An Egyptian company helps local businesses adopt AI

An Egyptian company helps local businesses adopt AI
Cairo-based digital transformation firm Synapse Analytics has been exploring AI’s benefits in market sectors ranging from robotics to banking. (Supplied)
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Updated 20 December 2019

An Egyptian company helps local businesses adopt AI

An Egyptian company helps local businesses adopt AI
  • AI is expected to make an economic contribution of $320bn by 2030 in the MENA region
  • Cairo-based venture experimenting with integration of AI in a variety of sectors

CAIRO: An Egyptian technology business is aiming to help regional enterprises benefit from the use of artificial intelligence (AI).

AI is being relentlessly integrated into the fundamentals of business and everyday life, demonstrating exceptional potential for boosting the global economy.

In the Middle East and North Africa (MENA) region, the new technology is expected to make an economic contribution of $320 billion (SR1.2 trillion) by 2030, with gains expanding annually by between 20 percent and 34 percent.

Saudi Arabia is forecast to be the chief beneficiary of this trend as it adds an estimated $135.2 billion to its gross domestic product, with the Neom smart city project being a clear sign of the Kingdom’s commitment to technology and AI.

On the other hand, there has never been a more controversial time for AI, not just in the region but also around the globe.

While companies are excited to explore its use to obtain insights that can help them transform their products and services, employees are fearful of losing their jobs to AI-powered bots.

“AI is trendy now, and there are so many talks and events about it, (but) many executives might agree that despite all the interest, tangible business results are scarce,” said Ahmed Abaza, co-founder and CEO of Synapse Analytics, an Egyptian digital transformation company helping businesses adopt AI solutions.

Founded in January 2018 by 29-year-old Abaza and Galal El-Beshbishy, 24, the Cairo-based venture has been experimenting with a variety of market sectors — from robotics to banking — and utilizing AI for everything, from image tracking and analysis to business analytics.

The company’s ultimate goal is to revisit how AI could be Incorporated within enterprises. In spite of an influx of funds into AI business adoption, Abaza believes that firms can easily fall victim to the powerful hype surrounding the technology instead of making results-driven investments.

Dr. Mark Esposito, the instructor of Harvard’s two-day intensive AI in Business program, shares this view, with one publication quoting him as saying that “the low-hanging fruit is recognizing where in the value chain (companies) can improve operations. AI does not start with AI. It starts at the company level.”

However, this is not the only challenge for the region’s AI sector. Many executives that Synapse Analytics worked with could not understand the potential of the technology.

“Pitching that we could save 15 percent of their working capital using AI seemed too good to be true,” said Abaza.

IT personnel were not exposed to much AI, either, which made them demand extensive testing and led to project delays.

Finding and maintaining talent was another challenge for the fledgling industry.

Abaza said that a good AI engineer was a person with comprehensive knowledge across multiple domains, including software development, IT, statistics and mathematics, plus a hefty dose of business acumen.

Synapse Analytics currently has a team of more than 30 employees, all from highly diversified backgrounds.

“Retaining these talents in the Egyptian market could be a bit challenging since competent AI engineers and data scientists are in huge demand globally,” Abaza added.

To make it easier for businesses to tap into AI, the company is transforming the services it offers into products.

The first one, Azka Vision, is an AI suite designed to collect data from surveillance cameras and CCTVs to provide material for actionable insights.

Two more products are expected to launch soon, including Azka Analytics, an end-to-end supply chain optimization platform using AI that will help companies cut operational costs.

According to Abaza, Synapse Analytics is a profitable operation with a range of local and international clients across the retail, fashion, and finance industries.

His aim is for the company to become a big data and AI lab not only for businesses but for economies, too.

•  This report is being published by Arab News as a partner of the Middle East Exchange, which was launched by the Mohammed bin Rashid Al Maktoum Global Initiatives and the Bill and Melinda Gates Foundation to reflect the vision of the UAE prime minister and ruler of Dubai to explore the possibility of changing the status of the Arab region. 

 


Saudi Arabia to raise $800m from privatization of two flour mills.

Saudi Arabia to raise $800m from privatization of two flour mills.
Updated 32 min 33 sec ago

Saudi Arabia to raise $800m from privatization of two flour mills.

Saudi Arabia to raise $800m from privatization of two flour mills.
  • The National Center for Privatization & PPP (NCP) said it completed the sale of the two mills (MC2 and MC4) to private sector investors

DUBAI: Saudi Arabia is set to generate about SR3 billion ($800 million) in proceeds from the privatization of two flour mills.
The National Center for Privatization & PPP (NCP) said it completed the sale of the two mills (MC2 and MC4) to private sector investors.
A consortium that includes Abdulaziz Alajlan & Sons Company for Commercial and Real Estate Investment, Al Rajhi International for Investment, National Agricultural Development and OLAM International acquires the second milling company (MC2) for about SR2.14 billion, according to a stock exchange filing on Wednesday.
Meanwhile a consortium that includes Abdullah Al-Othaim Markets Company, Allana International Company and United Feed Manufacturing Company secured the fourth milling company for SR859 million.
Saudi Arabia is accelerating plans to privatize key infrastructure in an effort to modernize the economy, speed major infrastructure works and develop its financial services sector.


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Updated 36 min 14 sec ago

AirTag or purple iPhone? Where and when can I buy Apple’s latest launches?

AirTag or purple iPhone? Where and when can I buy Apple’s latest launches?
  • Good news for Apple fans in the Gulf – all the new products will be available in the region as early as the end of April

DUBAI: Apple just held its first keynote event of the year – announcing new products such as a button-like accessory to help people keep track of their belongings, as well as updates for existing models including a purple iPhone 12.
Good news for Apple fans in the Gulf – all the new products will be available in the region as early as the end of April.
Here are the new products launched during the Apple event in its Cupertino headquarters, and their prices and availability status in the UAE:

AirTag
Price: Starting 129 dirhams
Availability: Pre-order starts on April 23; product is available on April 30


24-inch iMac (available in seven different colors)
Price: Starting 5,499 dirhams
Availability: Pre-order starts on April 30; product is available in the second half of May

Apple TV 4K
Price: Starting 729 dirhams
Availability: Pre-order starts on April 30; product is available in the second half of May

iPad Pro with M1 chip
Price: Starting 3,199 dirhams
Availability: Pre-order starts on April 30; product is available in the second half of May

Other announcements:
The new purple iPhone 12 has no other updates other than the color – it will be the same price as the other iPhone 12 models.
The new iOS 14.5 will be launched next week. It comes with the biggest privacy changes Apple will introduce so far, according to a statement.


More jobs advertised for Saudis by Royal Commission for Jubail and Yanbu

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Updated 56 min 48 sec ago

More jobs advertised for Saudis by Royal Commission for Jubail and Yanbu

More jobs advertised for Saudis by Royal Commission for Jubail and Yanbu
  • The Kingdom has stepped up efforts to secure more jobs for its citizens in line with similar localization efforts underway elsewhere in the region

RIYADH: The Royal Commission for Jubail and Yanbu (RCJY) has advertised 96 jobs for Saudis on its website, in Riyadh, Jazan, Jubail and Yanbu.
They cover administrative, engineering and health roles.
Among the advertised positions are a financial planning specialist, director of transportation and equipment department, director of buildings department, and director of public facilities department.
The Kingdom has stepped up efforts to secure more jobs for its citizens in line with similar localization efforts underway elsewhere in the region.
The Royal Commission for Jubail and Yanbu (RCJY) was established by royal order in 1975 to kickstart the Kingdom’s petrochemicals industry.


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WH Smith to open at King Abdulaziz International Airport in Jeddah
Updated 21 April 2021

WH Smith to open at King Abdulaziz International Airport in Jeddah

WH Smith to open at King Abdulaziz International Airport in Jeddah
  • Airport retail may rebound on travel resumption
  • Pandemic culls names across retail sector

DUBAI: British retailer WH Smith is coming to King Abdulaziz International Airport in Jeddah.
Tihama Advertising, Public Relations and Marketing Company has agreed a deal with the General Authority of Civil Aviation to lease two units at the airport, it said in a Saudi stock exchange filing.
Tihama Education, a unit of the Tadawul-listed company, will operate two outlets under the WH Smith brand franchise, covering arrivals and departures.
Tihama has an existing partnership with WH Smith at Riyadh Airport and in the UAE.
WH smith did not respond to a request for comment.
Founded in 1792, WH Smith is one of the oldest names on the British high street and has also become one of the world’s leading travel retailers operating over 1,100 stores in 31 countries.
Retailers have suffered from the impact of more than a year of intermittent lockdowns worldwide but the transport-focused end of the retail business may stand to benefit from a resumption of international air travel.
Analysts at RBC upgraded WH Smith to ‘outperform’ from ‘sector perform’ last week and lifted their price target on the stock to 2,200p from 2,100p.


Surge in demand for companies looking to set up in KSA

Surge in demand for companies looking to set up in KSA
Updated 21 April 2021

Surge in demand for companies looking to set up in KSA

Surge in demand for companies looking to set up in KSA
  • Consultants have seen a 50 percent rise in activity in the first quarter of 2021

RIYADH: Sovereign AEI, a firm which specializes in helping companies set up operations in the Kingdom, has seen a spike in business activity.

“The beginning of this year has been very encouraging as we have seen a 40 to 50 percent increase in Saudi Arabia market-entry activity, when compared to pre-pandemic levels,” Stuart D’Souza, co-founder and CEO of Arabian Enterprise Incubators (AEI), one of the partner firms that makes up Sovereign AEI, told Arab News.

As part of the ambitious Riyadh Strategy 2030 announced by Crown Prince Mohammed bin Salman earlier this year, the government wants to attract up to 500 international companies to set up their regional bases in the city, create around 35,000 new jobs for Saudi locals, and double the capital’s population.

The strategy aims to invest up to SR70 billion ($18.67 billion) into the national economy by the end of the decade. The strategy is already paying dividends.

“Sovereign AEI is helping to facilitate this new strategy. Our products and services are conducive with Riyadh Strategy 2030 by helping new and existing businesses capitalize on the expected significant growth forecast for the Kingdom,” Paul Arnold, managing director of Sovereign Saudi Arabia, told Arab News.

BACKGROUND

• The government wants to attract up to 500 international companies to set up their regional bases in the city, create around 35,000 new jobs for Saudi locals, and double the capital’s population.

• The strategy aims to invest up to SR70 billion ($18.67 billion) into the national economy by the end of the decade. The strategy is already paying dividends.

“We are also encouraging businesses to look ahead and establish a physical presence in the Kingdom, while taking into consideration new criteria set to come into force by 2024, the specifics of which are yet to be formally announced,” he added.

Sovereign has been operating in Saudi Arabia for about 20 years and AEI since 2012. They formed their joint partnership in 2019.

In 2019, the company helped 600 businesses visit Saudi Arabia to investigate potential opportunities. Half were first-time visitors and over 70 percent went on to establish new business links in the Kingdom. AEI alone has helped over 1,500 foreign businesses to enter, establish or expand in Saudi Arabia since 2012.

Last year, despite the restrictions as a result of the pandemic, Sovereign AEI reported a 300 percent increase in corporate services in Saudi Arabia. The team is expecting this positive growth to continue in 2021.

“The Saudi market presents tremendous opportunities. Most companies are now aware of the potential of the market, the main pillars of Vision 2030 and the significant number of economic reforms carried out over the past 18 months. However, plotting a road map to success can be a challenge,” Arnold said.

“Our principles are to educate, de-risk and enable the client’s ability to enter, establish or expand in the Kingdom. Our robust performance in the first quarter is a testament to the attractive nature of the Saudi market and we continue to see a growing interest and increasing shift of client focus toward the Kingdom, as the country continues to unveil new strategic initiatives,” he added.