Companies must deploy AI to transform industries: Mubadala deputy CEO

Above, Waleed Al-Muhairi, deputy CEO of Mubadala Investment Co. at the first Middle East SALT conference in Abu Dhai. (AN/Huda Bashatah)
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Updated 10 December 2019

Companies must deploy AI to transform industries: Mubadala deputy CEO

  • ‘One of the mega trends you see around the world is that preferences matter’
  • ‘We have to change the way we view technology’

DUBAI: The next wave of value creation in the business world will not come from companies that develop artificial intelligence (AI), but from those that can innovatively deploy technology to transform industries, Waleed Al-Muhairi, deputy CEO of Mubadala Investment Co., said on Tuesday at the first Middle East SALT conference.

The two-day event is taking place in Abu Dhabi, and is run by former White House communications director Anthony Scaramucci.

It is hosting more than 1,000 leaders from the worlds of investment, finance and policymaking at the city’s financial hub, the Abu Dhabi Global Market.

Discussing Mubadala’s partnerships with China, the UAE’s largest trading partner, Al-Muhairi referred to billion-dollar investments in China’s private and public sectors.

“We have a wonderful partnership with China. We’ve established a $10 billion fund there with the China Development Bank, and have deployed almost $2 billion in 15 to 16 different sectors, with technology being the main theme,” he said.

Mubadala currently has $240 billion of assets under management, with close to $100 billion invested in the US (60 percent of the state-owned holding company’s portfolio).

The remaining 40 percent is divided “almost” equally between investments in the UAE, Europe and Asia, “with a heavy concentration in China,” said Al-Muhairi.

“But our objective is to participate in the growth and success of a large, growing and dynamic economy like China’s,” he said, adding that it is only a matter of time before the country becomes the “largest economy on Earth.”

On technology, Al-Muhairi cited Asia-focused private equity firm Hill House, which transformed a mid-level athletic footwear company in China to the No. 1 brand in the country through the deployment of AI.

The company applied the expertise of 50 scientists and engineers to revolutionize the manufacturing process of footwear, while subsequently improving the brand’s retail experience.

By placing censors on the shelves to detect customers’ interest in buying specific footwear, they were able to shorten the cycle of understanding customer feedback and preference, said Al-Muhairi.

“One of the mega trends you see around the world is that preferences matter. And those business that are able to curate a customized experience for customers are going to be the ones who succeed, especially in the retail industry,” he added.

While people often refer to technology as a “sector,” Al-Muhairi believes it is similar to the concept of “electricity” in that it empowers projects and is infused in everything we do today.

“We have to change the way we view technology,” he said, adding that while it is the “life-blood of any successful company” and the “single most important enabler,” it is not an objective in itself. 

“We don’t invest in technology for the sake of technology. We invest in it because it will transform something or it will create value and a return,” he said.


Trump gives dramatic account of Soleimani’s last minutes before death: CNN

Updated 1 min 2 sec ago

Trump gives dramatic account of Soleimani’s last minutes before death: CNN

  • The president spoke in a ballroom at his Mar-a-Lago club in Palm Beach, Florida, at a Republican event
  • CNN said it obtained an audio recording of Trump’s remarks

PALM BEACH, Florida, Jan 18 : US President Donald Trump gave a minute-to-minute account of the US drone strikes that killed Iranian military commander Qassem Soleimani in remarks to a Republican fund-raising dinner on Friday night, according to audio obtained by CNN.
With his typical dramatic flourish, Trump recounted the scene as he monitored the strikes from the White House Situation Room when Soleimani was killed.
The president spoke in a ballroom at his Mar-a-Lago club in Palm Beach, Florida, at a Republican event that raised $10 million for Trump’s 2020 re-election campaign and for the Republican National Committee.
Reporters were not allowed in for the event. CNN said it obtained an audio recording of Trump’s remarks. The White House did not immediately respond to a request for comment.
The Jan. 3 killing of Soleimani at Baghdad airport prompted Iran to retaliate with missile strikes against US forces in Iraq days later and almost triggered a broad war between the two countries.
“They’re together sir,” Trump said military officials told him. “Sir, they have two minutes and 11 seconds. No emotion. ‘Two minutes and 11 seconds to live, sir. They’re in the car, they’re in an armored vehicle. Sir, they have approximately one minute to live, sir. Thirty seconds. Ten, 9, 8 ...’ “
“Then all of a sudden, boom,” he said. “’They’re gone, sir. Cutting off.’“
“I said, where is this guy?” Trump continued. “That was the last I heard from him.”
It was the most detailed account that Trump has given of the drone strike, which has drawn criticism from some US lawmakers because neither the president nor his advisers have provided public information to back up their statements that Soleimani presented an “imminent” threat to Americans in the region.
CNN said that in the audio, Trump did not repeat that Soleimani was an imminent threat. Trump said Soleimani was “saying bad things about our country” before the strike, which led to his decision to authorize his killing.