While historically the Middle East has been known for shipping in new technology from overseas as required, there is growing regional ambition to be an innovation leader, said Youssef Salem (pictured above right), CFO of Abu Dhabi-based ADNOC Drilling – one of the largest companies in the sector.
Notably, the United Arab Emirates (UAE) government has launched several initiatives to push technology development forward, such as a National Innovation Strategy and the UAE Strategy for Artificial Intelligence.
“We now want to go direct to the future and leapfrog as a creator and a producer of new tech, not as a consumer,” Salem said in a panel discussion entitled ‘Overcoming Diversification Challenges in the Middle East’, during the ACT Middle East Treasury Summit 2024.
The panellists also underscored the importance of integrating technology into treasury functions to drive sustainability and innovation – as well as the significance of high-quality data in driving AI advancements, especially in the context of energy resources.
Speaking on the sidelines at the end of the summit, Janet Legge, deputy chief executive, ACT, said that AI had been one of the biggest talking points for attendees and that she felt the region’s treasurers were as ready as any other part of the world to embrace it.
“AI does tend to make everyone a bit afraid and there are concerns about putting secure data and sensitive information into the system, but people here are aware that everyone else is moving forward and so they’re starting to use it more for routine tasks, like cash flow forecasting and data analytics,” she said.
ADNOC is actively hiring 100 highly qualified professionals, including PhD holders and research and development (R&D) engineers, to boost innovation and technological advancement in the oil and gas industry.
The panel also highlighted the importance of Microsoft announcing it is expanding its Global Engineering Development Center to Abu Dhabi – the first in the Arab world. The facility will focus on AI innovations, cloud technologies, and advanced cybersecurity solutions, thereby attracting top talent to develop tailored solutions for critical industries.
“The UAE has positioned itself strategically where it has become a global hub, offering employees things that that no-one else can offer in terms of quality of living, lifestyle, no tax etc., hence we are seeing this massive talent migration happening,” Salem noted.
He also pointed to the buzz around Microsoft agreeing to invest USD1.5bn in Abu Dhabi artificial intelligence group G42. The investment will strengthen Abu Dhabi’s position as an AI leader and is a sign of the emirate’s ambitions in technology; it also shows how the Gulf Cooperation Council (GCC) region is increasingly regarded as a credible technology partner, the experts agreed.
The UAE is offering employees things that that no-one else can offer in terms of quality of living, lifestyle, no tax etc., hence we are seeing this massive talent migration happening
Other highlights of the summit included a session on ‘The AI-powered future: unlocking fintech growth in banking’, which focused on the transformative role AI plays in customer engagement and streamlining operations, and a session on ‘The era of invisible banking’ – the shift to banking services becoming seamlessly integrated into everyday activities and experiences, often without the consumer being explicitly aware of them.
Emma Procter is a freelance business journalist based in Dubai
