Mashreq and Visa Launch an Exclusive Campaign for Football Fans in the UAE

According to the recent monthly statistical report by the General Authority for Statistics (GASTAT), the Saudi’s inflation rate remained stable at 1.7 percent in September 2024, compared to the same period in 2023. This consistency highlights the stability of the country’s economy, showcasing the effectiveness of Saudi Arabia’s economic strategies in mitigating global inflationary pressures.

The most significant contributor to the inflation rate was the rise in rental costs, particularly in the housing, water, electricity, gas, and other fuels category, which saw a 9.3 percent increase compared to September 2023. Housing rents alone surged by 11.2 percent, mainly due to a 10 percent rise in apartment rental prices. This category, comprising 25.5 percent of the overall Consumer Price Index (CPI), played a crucial role in sustaining inflation.

Food and beverages also experienced a 0.8 percent increase, driven by a sharp 5.2 percent rise in vegetable prices. The restaurants and hotels sector saw a 1.7 percent increase, attributed to a 1.5 percent rise in catering service prices.

In contrast, the transportation sector provided some relief, showing a decline of 3.3 percent. This was influenced by a 4.5 percent drop in vehicle purchase prices, helping to offset the impact of rising costs in other sectors.

Several other sectors experienced changes. Education costs rose by 1.6 percent, driven by a 3.8 percent increase in fees for intermediate and secondary education. However, the furnishing and home equipment sector saw a decline of 3.7 percent, with prices for furniture, carpets, and flooring falling by 7 percent. Similarly, clothing and footwear experienced a 3.2 percent decrease, primarily due to a 5.5 percent drop in ready-made clothing prices.

Other smaller sectors saw varying trends. The recreation and culture sector experienced a 0.3 percent decrease, while personal goods and services increased slightly by 0.1 percent. The communications sector and tobacco prices both saw minor decreases of 0.1 percent. Notably, the health sector showed no significant change in September 2024.

Month-on-month, the CPI edged up by 0.1 percent from August to September 2024. This slight increase was largely driven by a 0.6 percent rise in the housing, water, electricity, gas, and fuels category, particularly due to a 0.8 percent increase in actual housing rents. Additionally, food and beverage prices rose by 0.3 percent, led by a 1.6 percent rise in vegetable prices.

The Consumer Price Index, which tracks the price of a fixed basket of 490 goods and services, serves as a key measure of price changes in Saudi Arabia. The basket’s items and their respective weights were determined based on a 2018 household income and expenditure survey. These price movements reflect Saudi Arabia’s ability to maintain a stable inflation rate despite fluctuations in specific sectors, underscoring the resilience of the nation’s economic policies.

A new initiative has been launched to enhance digital solutions that streamline the real estate sales process in Dubai while ensuring compliance with tax regulations. This effort is being driven by a strategic partnership between the Federal Tax Authority (FTA) and the Dubai Land Department, aimed at improving the overall user experience for real estate transactions in the emirate.

The first phase of the partnership has successfully introduced data sharing through electronic linkages, with additional digital features currently in development. Further details are expected to be announced soon.

This collaboration was officially revealed during “GITEX Global 2024” at the Dubai World Trade Centre. The goal is to create a seamless mechanism for collecting VAT on real estate and commercial land sales. By integrating procedures for VAT compliance, service classifications, property types, and transaction parties, the initiative aligns real estate processes with the FTA’s electronic systems.

Khalid Ali Al Bustani, Director-General of the FTA, highlighted that this partnership strengthens cooperation between the two organizations, and said: “With a clear and effective framework, this collaboration supports delivering seamless digital services through innovative models that showcase the leadership and excellence of the government’s work ecosystem. Additionally, it enhances value by saving time, and effort while simplifying procedures.”

He also added, “This collaboration contributes to providing a regulatory and legislative tax environment that encourages self-compliance according to the best governance and transparency standards, in coordination with our partners in all relevant sectors to continue expanding digital transformation across all FTA‘s services. These advanced services integrate with the new services provided by other relevant government entities, and this coordination led to the electronic linkage between the two parties to ensure that real estate transactions are linked to the collection of the applicable VAT.”

Commenting on this announcement, Marwan Ahmed bin Ghalita, Director-General of the Dubai Land Department, said, “The extensive digital transformation in Dubai necessitates strong collaboration among all government entities, a principle we prioritize through our partnership with the Federal Tax Authority. Through this partnership, we aim to enhance the integration of digital systems for both parties to ensure improved tax compliance in the real estate sector while providing innovative solutions that simplify procedures and enhance transparency in line with the aspirations of our wise leadership.”

“This strategic partnership represents a fundamental step towards realizing Dubai’s comprehensive economic vision. It emphasises sustainable real estate investment through the creation of an integrated digital infrastructure that enhances the efficiency of government operations and provides investors and clients with seamless access to advanced services,” added Bin Ghalita.

The initiative also outlines plans for joint awareness campaigns, training sessions, and projects aimed at fostering a tax-conscious real estate community, while ensuring both entities work towards their strategic objectives in line with Dubai’s economic vision.

Dorsch Global has achieved a major milestone in the international design industry, moving up to 40th place in the 2024 ENR Top 225 International Design Firms ranking. This marks a notable improvement from its 2023 ranking of 77th, highlighting the firm’s expanding influence and success in the global market.

The ENR Top 225 International Design Firms ranking, published annually by Engineering News-Record, ranks firms based on their international design revenue, which includes architecture, engineering and other design-related services. The rise of 37 positions in the ranking reflects the commitment of all the companies under the roof of Dorsch Global to deliver exceptional design and consulting solutions on a global scale and their ability to succeed in different markets.

Additionally, given the substantial growth Dorsch Global has recently experienced, the firm is well-positioned for further significant advancements in the coming year, especially with the integration of results from its new joiners, ECG (Engineering Consultants Group).

This is expected to enhance Dorsch Global’s market presence and capabilities, further boosting its international design revenues and potentially driving them even higher in the ENR Top 225 International Design Firms ranking in 2025.

Ayman Haikal, CEO of Dorsch Global, expressed his pride in the company’s achievement: “This remarkable rise in the ENR rankings is a testament to the hard work, dedication and strength of our teams, who leverage market knowledge and best in class technical capabilities to deliver customized solutions that meet, and exceed, our clients’ requirements. Congratulations to everyone at Dorsch Global – your efforts have truly paid off; this isn’t just a ranking, it’s a reflection of our collective commitment to our spirit of building a sustainable tomorrow.”

Alaan, the Middle East’s leading corporate card and spend management platform, has signed a Memorandum of Understanding (MoU) with the Association of Chartered Certified Accountants (ACCA), the global accounting body. This partnership marks a significant milestone as Alaan becomes the first fintech company in the Middle East to partner with a global accounting organization, demonstrating a shared commitment to the advancement of finance, accounting, and technology professionals in the region.

The MoU, signed by Parthi Duraisamy, CEO of Alaan, and Kush Ahuja, Head of Eurasia and Middle East at ACCA, signals a new era of collaboration designed to provide finance professionals with opportunities to upskill, engage with new technologies, and build a stronger finance community. This is the first time ACCA has partnered with a homegrown fintech to promote the development of the finance sector in the Middle East, reinforcing its mission to shape the future of the global accountancy profession.

“This partnership is a critical step in breaking down the barriers between finance and technology, particularly when it comes to AI,” said Parthi Duraisamy, CEO of Alaan. “Finance professionals tend to be cautious in adopting new technologies, but through this MoU, we aim to destigmatize the use of AI and provide finance teams with the tools they need to thrive in a digital-first world. Together with ACCA, we will offer a platform for professionals to network, learn from peers, and gain exposure to cutting-edge technologies.”

Kush Ahuja, Head of Eurasia and Middle East at ACCA, commented: “Partnering with Alaan provides a great opportunity for our stakeholders to explore the transformative impact of technology in the finance industry. Our joint initiatives will help our community stay at the forefront of innovation, ensuring they are equipped with the knowledge and skills to succeed.”

Through this MoU, Alaan will actively support ACCA’s mission by organizing opportunities for finance professionals to learn about new technologies and upskill, fostering an environment of continuous professional development. This collaboration also opens up a unique opportunity for the finance and fintech sectors in the UAE, offering finance professionals a direct connection to the insights and innovations coming from a leading fintech company.

“This partnership is unprecedented in the region and will have a transformative impact on the finance industry,” Duraisamy continued. “For the first time, accountants and finance professionals in the Middle East will have direct access to knowledge and expertise from a fintech, allowing them to learn about the powerful role AI and technology are playing in reshaping finance.”

Alaan and ACCA are committed to driving digital transformation in the finance sector, ensuring that professionals in the Middle East have the tools, knowledge, and networks to succeed in the rapidly evolving financial landscape.

Abu Dhabi Co-Operative Society, part of Mair Group held its annual general assembly meeting on Thursday, October 3^rd, 2024, to announce and discuss the results of the fiscal year 2023. The meeting was led by Captain Mohammed Juma Al Shamisi, Chairman of the Board of Directors at Mair Group.

During the meeting, various strategic initiatives were approved, as well as reviewing the financial performance and successes achieved by Abu Dhabi Co-Operative Society throughout 2023. Future goals and ambitions were also discussed, which aim to further strengthen Mair Group’s position as a major contributor to the UAE’s food security system and ensure sustainable growth for its shareholders.

The most prominent topics of the meeting included:

• The approval of distributing AED135 million worth of dividends to the shareholders.

• The transformation of Abu Dhabi Co-Operative Society, into a public joint stock company – PJSC.

• Listing the company shares on the Abu Dhabi Securities Exchange – ADX.

• Partial shares to be listed to increase the attractiveness and demand for investors.

In this context, Captain Mohamed Juma Al Shamisi, Chairman of the Board of Directors at Mair Group, said: “We extend our thanks and appreciation to our wise leadership for its unlimited support in facilitating the merger of Al Ain, Al Dhafra, and Delma Societies under the umbrella of Abu Dhabi Cooperative Society, and for strengthening the role of national institutions in enhancing the economic status of the United Arab Emirates, and achieving the well-being and sustainable development of society. This year has been an exceptional one in the journey of Abu Dhabi Cooperative Society, where we have achieved remarkable successes thanks to a clear strategic vision and the efforts of the  team, and we look forward to a promising future that holds many opportunities for success and sustainable growth for the group’s business in the UAE and the region as a whole, and to provide real value to our shareholders and partners.”

In this regard Mr. Nehayan Hamad Balrakad Alameri, Managing Director and CEO of Mair Group said: “During our discussions at the meeting, we approved an ambitious expansion plan that includes the implementation of 10 new projects in Abu Dhabi and Al Ain, in addition to 7 other projects in Al Dhafra region. Our future journey is clear, strengthening our presence, achieving operational excellence, ensuring the sustainable growth of Mair Group, enhancing the well-being of our communities, and achieving the interests of our shareholders.”

It is noteworthy that Mair group achieved revenues of 1.2 billion dirhams in the first half of 2024, and net profit before interest, taxes, depreciation, and amortization amounted to 171 million dirhams. A comprehensive unification of Mair Group’s assets was also implemented and classified into specific sectors, including the retail and commercial real estate sector.

QNB Group has announced a major rebranding effort in both Egypt and Turkey. The initiative will see its subsidiaries, QNB Alahli in Egypt and QNB Finansbank in Turkey, operating under the unified brand name “QNB.”

This strategic move is intended to streamline the group’s operations and reinforce its position within the banking sector. By consolidating its brand, QNB aims to offer a more cohesive and seamless banking experience for customers, while fostering closer collaboration between its subsidiaries in these important markets.

Mr. Abdullah Mubarak Al Khalifa, Group Chief Executive Officer of QNB, stated: “We are excited to unveil our unified brand identity in Egypt and Turkey. This strategic step underscores our commitment to making our brand stronger and more organized, embedding it in the minds of our customers worldwide. By consolidating our operations under the QNB banner, we are better positioned to drive innovation, expand our reach, and deliver greater value to our shareholders.

With this rebranding, QNB looks forward to continuing its success and growth in the coming years, maintaining its core values of integrity, excellence, and customer focus.

QNB Group currently ranks as the most valuable bank brand in the Middle East and Africa, with a brand value of USD8.4 billion. Through its subsidiaries and associate companies, the Group extends to 28 countries across three continents providing a comprehensive range of advance products and services. The total number of employees is 31,000 operating from approximately 900 locations, with an ATM network of more than 5000 machines.

Bank Nizwa has reaffirmed its role in advancing the country’s growth by signing a financing agreement for the Hafeet Rail project, committing USD 45 million to the initiative. The signing ceremony took place in Abu Dhabi, underscoring the bank’s support for this major infrastructure development. The Hafeet Rail project, which will connect Abu Dhabi, the capital of the United Arab Emirates (UAE), with Sohar Port in Oman, represents a significant step in enhancing regional collaboration and infrastructure progress.

The ambitious Hafeet Rail project represents a strategic collaboration between the UAE and the Sultanate of Oman, designed to enhance the existing tourism infrastructure and offer residents and travelers the unique experience of cross-country rail travel throughout the Gulf Cooperation Council (GCC). This railway system will provide passengers with breathtaking views of the mountains, highlands, and vast deserts of both nations. In its initial phase, the transformative project will involve the construction of a 303 km high-speed railway line, with 163 km situated within Oman. The rail line will incorporate two tunnels, 60 bridges, and two passenger stations in Sohar and Al Ain, significantly reducing travel time while ensuring enhanced safety, comfort, and luxury for all travelers.

On this milestone, Mr. Khalid Al Kayed, Chief Executive Officer of Bank Nizwa, stated, “We take great pride in extending our financing to the pioneering Hafeet Rail project, which has the potential to revolutionize travel and goods transportation across the GCC. At Bank Nizwa, we are committed to advancing national and regional priorities that enhance infrastructure and development, aligning our countries with international standards. We are honored to contribute to a project that will generate numerous direct and indirect employment opportunities while significantly reducing logistics costs and the carbon footprint associated with cross-border transportation.”

Bank Nizwa’s participation in this landmark project, marked by a financial commitment of USD 45 million, underscores the trust and confidence the bank has cultivated within the regional community. As a leading Islamic financial institution, Bank Nizwa is dedicated to supporting initiatives that promote sustainable development and infrastructural advancement across Oman and the GCC. The Hafeet Rail Project exemplifies this commitment, illustrating the bank’s strategic role in fostering economic growth and enhancing trade capabilities between neighbouring nations.

By playing a pivotal role in this regionally significant project, Bank Nizwa solidifies its position as the most-trusted and preferred financial partner, not only for individuals seeking exceptional Sharia-compliant banking solutions but also for organizations, corporations, and government entities alike.

The Central Bank of Bahrain’s (CBB) Board of Directors held for its fourth meeting of 2024 on Sunday, 13 October, under the chairmanship of Mr. Hassan Khalifa Al Jalahma.

During the meeting, the Board reviewed several key topics, including the CBB’s performance report and recent developments in the financial sector for the third quarter of 2024, as well as the CBB’s financial performance report.

The Board also reviewed key monetary and banking indicators for the year including the money supply, which increased by BD 0.6 million to reach BD 16.4 billion at the end of August 2024, compared to the same period in 2023. As for retail banks, total private deposits increased to BD14.3billion at the end of August 2024, an increase of 2.9% compared to the end of August 2023. The outstanding balance of total loans and credit facilities extended to resident economic sectors increased to BD12.2 billion at the end of August 2024, an increase of 5.2% compared to the end of 2023, with the Business Sector accounting for 42.3% and the Personal Sector at 48.8% of total loans and credit facilities.  The balance sheet of the banking system (retail banks and wholesale sector banks) increased to $243.1 billion at the end of August 2024, an increase of 8.2% compared to the end August of 2023.

Point of Sales (POS) data for August 2024 totaled 18.2 million transactions (77.2% of which were contactless), an increase of 18.1% compared to the same period in 2023. The total value of POS transactions for August 2024 totaled BD 387.7 million (52.2% of which were contactless), an increase of 15.7% compared to the same period in 2023.

The banking sector maintained a high level of capital adequacy and liquidity, as the capital adequacy ratio of the banking sector reached 20.0% in Q2 2024 compared with 19.3% in Q2 2023. The capital adequacy ratio for the various banking sectors was 32.9% for conventional retail banks, 16.7% for conventional wholesale banks, 19.6% for Islamic retail banks, and 20.8% for Islamic wholesale banks in Q2 2024.

The total number of registered Collective Investment Undertakings (CIUs) as of August 2024 stood at 1715 CIUs, compared to 1673 funds as of August 2023. The net asset value (NAV) of the CIUs increased from US$ 10.651 billion in Q2 2023 to US$ 11.178 billion in Q2 2024, reflecting an increase of 4.95%. Moreover, the NAV of Bahrain domiciled CIUs increased from US$ 4.390 billion in Q2 2023 to US$ 4.428 billion in Q2 2024, reflecting an increase of 0.87%. Furthermore, the NAV of overseas domiciled CIUs increased from US$ 6.261 billion in Q2 2023 to US$ 6.750 billion in Q2 2024, reflecting an increase of 7.81%. Additionally, the NAV of Shari’a-compliant CIUs increased from US$ 1.412 billion in Q2 2023 to US$ 1.812 billion in Q2 2024, reflecting an increase of 28.33%.

The Saudi EXIM Bank has entered into a USD 50 million credit facility agreement with DL Hudson Limited, aimed at fostering the expansion of Saudi non-oil exports by linking local exporters to international buyers across more than 22 global markets.

This collaboration enables the Saudi EXIM Bank, through its International Buyer Finance Product, to provide financing to DL Hudson Limited for the acquisition of Saudi products, which will then be distributed to customers worldwide. DL Hudson Limited, a UK-based firm, focuses on trading in ferrous and nonferrous metals as well as energy.

The agreement was signed by the Director General of the Finance Department at the Saudi EXIM Bank, Eng. Abdulatif Al-Ghaith, and the Chief Operating Officer of DL Hudson Limited, Mr. Moises Portillo, in London, UK.

Regarding the agreement, Eng. Abdulatif Al-Ghaith said: “This agreement comes within the framework of the bank’s endeavor to provide financing solutions that contribute to the development of Saudi non-oil exports and enhance their competitiveness in global markets, highlighting the agreement’s role in promoting exports across several key national economic sectors and create new trade opportunities for local exporters by linking them to many global markets.” Al-Ghaith also praised DL Hudson expertise in trading metals, expressing his appreciation for this cooperation, and looking forward to future cooperation opportunities.

The Saudi EXIM Bank, a development bank under the National Development Fund, plays a key role in diversifying the Kingdom’s economic base. It strengthens the export system for national non-oil products and services by addressing financing gaps and minimizing export risks. These efforts support the growth of the non-oil economy in alignment with the Kingdom’s Vision 2030.

AmiViz, the leading cybersecurity-focused value-added distributor headquartered in the Middle East, has announced a strategic partnership with Utimaco, a global platform provider of IT security solutions. This collaboration aims to expand Utimaco’s footprint and impact across the Middle Eastern markets, offering organizations access to advanced data protection, key management, secure payments and Trust as a Service offering through AmiViz’s comprehensive network and robust channel partner ecosystem.

As cyber threats continue to escalate globally and regionally, organizations in the Middle East are facing increased pressure to protect their critical data and communication networks. By partnering with AmiViz, Utimaco can reach a broader range of customers, helping enterprises safeguard sensitive information while ensuring compliance with local and international regulations.

Utimaco’s comprehensive security solutions, including Hardware Security Modules (HSMs), key management, and data encryption technologies, form the foundation of digital trust across diverse industries. By safeguarding data, identities, and communications, Utimaco enables secure operations for critical sectors such as financial services, telecommunications, and government entities.

“Partnering with Utimaco represents a significant step forward in our mission to deliver unparalleled value and advanced security solutions to our customers,” said Ilyas Mohammed, COO at AmiViz. “Utimaco’s reputation for reliability and innovation in cybersecurity aligns perfectly with our commitment to providing top-quality, robust security infrastructures for businesses across the Middle East.”

AmiViz will offer comprehensive support, from pre-sales consultancy to post-sales implementation, ensuring that Utimaco’s solutions are seamlessly integrated into customers’ cybersecurity ecosystems. The AmiViz Partner Program will also play a key role in helping Utimaco build and nurture relationships with local partners, thereby increasing its market share and footprint in the region.

Scott Kemish, global vice president channel sales & partnerships, Utimaco, commented on the partnership, “We are delighted to join forces with AmiViz to expand our presence in the Middle East. AmiViz’s deep understanding of the regional market, coupled with its vast partner network, makes it the ideal partner to help us deliver our cybersecurity and compliance solutions to organizations throughout the region. Together, we can empower businesses to protect their data, identities, and communications in an increasingly complex digital landscape.”

Binance has announced a strategic partnership with TOKEN2049, the premier global events platform for digital asset professionals and enthusiasts. TOKEN2049 is known for hosting the largest global events focused on cryptocurrency, blockchain, and decentralized technologies in Dubai and Singapore, where founders and executives of leading Web3 companies share their insights on the industry’s past, present, and future.

Set to take place in Dubai from 30 April to 1 May 2025, TOKEN2049 is returning to Dubai to feature high-profile speakers and unparalleled networking opportunities designed to unite the Web3 community and professionals in the space. This partnership underscores Binance’s and TOKEN2049’s leadership in the blockchain space, particularly within the MENA region, as Dubai continues to solidify its status as a global hub for cryptocurrency and blockchain innovation.

“We are thrilled to join forces with TOKEN2049 for their Dubai event in 2025, bringing back our much-loved Binance Clubhouse. This strategic collaboration enhances our shared vision of empowering the next chapter of Web3 while reinforcing our commitment to building trust and fostering engagement among the community. We look forward to collaborating with TOKEN2049 in creating a vibrant and inspired Clubhouse space for 2025.” – Rachel Conlan, CMO at Binance.

“TOKEN2049 Dubai is set to be a landmark event, bringing together the global crypto ecosystem for a spectacular new experience. With 15,000 attendees and over 500 side events, Dubai will be the industry’s focal point on 30 April – 1 May 2025. Our partnership with Binance underscores TOKEN2049’s position as the premier global platform for showcasing the latest industry developments and driving technological innovation.” – Alex Fiskum, Co-Founder of TOKEN2049.

In line with TOKEN2049’s dedication to celebrating and unifying the blockchain industry, Binance Blockchain Week is also returning to Dubai this year. Under the theme ‘Momentum,’ the event will highlight the Middle East’s crucial role in the global digital economy and explore how decentralized finance has continued to evolve.  Binance Blockchain Week will feature some of the most influential and educational leaders within the industry and is an opportunity to network with some of the most fast paced networks and ecosystems in the word, paving the way for newcomers and opening more doors for developers and enthusiasts alike.

This partnership spotlights the combined efforts of Binance and TOKEN2049 to foster deeper connections within the blockchain community, empowering developers, enthusiasts, and newcomers to collaborate with industry leaders. By uniting these key players, the partnership aims to accelerate innovation and shape the future of decentralized finance globally.

The newly minted Nobel laureate Geoffrey Hinton has a message about the artificial-intelligence systems he helped create: get more serious about safety or they could endanger humanity.

“I think we’re at a kind of bifurcation point in history where, in the next few years, we need to figure out if there’s a way to deal with that threat,” Hinton said in an interview Tuesday with a Nobel Prize official that mixed pride in his life’s work with warnings about the growing danger it poses.

The 76-year-old Hinton resigned from Google last year in part so he could talk more about the possibility that AI systems could escape human control and influence elections or power dangerous robots. Along with other experienced AI researchers, he has called on such companies as OpenAI, Meta Platforms and Alphabet -owned Google to devote more resources to the safety of the advanced systems that they are competing against each other to develop as quickly as possible.

Hinton’s Nobel win has provided a new platform for his doomsday warnings at the same time it celebrates his critical role in advancing the technologies fueling them. Hinton has argued that advanced AI systems are capable of understanding their outputs, a controversial view in research circles.

“Hopefully, it will make me more credible when I say these things really do understand what they’re saying,” he said of the prize.

Hinton’s views have pitted him against factions of the AI community that believe dwelling on doomsday scenarios needlessly slows technological progress or distracts from more immediate harms, such as discrimination against minority groups .

“I think that he’s a smart guy, but I think a lot of people have way overhyped the risk of these things, and that’s really convinced a lot of the general public that this is what we should be focusing on, not the more immediate harms of AI,” said Melanie Mitchell, a professor at the Santa Fe Institute, during a panel last year.

Hinton visited Google’s Silicon Valley headquarters Tuesday for an informal celebration, and some of the company’s top AI executives congratulated him on social media.

On Wednesday, other prominent Googlers specialising in AI were also awarded a Nobel Prize. Demis Hassabis, chief executive of Google DeepMind, and John M. Jumper, director at the AI lab, were part of a group of three scientists who won the chemistry prize for their work on predicting the shape of proteins.

Thinking like people

Hinton is sharing the Nobel Prize in physics with John Hopfield of Princeton University for their work since the 1980s on neural networks that process information in ways inspired by the human brain. That work is the basis for many of the AI technologies in use today, from ChatGPT’s humanlike conversations to Google Photos’ ability to recognise who is in every picture you take.

“Their contributions to connect fundamental concepts in physics with concepts in biology, not just AI—these concepts are still with us today,” said Yoshua Bengio , an AI researcher at the University of Montreal.

In 2012, Hinton worked with two of his University of Toronto graduate students, Alex Krizhevsky and Ilya Sutskever, on a neural network called AlexNet programmed to recognise images in photos. Until that point, computer algorithms had often been unable to tell that a picture of a dog was really a dog and not a cat or a car.

AlexNet’s blowout victory at a 2012 contest for image-recognition technology was a pivotal moment in the development of the modern AI boom, as it proved the power of neural nets over other approaches.

That same year, Hinton started a company with Krizhevsky and Sutskever that turned out to be short-lived. Google acquired it in 2013 in an auction against competitors including Baidu and Microsoft, paying $44 million essentially to hire the three men, according to the book “Genius Makers.” Hinton began splitting time between the University of Toronto and Google, where he continued research on neural networks.

Hinton is widely revered as a mentor for the current generation of top AI researchers including Sutskever, who co-founded OpenAI before leaving this spring to start a company called Safe Superintelligence.

Hinton received the 2018 Turing Award, a computer-science prize, for his work on neural networks alongside Bengio and a fellow AI researcher, Yann LeCun . The three are often referred to as the modern “godfathers of AI.”

Warnings of disaster

By 2023, Hinton had become alarmed about the consequences of building more powerful artificial intelligence. He began talking about the possibility that AI systems could escape the control of their creators and cause catastrophic harm to humanity. In doing so, he aligned himself with a vocal movement of people concerned about the existential risks of the technology.

“We’re in a situation that most people can’t even conceive of, which is that these digital intelligences are going to be a lot smarter than us, and if they want to get stuff done, they’re going to want to take control,” Hinton said in an interview last year.

Hinton announced he was leaving Google in spring 2023, saying he wanted to be able to freely discuss the dangers of AI without worrying about consequences for the company. Google had acted “very responsibly,” he said in an X post.

In the subsequent months, Hinton has spent much of his time speaking to policymakers and tech executives, including Elon Musk , about AI risks.

Hinton cosigned a paper last year saying companies doing AI work should allocate at least one-third of their research and development resources to ensuring the safety and ethical use of their systems.

“One thing governments can do is force the big companies to spend a lot more of their resources on safety research, so that for example companies like OpenAI can’t just put safety research on the back burner,” Hinton said in the Nobel interview.

An OpenAI spokeswoman said the company is proud of its safety work.

With Bengio and other researchers, Hinton supported an artificial-intelligence safety bill passed by the California Legislature this summer that would have required developers of large AI systems to take a number of steps to ensure they can’t cause catastrophic damage. Gov. Gavin Newsom recently vetoed the bill , which was opposed by most big tech companies including Google.

Hinton’s increased activism has put him in opposition to other respected researchers who believe his warnings are fantastical because AI is far from having the capability to cause serious harm.

“Their complete lack of understanding of the physical world and lack of planning abilities put them way below cat-level intelligence, never mind human-level,” LeCun wrote in a response to Hinton on X last year.

Dubai has introduced the “Dubai Cashless Strategy,” an initiative from Digital Dubai a forward-thinking initiative designed to accelerate the adoption of secure digital payment solutions across both the public and private sectors. This strategy is a key move in reinforcing the city’s position as a global leader in the digital economy.

The strategy supports Dubai’s broader economic ambitions outlined in the Dubai Economic Agenda (D33) and Digital Dubai’s goal to integrate digital solutions into all aspects of daily life. By 2026, the initiative seeks to ensure that 90% of transactions within the city are cashless. This shift is anticipated to contribute more than AED 8 billion to the economy annually, largely driven by fintech advancements.

Abdulrahman Saleh Al Saleh, Director-General of the Department of Finance, highlighted that Dubai’s financial infrastructure meets international standards, making the city a frontrunner in cashless transactions. He noted that almost all government transactions were conducted digitally in 2023, showcasing Dubai’s advanced digital capabilities. Al Saleh also emphasized how this initiative aligns with His Highness Sheikh Mohammed bin Rashid Al Maktoum’s vision to enhance Dubai’s global business status.

Helal Saeed Almarri, Director-General of the Department of Economy and Tourism, reiterated the strategy’s alignment with the D33 agenda, which focuses on transitioning the majority of transactions to digital formats by 2026.

Hamad Obaid Al Mansoori, Director-General of Digital Dubai, stressed the growing importance of cashless payments in everyday life and the city’s goal of becoming a global digital hub. The strategy promotes innovation through AI-driven solutions and contactless technology, aiming to simplify digital transactions for both consumers and merchants while reducing payment processing fees.

Fintech is seen as a key player in realizing the Dubai Cashless Strategy, supporting the emirate’s standing as a leader in digital innovation. By encouraging digital payments, the strategy aims to offer a more secure and efficient way for businesses, government entities, and consumers to manage transactions across the city.