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ADDED unveils ‘SME Finance Facilitator’ to boost growth

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Sahfy Sahfy
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ADDED unveils ‘SME Finance Facilitator’ to boost growth
ADDED unveils ‘SME Finance Facilitator’ to boost growth

 The Abu Dhabi Department of Economic Development (ADDED) has launched the ‘SME Finance Facilitator’ programme, in partnership with  the Emirates Classification Society “Tasneef” and support of Abu Dhabi Chamber of Commerce and Industry (ADCCI), and leading banks, to improve SMEs access to financial services and enable them to grow further and play a greater role in the sustainable development.

The new initiative is part of ADDED’s ongoing efforts to enhance the business ecosystem for ADDED unveils ‘SME Finance Facilitator’ to boost growth as a key driver of a vibrant, diversified, and sustainable economy. It is a result of research, analysis, and active engagements with SMEs, financial institutions, and other stakeholders to address challenges facing SMEs.

The ‘SME Finance Facilitator’ programme is designed to improve access to financial services by facilitating the process for opening bank accounts and accessing credit facilities to support working capital needs and long-term growth.

The programme will assign financial facilitators to assist in understanding financial health checks, preparing financial and non-financial requirements, and fostering trust between SMEs and financial institutions, leading to a transparent communication and collaborative credit assessment. Working closely with participating banks, the assigned financial facilitator will also support qualified Abu Dhabi-based SMEs with preferential rates and fees for banking services and products.

SMEs is one of the vital sectors in Abu Dhabi’s economy; it accounts for 98% of businesses, employs 46% of the workforce, and contributes 42.8 % to Abu Dhabi’s non-oil GDP.

Mrs. Mouza Obaid Al Nasri, Executive Director of SMEs Sector at ADDED, said: “We are forging ahead with our efforts to empower SMEs and enhance their role in the next phase of our diversification strategy by contributing to non-oil GDP, creating new job opportunities in the knowledge-based economy, and increasing exports. To equip SMEs with a conducive business ecosystem to grow and expand, we have conducted thorough research, analysis, and conversations with key stakeholders to identify improvement areas”. 

“The ‘SME Finance Facilitator’ programme is a valuable addition to our initiatives as access to finance is a major challenge facing SMEs to grow and enhance their role in Abu Dhabi’s economy. We believe the programme will provide a suitable solution to meet the financing needs of this vital sector, unleash its growth, and bring about extended ripple effects across various economic sectors”.

Mr. Khalfan Al Saadi, General Manager at Tasneef Business Assurance said: “The SME Finance Facilitator programme holds a pivotal role in evaluating, preserving, and overseeing the quality of services offered by Finance Facilitator service providers. Tasneef’s involvement in this programme is a testament to its unwavering commitment to upholding the highest standards of business ethics and regulatory compliance”.

“Tasneef, operating as a provider of Business Assurance services within the SME Finance Facilitator Service, recognises the indispensable role of SMEs in propelling economic growth. We stress the significance of expertise, quality, transparency, and punctual service delivery as fundamental pillars for the prosperity of this programme”.

As part of ADDED’s efforts to improve the SME business ecosystem, it has rolled out various initiatives including the recently launched ‘Abu Dhabi SME Champions programme’ to enable SMEs identify and increase their share of procurement opportunities from private large companies and government related entities (GREs).

Abu Dhabi-based SMEs interested to join the programme can access it via Abu Dhabi SME Hub

(https://togetherwecan.adsmehub.ae/iluvldbi?L=Full+Page)

Fortune Global Forum kicks off Tomorrow in Abu Dhabi

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Sahfy Sahfy
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Fortune Global Forum kicks off Tomorrow in Abu Dhabi
Fortune Global Forum kicks off Tomorrow in Abu Dhabi

The Fortune Global Forum will bring the CEOs and leaders of the world’s largest multinational companies, policy makers, and investors together in Abu Dhabi between 27 to 29 November 2023, to discuss major challenges faced by the global economy and develop tomorrow’s business strategies.

The forum will bring together a distinguished assembly of global decision-makers and business leaders to explore the future of business in today’s dynamic global landscape. The line-up of speakers include H.E. Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade; H.E. Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications; H.E. Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Department of Economic Development (ADDED); Natarajan Chandrasekaran, Chairman of Tata Sons; Ray Dalio, Founder, CIO Mentor, and Member of  Operating Board of Bridgewater Associates; Jenny Johnson, President and CEO of Franklin Templeton; Peter Orszag, Chief Executive Officer of Lazard; Paul Hudson, CEO of Sanofi, Laura Cha; Chairman of  Hong Kong Exchanges and Clearing; Raj Subramaniam, CEO of FedEx; Francesco La Camera, Director General of the International Renewable Energy Agency (IRENA), and Denis Machuel, Chief Executive Officer of Adecco Group.

H.E. Rashed Abdulkarim Al Blooshi, Undersecretary of ADDED, said: “Hosting the Fortune Global Forum for the first time in MENA is part of our efforts to encourage cooperation among key players and contribute positively to the international business development, building synergies, and ensure a brighter future for all”. 

“We are looking forward to welcoming decision makers, economists, CEOs and thought leaders to engage in constructive conversations on most pressing topics at the global stage and identify mutually beneficial opportunities, with sustainability and human development at its core. As the catalyst for Abu Dhabi’s economic growth and diversification, we are forging ahead with efforts to build on our strong fundamentals and continue to flourish as the most competitive destination for industry, trade, and finance by further enhancing our business-friendly ecosystem to support businesses to grow and expand out of Abu Dhabi”.

Organised by the Abu Dhabi Department of Economic Development (ADDED), the Fortune Global Forum 2023 will centre around the theme “New Era of Business” featuring conversations on major geopolitical, economic, and technological developments.

The world-class event, being held for the first time in the Middle East and North Africa (MENA) region, will address core themes influencing global business today, including market and trade dynamics, geopolitical tides, emerging technologies, talent shortages and workplace shifts, climate risk, and consumer trends.

Abu Dhabi’s growing role as a business, economic and cultural hub make it an ideal location for the 2023 Fortune Global Forum.  Being organised few days before the United Nations Climate Change Conference (COP28) to be hosted by the UAE, the Fortune Global Forum provides a suitable platform for business leaders and CEOs of largest companies to elaborate on their global footprints.

Diaa Rashwan: Truce in Gaza

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Diaa Rashwan: Truce in Gaza
Diaa Rashwan: Truce in Gaza

Diaa Rashwan, chairman of the State Information Service (SIS), confirmed that the Egyptian communications and consultations are continuing with all parties regarding the truce agreed in Gaza Strip.

Rashwan explained that what is currently being consulted on, are the detailed executive procedures required to be implemented and adhered to by the two sides of the armistice agreement.

SIS chairman confirmed that it is expected, according to the path of these Egyptian contacts and consultations, that the truce, with all its conditions, will enter into force starting from tomorrow, Friday.

 

UAE’s Comprehensive Economic Partnership Agreements to double non-oil foreign trade to AED4 trillion by 2031

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Sahfy Sahfy
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UAE’s Comprehensive Economic Partnership Agreements to double non-oil foreign trade to AED4 trillion by 2031
UAE’s Comprehensive Economic Partnership Agreements to double non-oil foreign trade to AED4 trillion by 2031

The Ministry of Economy (MoE), in partnership with the Abu Dhabi Chamber of Commerce and Industry (ADCCI) and the Abu Dhabi Department of Economic Development (ADDED), has hosted a workshop to increase the Abu Dhabi business community’s awareness about importance of the Comprehensive Economic Partnership Agreement (CEPA) programme – which is securing deeper trade relationships with major economies around the world and cementing the UAE’s status as a global trade and logistics hub.

The workshop, held today at Park Hyatt, Saadiyat Island, is part of ongoing efforts to promote opportunities for the business community in the emirate and provide platforms for insightful and interactive conversations. Today’s workshop highlighted the key benefits of the UAE’s CEPAs, which include the elimination or reduction of customs duties, the removal of technical barriers to trade and improved market access for merchandise and services exporters. The session also highlighted the opportunities provided to Abu-Dhabi-based businesses to enhance economic cooperation and explore joint ventures in these important markets. 

ADDED’s workshop, which was attended by more than 250 representatives of key businesses in Abu Dhabi, was addressed by H.E. Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, H.E. Ahmed Jasim Al Zaabi, Chairman of ADDED, H.E. Rashed Abdulkarim Al Blooshi, Undersecretary of ADDED, H.E. Dr. Ali Saeed bin Harmal Al Dhaheri, First Vice Chairman of the Abu Dhabi Chamber, H.E. Alia Al Mazrouei, CEO of Khalifa Fund for Enterprise Development, and H.E. Raja Al Mazrouei, CEO of Etihad Credit Insurance (ECI).

To date, the UAE has signed CEPAs with seven nations and is in advanced negotiations with 12 more. The programme was a major component of the “Projects of the 50”, which was launched in September 2021 to strengthen the UAE’s position as a global trade, business and investment hub. The CEPAs have also been designed to support greater foreign direct investment (FDI) flows as UAE aims to attract $150 billion in foreign investment by 2031 and rank among the top 10 countries globally in term of attracting FDI. In 2022, the UAE attracted $23 billion in FDI, ranking 16th globally.

The agreements will also support the UAE’s ambition to double non-oil foreign trade by 2031, rising from the AED2.2 trillion recorded in 2022 to beyond AED4 trillion. The CEPAs inked so far will pave the way to increase the UAE non-oil bilateral trade volumes with theses trade partners to more than $170 billion (AED625.6 billion) in the coming five years, up 46% from $116.1 billion (AED427 billion) in 2022.

His Excellency Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, said: “The United Arab Emirates’ Comprehensive Economic Partnership Agreement program has opened up a world of opportunities for our exporters, investors, and entrepreneurs by securing stronger, deeper trade ties with a number of dynamic, high-growth economies – including India, Türkiye, South Korea, and Indonesia. By lowering tariffs, removing barriers to trade, supporting SMEs and accelerating investment into priority sectors, we are driving a new era of global exchange, with the UAE at its center. Today’s event is an important step in ensuring our private sector is fully equipped with the knowledge and information to fully leverage these partnerships and help us meet our long-term economic objectives. I look forward to the impact these conversations will have on our non-oil foreign trade – and, by extension, our national growth.”

H.E. Ahmed Jasim Al Zaabi, Chairman of ADDED, said “Trade has always been a key driver of socio-economic development. Our strategic location and business-friendly mindset, approaches, and policies have positioned us as a global trade, business, and investment hub.

“We have set bold goals for expanding our non-oil trade and boosting key sectors. To this end, we are forging ahead with efforts to facilitate trade and ensure ease of doing business. Coupled with our world-class infrastructure, connectivity, trade platforms, policies, and solutions, CEPAs provide businesses with ample, promising opportunities to grow and expand out of Abu Dhabi.”

For his part, His Excellency Dr. Ali Saeed bin Harmal Al Dhaheri, First Vice Chairman of the Abu Dhabi Chamber, underscored in a speech he delivered during the workshop the pivotal role of the comprehensive economic partnership agreements (SEPAs) in fortifying the UAE economy and securing its position on the world economic map.

“CEPAs have ushered in a new era of growth and sustainable development by unlocking untapped potentials for investors and entrepreneurs, enabling them to access international markets by reducing or eliminating tariffs and streamlining customs procedures,” he said, expressing the Chamber’s commitment to empowering businesses in Abu Dhabi, facilitating their utilisation of CEPA benefits, and supporting their expansion globally while exploring new investment opportunities across various economic sectors, thereby contributing significantly to the economic diversification process in Abu Dhabi.

Abu Dhabi’s trade facilitation solutions, including the Advanced Trade and Logistics Platform (ATLP), have simplified procedures, reduced time, and cost, supporting increased trade volumes.

In 2022, Abu Dhabi non-oil exports grew by 26%, while the average annual growth rate of Emirate’s non-oil exports between 2016 and 2022 was 6% across all sectors.              Abu Dhabi aims to increase its non-oil exports by 143% over the next decade.

The workshop highlighted CEPAs main targeted areas, including goods, services, rules of origin/preferential certificate of origin, and safeguard measures. By eliminating or reducing tariffs and customs duties with key trading partners, CEPAs make it easier and cost-effective for businesses to export goods and services abroad. This increased access to foreign markets will attract investment, create jobs, and spur the growth of our economy. 

Dubai Future Forum, world’s largest gathering of futurists, to host 150 international speakers to shape tomorrow

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Sahfy Sahfy
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Dubai Future Forum, world’s largest gathering of futurists, to host 150 international speakers to shape tomorrow
Dubai Future Forum, world’s largest gathering of futurists, to host 150 international speakers to shape tomorrow

More than 150 speakers from the UAE and around the world will participate in 70 panel discussions, keynote speeches and workshops at the Dubai Future Forum next week.

The world’s largest gathering of futurists takes place on November 27-28 under the patronage of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of the Executive Council and Chairman of the Board of Trustees of the Dubai Future Foundation.

Organised by the Dubai Future Foundation at the Museum of the Future, more than 2,500 experts from 100 countries will participate in the second edition of this global event, in addition to about 100 international institutions and organisations.

Some of the top speakers coming from overseas include: Dr. Angela Wilkinson from the World Energy Council; Dr. Mary Lou Jepesen from the Openwater Foundation; Dr. Paul Salem from the Middle East Institute; Professor Pascal Fung from the Hong Kong University of Technology; Nourhan Badr El Din from UNICEF; Alisha Bhagat from the Forum For the Future; Professor Hoda Al Khuzaimi from the Emaratsec; Dr. Kais Hammami from the Islamic World Educational, Scientific and Cultural Organization; Melanie Subin from the Future Today Institute; Dr. Sophie Howe, Future Generations Commissioner for Wales; James Pomeroy from HSBC; and Alice Ruhweza of WWF, among others.

Ministers and government officials from the UAE will also participate in the event: including His Excellency Mohammad Abdullah Al Gergawi, Minister of Cabinet Affairs, Vice Chairman of the Board of Trustees and Managing Director of the Dubai Future Foundation; Her Excellency Ohood bint Khalfan Al Roumi, Minister of State for Government Development and the Future; and His Excellency Ambassador Majid Al Suwaidi, Director General of COP28; in addition to one of the first Emirati astronauts, Sultan Al Neyadi and the astronauts from the entire NASA SpaceX Crew-6 2023 mission.

Melanie Subin, Managing Director of Future Today Institute, said: “I am deeply impressed by the Dubai Future Forum’s unique ability to foster invaluable network opportunities and provide a conducive environment for global leaders to analyse our world’s long-term needs. This exceptional Forum reminds us of the paramount importance of taking regular pauses in our fast-paced lives to assess our future trajectory, ensuring we are on the right course. In a world of rapid change, the Dubai Future Forum is a beacon of foresight, guiding us toward a brighter and more resilient future.”

Emma Thwaites, Director of Corporate Affairs of Open Data Institute (ODI), said: “At the ODI, we want a world where data works for everyone. This has become so much more pressing in our era of rapidly evolving technology. Without good data and trustworthy data practices, it is impossible to build ethical AI.  We have a huge responsibility to keep the ‘human in the loop’ which is why this gathering of humans at the Dubai Future Forum – and online – is so important at this point in our species’ evolution. I am excited to join this event, to meet with others and discuss how we can work with innovation at a human level, to ensure that all members of the global community benefit, and harms are minimised.”

Alisha Bhagat, Senior Futurist at Forum for the Future, said: “Given the compounding crises we currently face, we need massive systems level change to transform the way we engage with the planet and with each other. Individuals, communities, and organizations at all levels will need to embrace and be proactive about change to ensure that the future is just, equitable, and regenerative. The Dubai Futures Forum is a place where the futures and foresight community can come together to discuss niche, seemingly impossible, and courageous ideas that can shift our understanding of the world and take us into different ways of thinking and existing.”

Prof. Matthew Agarwala, Economist of Bennett Institute for Public Policy at University of Cambridge, said: “From the Marshall Plan to the present day, economic statistics do much more than measure progress: they become guiding principles for government policies. Prosperity depends on the stewardship of the whole portfolio of society’s assets, including natural, human, and social capital.”

Prof. Cornelius Holtorf, Professor at Linnaeus University, said: “It is timely and pertinent that the world’s largest gathering of futurists – held at Dubai’s Museum of the Future – features a discussion on the significance of culture and heritage for foresight. Cultural realities past, present, and future, including those manifested in cultural heritage, shape and express the frameworks of meaning within which each person makes sense of, and acts in the world. In anticipating coming challenges, imagining emerging opportunities, and shaping our futures to come, we cannot afford to ignore the significance of culture and heritage.”

Jolene Lum, Head, Business Development of Nurasa Pte Ltd, said: “The world is under immense pressure to transform food systems into ones that are regenerative and equitable to provide healthy, safe and nutritious food for all, while keeping within planetary boundaries. Shaping a sustainable food future requires collective efforts to scale new innovations that are not just quick fixes. I look forward to joining Dubai Future Forum, a platform bringing together the sharpest global experts and thought leaders, to draw on deep insights across industries, exchange ideas, and drive action to catalyse solutions for the world’s most pressing challenges – including the long-term sustainability and resilience of global food systems.”

Joanna Lepore, Global Foresight Director at McDonald’s Corp, said: “Despite what we sometimes say in business, the future is not a competitive battlefield. If we truly believe in a more positive future and if it still holds true that the future belongs to all of us then we must work on it together. I have tremendous hope for what we can learn from and move on when we collect great minds and hearts together at the right time and in the right place.”

Discussions of vital sectors

Speakers will discuss the future of some of the most important sectors, such as space, sustainability, environment, energy, food, health, medicine, education, technology, artificial intelligence, digital economy, governance, and many others.

The forum’s discussions will focus on four main themes, including reimagining nature, empowering future generations, the human-machine relationship, and transformations in humanity.

More information about the Dubai Future Forum 2023 is available on: (www.dubaifuture.ae/dubai-future-forum-2023

World Economic Forum to Accelerate Multistakeholder Climate Action at COP28

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Sahfy Sahfy
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World Economic Forum to Accelerate Multistakeholder Climate Action at COP28
World Economic Forum to Accelerate Multistakeholder Climate Action at COP28

The World Economic Forum will convene heads of state, ministers, business leaders, philanthropy and civil society to advance climate action at the 28th Conference of the Parties of the UNFCCC (COP28) at the Expo City Dubai, in Dubai, United Arab Emirates. The Forum’s focus at COP28 is to address priority action areas including industry decarbonization and net zero, energy transition, food, nature and innovative finance.

“We have to take a holistic approach to address the environment crisis, with people at the heart of the agenda, focusing on restoring and protecting nature ecosystems, strengthening community resilience in the face of water stresses and extreme temperatures, while stopping the pollution of our land, sea and water,” said Gim Huay Neo, Managing Director, World Economic Forum. “Fostering a sense of inter-dependence, mutual trust and support as well as active collaboration between governments, the private sector, philanthropy, civil society and communities is needed to build a more harmonious relationship among communities and with the planet.

COP28 is an opportunity for the World Economic Forum to provide a platform for multistakeholders to take stock on progress, enhance partnership efforts and explore new ideas and solutions together to safeguard our global commons.”

The discussions in Dubai will build on outcomes from the Forum’s Sustainable Development Impact Meetings 2023, which reflected on progress made on the Sustainable Development Goals (SDGs) and created momentum in addressing the climate and nature crises and advancing an inclusive energy transition.

As part of the COP28 programme, the Forum will hold several sessions aligned to the meeting’s thematic areas. Most of the sessions will take place at the COP28 Blue Zone, which is accessible to UNFCCC-accredited media.

Virtuzone launches ChatVZ, the world’s first business setup AI chatbot

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Sahfy Sahfy
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Virtuzone launches ChatVZ, the world’s first business setup AI chatbot
Virtuzone launches ChatVZ, the world’s first business setup AI chatbot

Building on the successful launch of its suite of AI-powered tools, Virtuzone further cements its position as a leading innovator in the company formation and corporate service industry by introducing its latest AI-driven platform: ChatVZ, the world’s first business setup AI chatbot.

Virtuzone, the UAE’s first and leading company formation specialists and award-winning corporate services provider, has programmed ChatVZ to provide complete, detailed and up-to-date answers to any UAE business setup-related questions in just seconds.

Leveraging the ground-breaking capabilities of large language models (LLMs) and generative AI, ChatVZ is designed to make it easier, simpler and faster for people to access information about setting up a business in the mainland and in all of UAE’s free zones. The AI-enabled platform uses OpenAI’s recently released GPT-4 turbo developer update, significantly enhancing the speed and performance of the responses it generates.

ChatVZ is trained on 10 years’ worth of information sourced from Virtuzone’s database of more than 100,000 unique digital interactions, and thus adds over a million new words to GPT’s current dataset. Equipped with a multi-layered security infrastructure, ChatVZ offers stringent data protection and safeguards users’ personal information.

George Hojeige, CEO of Virtugroup, said: “We will continue to harness and maximise the ingenuity and unlimited potential of artificial intelligence to create innovative solutions that will help make entrepreneurship in the UAE more accessible and feasible for everyone. Like TaxGPT, the world’s first AI-powered UAE corporate tax assistant which we launched in May, ChatVZ is aimed at supporting entrepreneurs and boosting start-up activity in the country and continuously underpinning the UAE’s position as a global business hub.”

Damian Brennan, Marketing Director at Virtuzone, said: “ChatVZ follows the success we achieved with TaxGPT, which has now provided over 50,000 answers to UAE corporate tax-related questions. We foresee ChatVZ to deliver the same level of instantaneous responsiveness and precise answers that will guide entrepreneurs and corporates looking to establish their foothold in the UAE. We will continue to harness the new technologies made available by OpenAI to introduce next-generation AI-operated tools, such as an AI-enabled business plan generator and autonomous bots that can amplify operational processing speed.”

ZAJEL Participated in Dubai’s Global Freight Summit 2023

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Sahfy Sahfy
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ZAJEL Participated in Dubai’s Global Freight Summit 2023
ZAJEL Participated in Dubai’s Global Freight Summit 2023

 Zajel makes its mark in the world of global logistics summit, with its participation in this year’s edition of the “Global Freight Summit” – an international scale event seeking to enhance worldwide logistics operations.

Under DF Alliance, the Global Freight Summit 2023 is one of the world’s most vital global supply chain and freight events of the year. The Summit is DPs vision to create a platform for various industry leaders to converge and enable various dialogues to meet the pressing challenges and pressures of the industry and come up with innovative solutions for forward growth.

Zajel’s participation showcases the company’s drive to showcase its level of expertise and professionalism as freight forwarders Moreover, this also highlights their commitment to growth through various global and local partnerships – one that seek to enhance logistic supply chains across all sectors, to enhance operations and services.

The freight forwarding department was launched earlier this year, as part of their service expansion plan – Business Development Manager, Shaher Abu Hammor adds, “Zajel has taken strong strides in establishing a solid freight forwarding department, headed by some of the most trusted names in the industry – our participation is key in helping us build connections and global market presence, which will in turn help streamlining our operations regionally and internationally”.

The company continues to improve its services through various partnerships and event participations, as part of their dedication to improve operations and services, internally and externally

AI HAS THE POTENTIAL TO REDEFINE THE CUSTOMER EXPERIENCE, BUT CHALLENGES REMAIN

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Sahfy Sahfy
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AI HAS THE POTENTIAL TO REDEFINE THE CUSTOMER EXPERIENCE, BUT CHALLENGES REMAIN
AI HAS THE POTENTIAL TO REDEFINE THE CUSTOMER EXPERIENCE, BUT CHALLENGES REMAIN

Artificial intelligence (AI) has the potential to transform the customer experience, said a panel of leading experts during a special reception hosted by Arabian Gulf Business Insight (AGBI) at the Capital Cub Dubai, DIFC, on 15 November.

The exclusive, invite-only event welcomed an audience of senior business leaders from across the UAE to explore emerging trends, opportunities, and challenges brought on by the advancement of AI, as well as the best ways for businesses to navigate its wide-spread influence on people, processes, products, and productivity.

The discussion was led by Michael Bayler, a sought-after strategy consultant and author, who was joined by a panel of international AI specialists – including Mario Rizk, a principal in Oliver Wyman’s Digital Practice; Jessica Groopman, a respected Silicon Valley-based analyst; Professor Neil Maiden, the current director of the UK’s National Centre for Creativity enabled by AI (CebAI); and Noel Tock, a technologist and founder of digital experience agency, Human Made. 

In their discussion of key narratives framing public perception of AI in the workplace, the panellists identified customer experience (CX) as a key field that would undergo a transformation thanks to AI, notwithstanding the challenges of aggregating a single organisation’s huge volume of data into a single platform, and associated data security challenges.

“I think it’s very tempting to replace individual pieces of workflows with AI, and this is not necessarily the best outcome for customers,” said Noel Tock, who counts AirBnb, TechCrunch, and Siemens among his agency’s clients.

“What is the best outcome for customers? Being able to send the right message, to the right person, at the right time. 

“There’s a great opportunity [with AI] to go back to the first principles of what is your ideal customer, who are they, spending time with them, and then working back from there.”

Michael Bayler agreed, citing the $600 billion value of the global CX market. 

“Anticipating a possible customer need, looking at where customers are in context, and then being able to feed them real-time solutions [is key] to data and digital customer service, but there are basic fundamental attitude problems to resolve in the customer service market before we can move forward,” he said. 

Jessica Groopman highlighted other narratives that will shape the CX space, including acceleration and building, as well as their combined impact on democratisation of knowledge at an organisational level.

Mario Rizk added: “There’s a new set of algorithms around large-language models, and consumer expectations…and experience will change, and this change will drive product and market change. At the same time, there are conversations around how to resist the rabbit hole of AI. This is the concern.”

The solution doesn’t lie in resisting AI, though, but in learning to leverage its capabilities to foster creative problem solving across business operations. 

“Creativity and creative problem solving isn’t something that happens occasionally,” said Professor Neil Maiden. 

“It’s embedded in the world. Combining generative AI technologies with machine learning, creative search, and old fashioned, symbolic AI enables us to come up with new architecture that can deliver augmentations to creative problem solving. 

“What we’ve done is bring all these technologies together to prompt business leaders to be more creative and solve problems in more creative ways.

“Creativity is often seen as a trade-off with productivity, but our observation with these technologies is that there’s a sweet spot with both,” he added. 

As AI continues to drive new approaches to creativity within business, individuals need to maintain their sense of purpose, agreed the panellists. 

“There’s something fundamental about how we define ourselves. Often, an idea we generate is the extension of ourselves. So, it’s really important [with the adoption of AI] that ownership remains with the people,” said Professor Maiden. 

This sense of purpose needs to extend beyond the individual to the organisation, with leaders carrying the responsibility of redefining corporate identity, echoed Bayler.

He added: “The incredible lack of leadership and what corporate purpose means has to be resolved, and there needs to be greater stewardship of purpose. The real question isn’t ‘what is your AI strategy?’, it’s ‘how is this strategy in service to our purpose?’ Purpose should be the primary lens through which we interrogate our approach.” 

Forbes Middle East to Host its Second Under 30 Summit in El Gouna in January, Chaired by Anas Bukhash

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orbes Middle East to Host its Second Under 30 Summit in El Gouna in January
orbes Middle East to Host its Second Under 30 Summit in El Gouna in January
  • The second edition of the Under 30 El Gouna will be held from January 11-14, 2024.
  • More than 1,000 participants will gather in El Gouna along the Red Sea coastline in Egypt to celebrate the Forbes Under 30 community.
  • The ground-breaking event will showcase influential speakers, entrepreneurs, and thought leaders from across the Middle East and the wider world.

 

El Gouna, Egypt, November 19, 2023

 

Plans are underway for Forbes Middle East’s second Under 30 Summit in El Gouna. The summit is set to take place from January 11-14, 2024, at the El Gouna Conference and Culture Center, with the fully integrated sustainable town by Orascom Development by the Red Sea in Egypt once again hosting young talent, disruptors and innovators from across the region, offering speakers and attendees an entertaining and enlightening four-day experience.

 

Khuloud Al Omian, CEO and Editor-in-Chief of Forbes Middle East, expressed her enthusiasm for the summit and the collaboration with El Gouna, stating, “Forbes Middle East is committed to recognizing and nurturing young talent in the region. Our partnership with El Gouna by Orascom Development and the support of Visa, VIMarktes, and Prypco will ensure that the Forbes Middle East Under 30 El Gouna remains a platform for innovation and inspiration.”

 

“We are delighted to embark on the second edition of Forbes Middle East Under 30, with El Gouna once again serving as the host to Arab and international youth from all corners, solidifying its position as a multifaceted youth destination for business, leisure, and living,” said Mohamed Amer, CEO of El Gouna. “Anticipation is high for this significant event that unites a select group of Egypt and the Arab World’s young talent. This summit holds immense importance for us, as it aligns with our aim of bolstering El Gouna’s position as the nexus for business professionals, SMEs, and entrepreneurs in the region, offering a special coastal lifestyle experience not found elsewhere.”

 

The summit will be chaired by Emirati serial entrepreneur and interviewer Anas Bukhash, widely recognized for hosting his popular podcast show #ABtalks. He is a renowned promotor of personal growth and awareness in the Arab region and is committed to leading and empowering the next generation, serving as an inspirational figure to support their aspirations.

 

“It is a pleasure to be chosen to chair the Forbes Middle East’s Under 30 in ElGouna. This youth summit serves as a pivotal platform that unites the leaders of tomorrow, providing them with a space for networking, collaboration, and the exchange of groundbreaking ideas,” said Bukhash. “I am very happy to be collaborating with Forbes, and we eagerly anticipate welcoming you all to El Gouna as we come together to celebrate the remarkable achievements of our youth.”

 

The Forbes Middle East Under 30 Summit will feature an exciting array of inspiring speakers who will be sharing their expertise and insights, including: filmmaker and actress Zeina Makki; Senior Vice President & Group Country Manager at NALP, Visa, Leila Serhan; content creator Mohanad Hattab;  Founder and CEO Of Prypco, Amira Sajwani; Head of Design for APAC and AMESA at Pepsico, Gianmauro Vella; lyricist, writer, and creative director, Menna Elkeiy; comedians Saudi Reporters; TV host Sherif Fayed; influencer Narin’s Beauty; TV presenter Ramy Radwan; and YouTuber Ghaith Marwan. The Forbes Middle East Under 30 El Gouna 2024 promises to be a landmark event, empowering the next generation of leaders, fostering creativity and innovation, and celebrating the achievements of young visionaries across the Middle East. Stay tuned for more updates and exciting announcements as we approach this historic event.

 

About Forbes Middle East

 

Forbes Middle East is a licensed edition of Forbes for the Arab world, championing inspiring business journalism and entrepreneurial capitalism. Its online and social platforms break news covering billionaires, business, investment, technology, economy, entrepreneurship, leadership, and luxury lifestyles. The monthly magazine, featuring in-depth interviews with the Middle East’s most influential and innovative leaders, is published in print in English and Arabic, with digital versions available to both regional and global audiences online. Forbes Middle East extends the Forbes brand of journalism across the Arab world, conducting its own comprehensive research to publish original lists that adhere to strict methodologies. Its content attracts business leaders, investors, active and potential entrepreneurs, and a wide audience of ambitious and influential executives.

 

About El Gouna

 

El Gouna, one of Orascom Development’s fully integrated towns, has been the most prominent destination nestled on the Red Sea in an area of 36.9 million square meters for more than 30 years. The town encompasses 9,200 delivered residential units, 18 hotels providing 2,800 rooms, schools offering various international curricula, including Swiss and British certifications, an international hospital, a startup workspace facility, four marinas, two world-class golf courses, an Egyptian Premier League football club, a culture and conference center, and an array of services.

 

Each of El Gouna’s hotels is characterized by unique architectural charm. From the Upper Nubian flair of Steigenberger to the Asian-inspired design of The Chedi, which is part of The Leading Hotels of the World portfolio, and Casa Cook’s down-to-earth yet stylish aesthetic, there’s a hotel for every taste. The interior design across these hotels is sleek and understated, prioritizing maximum comfort. Dining in El Gouna is a culinary delight, with impeccable options featuring flavors from locally sourced ingredients, including supplies from El Gouna’s own farm. The town also offers a curated selection of spas, blending oriental and Far Eastern treatments for a holistic relaxation experience. With a population of more than 25,000 residents of 50+ nationalities, El Gouna is only 30 minutes from Hurghada International Airport, which has direct flights to the UK (5 hours), many European cities (4 hours), and the Middle East (1 hour).

 

About Orascom Development Holding

 

Orascom Development Holding is a leading international developer specializing in vibrant, integrated communities in Europe, the Middle East, and North Africa. For more than 30 years, Orascom Development has been a pioneer in creating destinations where people are inspired to live, work, and play with passion and purpose. From El Gouna’s stunning Egyptian coastal town by the Red Sea to Andermatt Swiss Alps’ breathtaking, year-round mountain destination, each master-planned community is a testament to Orascom Development’s commitment to place-making at its finest. The integrated towns harmoniously combine residential areas with private villas and apartments, hotels, and award-winning leisure and commercial amenities – including golf courses, marinas, sports facilities, retail shops, and restaurants.

 

Orascom Development owns a land bank of more than 100 million square meters with nearly 40% under development or developed into thriving communities in Egypt (El Gouna, Makadi Heights, O West, Taba Heights, and Byoum), in the GCC (The Cove in the UAE and Jebel Sifah and Hawana Salalah in Oman), and in Europe (Andermatt Swiss Alps in Switzerland, Luštica Bay in Montenegro and West Carclaze Garden Village in the UK). Orascom Development’s hospitality portfolio includes 33 premium and luxury hotels with more than 7,000 rooms across Europe, the Middle East, and North Africa. ODH shares are listed on the SIX Swiss Exchange.

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