Inside an AI-powered Economy

[Music] afternoon everyone my name is Carmen James I'm the chief strategy officer of liquidity group we're an aid driven direct lender investing globally and actually developing our machine learning models from our R&D Center just in adgm next door it's my pleasure to welcome you to our panel discussion on an inside and AI powered economy today here at ALU Finance week we all know that Abu Dhabi is the capital of capital but it's actually becoming a real Contender for the capital of AI the Technology Innovation institutes um llm actually surpasses the performance of meta's llama model um we have the world's first graduate level AI University Muhammad bin zad AI University and we're also committing significant Capital everyone from mgx to g42 investing very heavily in this space so as we as Rachel mentioned AI is set to add over 15 trillion to the global economy over the next 10 years and today we'll be exploring how this technology is reshaping Industries and redefining our future it wouldn't be an AI panel without an incredibly healthy dose of AI in the panel prep so shout out to our internal AI engine for helping me draft these questions and please meet our panelists um I'm thrilled to introduce them we have Bruno Lan president of the dayart Institute who brings a real wealth of knowledge in urban Innovation and digital transformation is one um the chief data officer at P Health who was really leading the charge in leveraging AI for groundbreaking advancements in healthcare and finally Mustafa Tahiri the chief operating officer at State Street who was really pioneering the use of AI in financial services and asset management so over the next 20 minutes we'll be diving into how AI is not just a tool but a real Catalyst for change across Urban Development healthc care and finance so let's get started Mustafa from your perspective at State Street um how is AI really reshaping asset management and investment strategies in ways that might surprise us yeah good afternoon everyone and glad to be here first I would say a has a profound impact on asset management and Investment Services business and to be short if I take three key areas one is obviously productivity uh we save Cape 10% of the word asset at State Street so we run huge amount of data transaction positions on behalf of our client so the ability to use AI more initially traditional AI then productive AI now gen to drive productivity is a key element of our growth and how we give back efficiency back to our client in Marketplace so application go for machine learning robotics to genni now and it's still on going and scaling up there is still huge of potential in that space uh the second area is data and it was mentioned in the earlier panel there are two element to data one is how data is used to drive insight and investment strategies for fund managers so the ability now to manage and structured unconventional data in a way which is Meaningful for investment is becoming a key differentiator when it come to Asset Management space the other part is monetization of data there is a recognition now data is an asset and when you sit on a lot of data how your business model is evolving to have data as an asset to be basically commercialized for the use of client that's a different again way how asset manager industry and ecosystem is evolving the third element which is I think important is there are few pain point in the industry which now technology and they is starting addressing one is private Market there is no large Institutional Investor today who is not exposed on investing actively in a private Market extremely fragmented non-standardized space extremely manual extremely costly the ability to leave prop Technologies to get to more automated standardized manner to ease access to the asset classes for the for I would say the masses is an important development the other example is wealth management and what we call hyper personalization ability to meet every one of us needs while generating a pooling of assets investment has been as well enabled by technology so as you can see there are a lot of applications which driving a lot of excitement how AI could drive a profound change in Asset Management industry we're definitely seeing that from liquidity group as well especially in the private Market space but asan moving over to you and Healthcare um Pure Health has really been pioneering the use of AI in healthcare and how is AI currently being integrated into delivery and what are the breakthroughs that you anticipate fantastic so um I I'll start off with a very very short introduction of Pure Health Pure Health is um the the middle east's largest integrated healthc Care Network with uh also within our fold is the UK's largest private healthcare Network so we are a global healthcare provider hospitals as well as insurance companies and our mission is to democratize longevity and the way we're doing that is through the use of data and AI generally when people people talk about and and we're focused very much on Precision Health not just Precision Health Care because right now the model of healthare is actually sick care you go to seek treatment when you're sick we want to uh develop a model of Precision Health generally when people talk about um Health Care uh or Precision Care they talk about you know think about a Continuum of data so a figure eight generally what that means is you and I go to see a doctor uh we get our Diagnostics done that Diagnostics is used to train models that is then used to develop new drugs those drugs come back and are then used in the care settings we think that there is a model where another round could be added before that and we think of that as preventative health care and that's where we're empowering individuals with the information so that they can take better care of themselves so there is a tremendous work that is happening in in health uh with data and AI um it's it's impacting people's lives and it is a big big commercial opportunity I know that the focus of this panel is also the AI powered economy um there are estimates that say that by 2030 data andai in healthcare will be $188 billion opportunity and that is a good thing because the healthier we are the better we can contribute in other sectors of the economy The Better Lives we can lead um and that is what is really exciting well speaking of Better Lives Bruno how do you envision AI Transforming Our Urban ecosystems Beyond just infrastructure and what unique challenges and opportunities do you think this presents for the Middle East yes thank you um we have to realize that uh by uh 2050 80% of the world population will be living in cities so if AI is not Transforming Our Lives and cities it will not be Transforming Our Lives globally it also means that three more billion people are going to have to be accommodated in cities and we need intelligent and creative approaches to accommodate this additional population I was very uh stimulated by uh the first two sessions of this afternoon uh on AI for good and then looking at the overall perspectives for AI and in its governance and regarding cities there are three areas that need to be flagged the first one is data okay as was mentioned in the previous panel the reason why Academia has not led the way and the private sector did it is that they didn't have the same access to data and we often hear that data is the new oil I object to that data is not the new oil data is the new air we breathe it continuously without it we cannot compete we cannot survive we cannot EX exist this is the New Deal in which uh we have to to operate so the data with iot everywhere with sensors everywhere across cities is the first area of impact the second one is as you mentioned on the infrastructure side we are seeing a blurring of the lines between real estate between Urban Design between Transportation Mobility between energy consumptions all of this under the ages of AI is becoming one single Endeavor you cannot optimize energy use in cities and pursue the sdgs of sustainability only through smart grids you have to rethink Mobility you have to rethink uh design of not just the buildings but neighborhoods and the third one and in my view uh maybe the um the most uh uh important is that we live in a world where geopolitics is changing the deal we see that multilateral disciplines have collapsed we see that nation states are becoming less important than they used to be we see corporations taking bigger roles we are going to see cities and regions taking bigger roles as well and these cities will be competing with each other Financial hubs like Abu Dhabi will be competing with other Financial hubs across the planet AI will be a very big asset in that kind of competition so data infrastructure Global competition are the three areas where AI will make all the difference I well I think Abu Dhabi is making some great strides to become a leader in the AI space so I guess we'll watch this space um we'll do a question to all of you and I might go down and and start with you Mustafa to all of our panelists as AI is becoming more prevalent um concerns about Job displacement are one of the biggest headlines that we see is um around AI so how do you see the workforce evolving in your respective Industries and what new roles or skills do you think will be in high demand yeah I would say every major technology Evolution has impacted the role of human being in the workplace that's start with internet Cloud traditional AI That's a continued adaptation we as employees work for have to adapt to that changes the two learning for us from the past and for the future one embracing the opportunity AI will augment our capability to deliver more get rid of low value to get to high value interaction having more human to human interaction and rely on the machine to accelerate the work we do and second for corporation like ourself what is our responsibility Vis our employees how we can assist them support them in this transition how we can think about the future of work and get them ready for next generation is an important role all companies need to start thinking about as this acceleration adoption is going how what is our role preparing our Workforce for the future very very interesting we're we're doing that at liquidity our analysts definitely keep busy but we can do a lot more deals than we um than we would without um our technology engine Bruno how about in the real estate industry what's your view well in 20 in January 2020 uh I had the honor to launch in Davos the uh eth edition of the Global Talent competitiveness index and the title of the report was Ai and jobs and 2020 is not so far away it's four four years ago the degree of understanding has changed radically in terms of implication for jobs in 2020 people were basically looking at what kind of jobs are going to be replaced by AI we are not anymore in that context we're looking at ways in which AI can enhance productivity can make jobs more impactful including on global goals and the rational is not now am I going to choose uh as a student as a a youngster the area in which I will not compete with AI but on the contrary and an area in which I can leverage my knowledge of AI to be a better architect to be a better doctor to be a better politician this is the mindset about the future of work the other dimension that we must not forget and which AI will enhance very much is that we are also beyond the notion of brain drain and brain gain and we've moved to the area of brain circulation employers public and private have realized that it is to their benefit to let some of their best employees go away sometime work for the competition work in other countries and bring back more knowledge and more value and AI will help a great deal enhance the circulation around the globe ran how about in healthcare this might be one of the industries where it'll impact the workforce the most in a positive way um how are you seeing that change play out completely agreed um in fact one of the one of the Godfathers of digital Health Professor Eric Paul um said many years back said the question is uh uh AI will not replace a physician but what is true is that a physician who uses AI will most certainly replace a physician who does not use AI right and so that's how we've got to think about it it's it's actually augmentation um and when we look at our industry the problem in our industry is not actually about people worrying about jobs in fact we've got the opposite we've got physician burnout people are are are burnt out because of the excessive load globally by 2030 there will be a shortage of 10 million healthcare workers across the globe 124,000 doctors will be missing in the US in the UAE 33,000 health care workers will be needed and we will be looking for them so the opportunity is all about thinking how to technology and AI will make the job of a healthcare worker that much more productive truly augmenting their ability to take care of us well I look forward to receiving that when I'm in in the UAE um one more question for you Mustafa at State Street you've been investing very heavily in AI adoption so how do you think about you know beyond just kind of optimizing um the back office the optimizing the man and machine interaction to create true Alpha versus just producing cost yeah so true Alpha is about client centricity I think AI Drive productivity but drive as well opportunities for new Services client experience the way we interact with client and Bruno you mentioned something very important the Academia data and something we've been doing for the last 15 years at State Street as I said we we cover 45 trillion of assets we have 230 years of existence we support World large investors so the data is available we have technology people so what we did is we partnered with academ academics for we are based in Boston we have MIT we have Harvard and we extended that we create a group called State tra Associates and we ask academics to come at work with us we create a platform for that to use the data on aniz basis to bring their intelligence and research but to make it very concrete to the data implementation that's been running for why now we are give you a few example around inflation around Market sentiment about Securities we developed offering around ESG exposure we have recent inflation crises we've been through a lot of our clients were asking for this data on a daily basis because we can go and get the prices of all Goods every day in Walmart and other prices and tell them the real price change every day so the ability again using technology a brain power of our research the data set is a very good application how using technology trust relationship and data could drive Alpha for investors and value for an State I would say uh traditional and institutional investors well speaking of data Bruno actually smart cities will generate massive amounts of data so how would this be harness to create new Economic Opportunity and how might this change the nature of work and living spaces in the future yeah very very quickly we have more data than we can analyze okay uh it is in 1998 I think that the total amount of data produced by machines uh became bigger than the total amount produced by humankind since uh it became humankind uh so we are in a different order of magnitude where only artificial intelligent can actually make sense of some of the patterns that emerge from the the data and artificial intelligence will keep being better than humans at doing it there are still functions however that are going to be needed and some of them increasingly needed to handle this data one of them will be to identify the goals why do we want to use the data one why do we want to apply data now you may look at health and say okay we have a very critical issue here regarding malaria for instance and then you apply directly and brute force will do a lot but you may have more generic goals like uh U little one like how do we save the planet from climate change okay then you need to identify patterns at a higher level and these are areas in which the notion of governance above ethics like was mentioned in the previous panel is becoming very important there's one in um Healthcare and Beyond clinical applications how is AI transforming healthcare administration and policy making and are there any unexpected benefits or challenges that you've encountered um so the so there are tremendous benefits and those benefits Are all uh anticipated and most certainly planned so I started off by saying we're trying to democratize longevity um and a key part of that is that we've got to actually reduce the Divide between those people that can afford and those people that cannot afford there is still a huge Chasm between Healthcare in developing countries and less developed countries in fact even in the developed countries the excessive burden of health care costs is a huge barrier so it is incumbent upon us it is necessary that we look at not only the clinical but also the non-clinical side um of healthcare there are a number of things that are being done uh in that realm we do a lot of that using as an example using AI to do predictive Staffing we know that on particular days um there will be a surge of patients coming in anticipating that and and upping your Staffing related to that and and reducing it otherwise those are those are just some of the examples through which we are improving the efficiency of healthcare I'm going to end with a rapid fire to all three of our panelists so finally looking ahead to 2030 what do you believe will be the most transformative application of AI in your field that either doesn't exist or it's in its infancy today uh I would say conjunction of power of AI analytical power of AI and transparency of blockchain totally agree with you Bruno I think a key uh ingredient for Success will be our ability to involve younger generation in decision making and governance uh younger Generations are very well equipped to understand the mechanics of AI they need to be brought to the for in terms of shaping its governance so 2030 is going to be really really exciting H and there are a few reasons for that uh so we're all excited about taking better care of ourselves but just one data point and then and and then the the thing um nearly only 20% of our health span over uh the course of our life is determined by genetics only 20% is actually determined by our interactions in a healthcare ecosystem the rest of it is behaviors socioeconomic determinants of health so what will happen in 2030 is we will have access to life coaches virtual life coaches that will use all of our data not only medical history not only claims histories but the way we but what we do in our spare time how we're using our me time our relaxing time all of that data to use using that data to nudge us towards healthier behaviors and that will give us more time to spend with our loved ones that to me is a really really exciting opportunity and the thing is not only are we dreaming of that opport of that opportunity but at uh at Pure Health through Pura one of our applications we're actually doing that right now and it will only get better with it all sounds very promising hopefully by 2030 we'll all be richer healthier and happier and on that note thank you very much for all our panelists thank you [Music]