

The long-term effects of this investment will be favorable, and they won’t have an impact on STC’s approved dividend policy.

STC finished its €1.22 billion acquisition of the communications tower assets from the Netherlands-based United Group last month.

The Internet of Things (IoT) business Machinestalk was purchased in full by iot squared, a joint venture between STC and the Public Investment Fund, the sovereign wealth fund of the monarchy, in the same month.

The Riyadh-based Machinestalk’s field services capabilities, technology, unique IoT platforms, internal development capabilities, local and international partner as well as client contacts will offer value for iot squared, according to a previous article from the Saudi Press Agency.

According to Olayan Alwetaid, chief executive of STC, the company’s investment in Telefonica demonstrates STC’s confidence in the company’s “leadership, strategy, and ability to create value.”

Instead, Mr. Alwetaid added, “We see this as a compelling chance to invest to use our strong balance sheet while maintaining our dividend policy. We are not looking to acquire control or a majority stake.”

Telefonica stated in an SEC filing that it “takes note of STC’s welcoming manner and its backing to the management team, Telefonica’s strategy, and Telefonica’s ability to create value.”

The largest economy in the Arab world, Saudi Arabia, said earlier this year that it will invest more than $9 billion in its technology industry to support the country’s digital transformation.

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 would develop a super-scaler cloud in the nation.

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.

Big data analytics, AI, machine learning, and the Internet of Things are all expected to increase productivity and operational effectiveness.
According to the chief executive of Emirates Integrated Telecommunications Company, investments in critical information and communications technology verticals are anticipated to be vital in advancing the UAE’s sustainability goals as it prepares for the economy of the future.

According to Fahad Al Hassawi, who spoke to The National on the sidelines of the Envision conference in Dubai, four emerging technologies—the Internet of Things, artificial intelligence, machine learning, and big data analytics—are expected to boost operational effectiveness and productivity across a range of industries.

In cooperation with the International Data Corporation and the UAE Ministry of Industry and Advanced Technologies, Envision, hosted by EITC, also known as du, took place.

They can increase efficiency by implementing these technologies in important industries like manufacturing, agriculture, and smart cities, among others.
“With innovations spanning many sectors, ICT is a cornerstone in the UAE’s drive toward sustainability and plays an essential part in encouraging sustainability through facilitating innovations in many sectors,”

Real-time data analysis and collection will revolutionize decision-making procedures and spur innovation to new heights. In addition, he added, digitalization investments aimed at implementing automation, robotics, machine learning, and digital twins in various sectors of the economy will help lead initiatives to promote sustainability through lower carbon emissions.

Data-driven approaches to waste management and water conservation will save expenditures on an annual basis and boost the nation’s gross domestic product.

The UAE is making significant investments in its technical capabilities and launching a number of initiatives as it gets ready for the future economy.

According to the most recent data from the Ministry of Economy, ICT spending in the UAE is anticipated to reach $23 billion in 2024, representing a compound annual growth rate of 8% from 2019.

According to the report, the contribution of AI alone is anticipated to reach $96 billion by 2030, or 14% of GDP.

According to Statista estimates, global ICT spending is anticipated to reach $5.8 trillion in 2023, an increase of 6.4% year from 2022.

economic expansion
The UAE’s Net Zero 2050 Strategic Initiative, which aims for Dh600 billion ($163 billion) in investments in clean and renewable energy sources over the next three decades, is supported in large part by advanced technologies.

In addition to promoting economic growth, ICT solutions also help achieve environmental objectives, according to Mr. Al Hassawi.

The development and implementation of “smart cities,” which are being promoted by various nations, encapsulates the significance of cutting-edge technologies.

According to Mr. Al Hassawi, they are “being crafted” in the UAE with an emphasis on streamlining public services, transportation infrastructure, and energy use.

According to statistics from Research and Markets, the market for smart cities will grow more than 2.5 times to $1.52 trillion by 2030 from an estimated $594.4 billion this year.

“The UAE is at the forefront of pioneering the merging of technology and sustainability in urban development as a result of leveraging the benefits of technology in urban environments,”

With an emphasis on technology and sustainability, the UAE continues to grow its manufacturing and industrial sectors.

By boosting the use of machine learning, deep learning, AI, additive manufacturing, and the Internet of Things in the value and supply chains that underpin the UAE, its Industry 4.0 initiative, which was unveiled in October 2021, aims to help the country realize its economic potential.

In addition to implementing waste-to-energy projects in Abu Dhabi, Dubai, and Sharjah, the UAE is additionally implementing other sustainability initiatives and will be hosting the Cop28 climate summit in November.
When finished, it is predicted that these projects will supply energy to hundreds of thousands of residences.

The UAE’s dedication to ensuring its citizens have a sustainable future is highlighted by these developments, according to Mr. Al Hassawi.

Precision farming, hydroponics, IoT, and data analytics are examples of developments in agricultural technology that are improving crop productivity and water conservation.

According to the latest data from the Sharjah Research Technology and Innovation Park, vertical farming is a notable application, accounting for over 36% of the UAE’s AgriTech market.

According to Mr. Al Hassawi, “this strategy helps decrease the UAE’s reliance on food imports, supporting the employment market, and ensuring food security.”

Later this year, the company plans to unveil the first net zero building in the UAE at Cop28.
According to its chief executive, Masdar City in Abu Dhabi intends to use artificial intelligence to develop more effective and intelligent methods to promote the smart city agenda for the UAE capital.

Ahmed Baghoum claims that the sustainable research and development center, a division of Masdar, the renewable energy company based in Abu Dhabi, aims to gather and analyze data in a “swift manner” to support its objectives.

On the sidelines of the Envision conference in Dubai, which was put on by the Emirates Integrated Telecommunications Company, commonly known as du, he added that this would help people see patterns in the consumption of water and power, as well as in transportation and mobility, and it would also help them become more efficient.

The “creation of the next wave” of structures and other assets, which will be supported by improved monitoring and control, will be significantly aided by smart technology as well, he added.
“AI is a major player in today’s world; it forms the foundation of every industry. Therefore, Mr. Baghoum remarked, “AI is unquestionably very crucial to us in order to establish more seamless processes and automations to run those cities.

Buildings and assets are now communicating with one another more frequently. This richness of data will be crucial in helping to construct a motivated and integrated society.

Masdar City is creating the first net-zero buildings in the UAE, which will use solar power and include several high-tech features.

According to Mr. Baghoum, additional projects as well as the “grand opening” of one of the buildings will be revealed at the next Cop28 climate conference in November, which the UAE will be hosting.

Masdar City also provides significant financial support to businesses that create green technology.

Currently, its portfolio includes more than 1,000 businesses that are committed to long-term economic, financial, social, and environmental sustainability. These businesses include both large corporations and small and medium-sized businesses.

“We work directly with our partners to draw in all the technologies to pilot them and then implement them at Masdar City,” Mr. Baghoum stated.

“We act as a testing ground for their technologies, allowing them to advance and experience the impact of their technologies firsthand,”

Thanks to its digital-first initiatives, Abu Dhabi has maintained its position as the most intelligent city in the Middle East and North Africa, according to the International Institute for Management Development’s Smart City Index for 2023 published in May.

The most recent information and communication technologies are used in smart cities to connect people and objects, increase operational effectiveness, and stimulate total economic activity.

In three assessments starting in 2020, Mena ranked Abu Dhabi as the smartest city, placing it 13th overall. In 2022, the IMD did not publish an index.

Dubai’s overall position of 17th made the UAE, along with Switzerland, Australia, and Germany, one of only four nations with multiple cities in the top 20.

According to a previous statement by Abu Dhabi’s Technology Innovation Institute, the two emirates are also “well positioned” to lead the way in developing into fully developed smart cities. A number of initiatives have been put forth to aid in the transition to a cutting-edge digital economy.

Masdar City, meanwhile, is still concentrating on sustainability-related innovation. It was revealed last month by Adnoc and National Central Cooling Company that Masdar City would be the “first project” in the Gulf to use geothermal energy for power.

“The UAE is at the forefront of sustainability; it is no longer a wish-list item or a “nice to have” concept. It’s hardly surprising that it is now a necessity, according to Mr. Baghoum.

“Sustainability has risen to the top and established itself as the standard. We occasionally had doubts about whether sustainability would be successful, but we have shown that it is.

The projects of Masdar City are intended to assist the UAE’s Net Zero 2050 Strategic Initiative, which calls for investing Dh600 billion ($163 billion) in clean and renewable energy sources over the following three decades.

According to Mister Baghoum, Our long-term goal is to pioneer, advance, and focus efforts on going net zero by 2050, of course.

“We’d like to do that ahead of time and be in the forefront of the efforts.”

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.

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.

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.

The automotive, defense, utilities, food and beverage, and industry 4.0 sectors are all served by Maxbyte, which provides solutions for these industries.
The global technology conglomerate e&, formerly known as Etisalat Group, has led a $5 million series A financing for Maxbyte, an Abu Dhabi-based technology company, through its investment arm, e& capital, based in the United Arab Emirates.

The money will help Maxbyte’s growth strategy, product development, and solution development. By expanding its sales force, improving its go-to-market strategy and alliances, and scaling projects across new countries and industries, it hopes to hasten its growth, according to a statement released on Tuesday by e& Capital.

With a history of success stories across the UAE, [the] US, SEA [South-east Asia], and India, Maxbyte’s creative approach to automation technology positions it as an excellent partner for the Industry 4.0 transformation, according to Eddy Farhat, executive director of e& capital.

“This investment will advance its mission to automate and digitally transform businesses.”

The automotive, defense, utilities, food and beverage, and industry 4.0 sectors are all served by Maxbyte, which provides solutions for these industries. The company declared its intention to make smart linked industrial enterprise solutions available for sustainability, predictability, flexibility, and productivity.

This important alliance accelerates our efforts to lead technological change, strengthen smart manufacturing, and advance regional and international industries. Ramshankar CS, Maxbyte’s co-founder and CEO, said.

The $60 million series B fundraising for Airalo, an eSIM marketplace looking to increase its global presence, was led by e& capital this month.

As part of e& capital, e& announced a $250 million venture capital fund in October to aid the ecosystem for tech start-ups. In addition to giving start-ups access to investor and expert networks, the e& capital VC fund seeks to draw them in and help them.

e& changed its name in February of last year in an effort to become a multinational technology investment company. Through its five business pillars—Etisalat by e&, e& international, e& life, e& enterprise, and e& capital—the company offers digital solutions.

In the UAE, Maxbyte products are distributed and integrated solely by E& Enterprise.

The government and UAE-based Bayanat are collaborating on smart infrastructure.
An artificial intelligence-powered provider of geospatial data goods and services located in Abu Dhabi, Bayanat, anticipates that its self-driving car pilot program and recently announced satellite space deal will significantly advance the emirate’s goal of becoming a smart city.

According to Abdulla Al Shamsi, chief operating officer of Bayanat, the firm, which is majority owned by G42, is aiming to improve its capabilities as part of efforts to collaborate with the government to make sure Abu Dhabi is “first in the world” when it comes to smart city infrastructure.
The company is growing with a focus on establishing competence domestically thanks to its initial public offering on the Abu Dhabi Securities Exchange in October.

The facility itself was the first investment we made, so listing definitely enabled us to believe we had crossed the line and taken use of the chances.
A space initiative to develop national satellite earth observation and remote sensing capabilities within the UAE was launched in May by a collaboration between Bayanat, Yahsat, and Al Yah Satellite Communications of Abu Dhabi.

According to Mr. Al Shamsi, the program’s initial satellite launch is still scheduled for the first quarter of 2024.

The initial satellite won’t be produced locally. With our partner, it will be launched and constructed. From there, we are developing and preparing ourselves from a facility standpoint.

In order to deliver a reliable data stream, it plans to develop at least five SAR satellites in low Earth orbit.

SAR is an active sensing technology that produces high-resolution images by illuminating the Earth’s surface and measuring the reflected signal. SAR satellites, in contrast to conventional optical imaging satellites, may take pictures day or night, in any condition of weather or illumination.
The program offers “massive” commercial prospects.

We specialize in geospatial space, but we also specialize in smart mobility and smart cities, so we will now investigate that angle as well. Having that data source, whether it be from aerial sensing devices or remote sensing, would undoubtedly help us create additional goods,”

SAR will aid in the discovery of events like land deformation, which in the past would have required the assistance of an inspector, or an oil spill at sea, enabling authorities to react quickly and limit damage.

Urban planning will also be significantly impacted by it.

“SAR will aid in better comprehension and more effective planning, and [urban planners] will make greater and broader use of the data,”
According to the International Institute for Management Development’s (IMD) Smart City Index for 2023 from Switzerland, Abu Dhabi this year kept its status as the most intelligent city in the Middle East and North Africa. This was made possible by its digital-first initiatives.

The index, which was published in may, ranked the capital of the UAE 13rd globally.

According to, chairman of the emirate’s Department of Municipalities and Transport (DMT), Abu Dhabi’s rise to prominence as the region’s leader is the result of initiatives centered on technologies like artificial intelligence and the internet of things, as well as the development of smart city initiatives across society, services, and the economy.

According to Mr. Al Shamsi, Bayanat, which is presently testing autonomous transportation in Abu Dhabi alongside the DMT and the Integrated Transport Centre, plans to quickly advance to the next round of trials.

The business collaborates with companies like China’s WeRide, which last month acquired the UAE’s first preliminary license to drive autonomous vehicles.

Everyone is attempting to use this new technology wisely because it is so new. In order to “… build the trust and the confidence with our partners on the potential of those self-driving cars that can operate freely on our roads,” Mr. Al Shamsi continued, “we are taking the additional measure [of a safety driver] at this moment.

The experiments, which began last year, have involved thousands of individuals, and the robotaxis and robo-buses are already running on Yas Island and Saadiyat Island.

The testing have given Bayanat a wealth of information and enabled it to make changes to the operating system as it strives to comprehend upcoming laws before to a significant fleet increase.

We are currently figuring out how to expand the fleet and how to deploy the first autonomous car without the safety officer, he added.

“To ensure that we are keeping it contained, we will test that in a geofencing configuration. Although our previous test was successful, the distance it could travel was somewhat constrained. In the near future, we intend to expand it.
Additionally, the technology at this point is still on the “higher side” in terms of expense.

According to Mr. Al Shamsi, “We are working with our partners to find answers and how we may truly render that commercially viable for the future.”

We are quite enthusiastic about this.

While Bayanat intends to expand across the region and globally with its smart mobility strategy, “we will go when we have the full consultancy service and also when we are providing the technology and implementing this on a wider range”, he said.

Looking ahead, the company will continue focusing on organic and inorganic growth within its key verticals of AI and geospatial to ensure its “sustainable growth and business”, he added

The first ‘all-in-one’ model that can comprehend and translate both speech and text is SeamlessM4T.
An artificial intelligence-powered translating engine that can translate languages for both text and speech has been released by Facebook’s parent company Meta.

The translation tool, known as SeamlessM4T, is the “first all-in-one multilingual multimodal AI transcription and translation model,” according to Meta.

Multimodal engines are software tools that can produce translations into either text or speech and comprehend language from both speech and text.

Depending on the task, SeamlessM4T can translate up to 100 languages from text to speech, text to text, speech to text, and text to voice.

“SeamlessM4T’s single system strategy reduces mistakes and holdups while increasing the efficiency and standard of the translation process,” Meta stated. “Compared to approaches using separate models.”

It continued, “This makes it easier for people who talk different languages to communicate with one another.”

The AI-driven translation market is flourishing.

According to India-based Acumen Research and Consulting, the size of the global machine translation market is predicted to increase from $812.6 million in 2021 to over $4.1 billion in 2030.

The practice of translating text or speech into another language using software is known as machine translation.

According to Meta, SeamlessM4T is being made available to the public under a research license so that researchers and developers can expand on this work. The information for Seamless Align, the largest open multimodal translation data set to date with 270,000 hours of extracted speech and text alignments, has also been made available.

Nearly 100 languages can have their voice recognized by the new translation engine. It is capable of translating speech to text in approximately 100 input and output languages. Almost 100 languages can be used as inputs and 36 languages, including English, can be used as outputs for speech-to-speech translation.

Additionally, it supports 35 (including English) output languages and approximately 100 input languages for text-to-text and text-to-speech translation, respectively.

SeamlessM4T, according to Meta, is a component of its efforts to develop a universal translation.

No Language Left Behind (NLLB), a text-to-text machine translation model that covers 200 languages, was introduced by Meta last year. It is now one of the translation services available on Wikipedia.

It released its first spoken language speech-to-speech translation program in October. The system was created as part of Meta’s Universal Speech Translator project, which aims to create AI systems that can translate speech to speech in any language.

Massively Multilingual Speech, which offers speech recognition, language identification, and speech synthesis technology spanning more than 1,100 languages, was unveiled by the business earlier this year.

“SeamlessM4T” is a project that “draws on results from all of these projects to provide a multilingual and multimodal translation experiences stemming from just one model, built over an extensive variety of spoken data sources with state-of-the-art results,” Meta said .Additionally, SeamlessM4T has a code-switching feature. When a multilingual speaker speaks in multiple languages, it occurs. It enables the engine to recognize and translate many languages when they are jumbled together in a single statement.

 

According to a study, global investments in artificial intelligence are anticipated to reach $200 billion by 2025 and may have a greater effect on GDP.

According to a report by Goldman Sachs Economic Research, it may take a few years for AI investments to significantly affect the economy after a rather slow start.

However, according to the US bank’s economists Joseph Briggs and Devesh Kodnani, in order for AI to spark widespread transformation, businesses must make “significant upfront investments in physical, digital, and human capital in order to acquire new technologies and reshape business processes”.

These investments, which might total $200 billion globally by 2025, will likely be made before adoption and efficiency improvements begin to drive significant productivity increases.

If the research’s growth estimates are completely realized, long-term investments in AI may reach a peak of 2.5% to 4% of gross domestic product in the US and 1.5% to 2.5% in other countries that are leaders in the technology, according to Goldman Sachs.

“The US has been established as the market leader in AI technology, and American businesses will likely be relatively early adopters,” Mr. Briggs and Mr. Kodnani said.

“Although a similar outcome could occur in other AI leaders [like China] as well, the investment effect will probably greater.

According to Goldman Sachs, generative AI in particular has “enormous” economic potential and might increase global labor productivity by more than 1% per year in the ten years following widespread adoption.

Less than a quarter of US chief executives surveyed expect generative AI to have an impact on their business or reduce their requirement for labor during the next one to three years.

However, a sizable portion of them anticipate using AI within the next three to ten years.

According to Goldman Sachs, if such timetables are accurate, adoption of AI “would likely begin to have an important effect on the US economy sometime around 2025 and 2030.”

Businesses have long employed AI in their daily operations, but generative AI has given it new life.

The system, which was developed by Microsoft-backed OpenAI and made famous by ChatGPT, can generate a variety of data types, including audio, code, photos, text, simulations, 3D models, and movies.

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.

The market is becoming increasingly interested in AI. More than 16% of corporations in the US Russell 3000 index alone have cited the technology in their revenue calls, up from less than 1% in 2016, with over half of that rise occurring after the introduction of ChatGPT in November 2022, according to Goldman Sachs.

Other local economies are already seeing its potential. According to a report released last month by the PwC unit Strategy& Middle East, the GCC countries will profit economically by around $23.5 billion by 2030 as investment in generative AI continue to rise.

According to CB Insights, the “most promising” 50 private generative AI businesses are focusing on a variety of industries, including media and entertainment, drug discovery in the healthcare field, the creation of AI assistants, HMIs, and generation tools.

According to Goldman Sachs, “Our economists expect AI investment to be primarily driven by hardware expenditure to train AI models and run AI queries, as well as higher expenditures on AI-enabled software.”

According to the study, investments in AI are likely to be concentrated in four key business sectors: businesses that build and train AI models, businesses that provide the infrastructure (such as data centers to run AI applications), businesses that create software to run AI-enabled applications, and businesses that charge enterprise end users for the software and cloud infrastructure services.

Goldman Sachs stated that although it is difficult to predict when the AI investment cycle will begin, business surveys indicate that it is likely to start having an impact on investments in the second half of this decade, with earlier acceptance by larger firms in the information and professional, scientific, and technical services.