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Month: April 2019

29 Apr 2019

Why Has It Become Risky To Be An AI-Based Software Startup?

In the last two decades, the software industry provided a healthy breeding ground for incubating new businesses and ideas. From solving the day-to-day problems of end-users to building complementary tools for software developed by large companies, startups thrive in the disruptive market. They compete to differentiate based on the value they deliver to customers.

But the changing dynamics of the industry have made it extremely risky to be an independent software vendor or a startup in the cloud and AI market.

There was a time when large platform companies delivering enterprise software chose not to compete with ISVs. The primary reason for this move was to let the partners survive while focusing on solving complex problems for enterprise customers. For example, many companies were complementing Microsoft Office suite through additional tools and plugins. Microsoft enabled and encouraged the ecosystem to grow around the office platform which directly helped the industry. Same was the case with Oracle and SAP when they shipped shrink-wrapped enterprise software while closing million-dollar licensing deals.

The other reason that influenced the growth of 3rd party ISVs was that the large platform companies were secretive of their differentiating factor. The secret sauce provided by internal research teams was used to improve the products and platforms but was never directly exposed to customers. Startups could deliver a less sophisticated version of the same feature as a standalone product for an affordable price. Multiple software components that were embedded in enterprise software were available from ISVs for a price. Enterprise software companies never bothered to productize those features as standalone products as they wanted to stay focused on the larger platform than spreading themselves too thin.

Read more: https://www.forbes.com/sites/janakirammsv/2018/12/23/why-has-it-become-risky-to-be-an-ai-based-software-startup/#624cb97f469d 

28 Apr 2019

3 Steps To Access Your Hidden Brain Power

How—And Where—Intuition Actually Works

First, let’s consider how—and where—humans think, human beings actually have three brains. Since both our hearts and our intestines have neural tissue, we have the heart-brain, the gut-brain and the brain that sits in our cranium (or, if you count the one that sits in our cranium as three—reptile, mammalian, and human neo-cortex—then we actually have five brains!). Intuition operates in all of these brains, so it’s essential to understand how intuition actually works.

Where You Think:

  • Reptilian Brain: Instinct
    • An innate inclination toward a particular behavior in response to a certain stimulus
    • It’s hardwired in the body from birth to keep us “not dead”
    • Examples: we pull away from something hot, run from danger, etc.
  • Mammalian Brain: Where much intuition, or “gut feeling”, occurs
    • A natural, thoughtless process which requires no analysis or deep thinking
    • Unconsciously developed over time from our experiences and belief
    • Biases operate here and are unconscious—which is why they can be problematic
    • Examples: trusting someone that’s similar to you, feeling good around someone, etc.
  • Prefrontal Cortex: Analytical thinking
    • Intentional, organized, conscious thoughts
    • Used for planning, problem-solving, decision making
    • Some biases operate here too, such as making decisions based on a limited data set, or past experiences
    • Example: weighing the pros and cons of a decision before making it, analyzing potential return on investment before sponsoring a project, etc.

Check out these famous examples of intuition—what parts of the brain were involved?

  • 44 BCE: Calpurnia, the wife of Julius Caesar, dreams of her husband’s assassination and urges him not to go to the Senate, where he goes anyway and is killed
    • It’s not magic: Calpurnia was unconsciously reacting to the tensions and signs of political dissent brewing in the Roman Empire [some heart brain, some gut brain, some reptilian and mammalian brain activation]
  • 1936: On a hunch, automobile tycoon Charles Howard purchases an underweight colt named Seabiscuit, who goes on to become one of the greatest racehorses in history
    • It’s not magic: Howard’s business savvy and military cavalry training gave him the experience to recognize a gifted horse and a sound financial bet  [some gut brain, some mammalian and prefrontal cortex brain activation]
  • 1962: After being rejected by dozens of publishers, Madeleine L’Engle’s A Wrinkle In Time is picked up by John Farrar of Farrar, Straus, & Giroux, which had not published children’s books before [some heart brain, some gut brain, some mammalian and possibly prefrontal cortex brain activation]

Most cultures today worship the intellect—the prefrontal cortex functions—and thus often unintentionally condition children to discount their intuition. So let’s consider Albert Einstein and how when he discovered the theory of relativity he said (to paraphrase) “First I felt it, then I saw it, then I could explain it.” Sounds like a bunch of five brain activity to me!

How Intuition Works

Your intuition is much faster than your analytical mind and relies on feelings—note above I refer to the neural tissue we all have in both our gut and our heart.

We often hear about women’s intuition and how it’s stronger than men’s. Why? Two reasons: first, the insula in the female human brain is larger than in the male. The insula is often called the seat of intuition in human beings, and it’s where hurt feelings fester and hunches often spring from. Second, our female ancestors needed to ensure not only their own survival but also their children’s. While the males were often single-tasking such as hunting (with their larger amygdalas), the females were multi-tasking. The females were caring for the children, watching for danger as they gathered food, tracking non-verbal cues from others, and organizing environmental input and information.

Read more:

27 Apr 2019
10 Major Barriers Hindering The Digitalization Of Chronic Conditions

10 Major Barriers Hindering The Digitalization Of Chronic Conditions

Hundreds of millions of patients are affected by chronic diseases globally, often suffering from several of them. Despite such a huge opportunity, the coverage of chronic conditions with digital solutions is still below the acceptable level. Today, more than twenty common chronic conditions have its own specificity and are currently at its digital development stage, yet all of them face the same challenges in the digital health market, according to a recent Research2Guidance report.

1.  Lack of Consumer Capital

All chronic conditions, apart from digital diabetes, still lack the consumer focus in digital offerings. The main goal of the consumer-oriented approach is to provide and promote a solution that empowers patients to better manage their disease.

2.  Low add value

The existing chronic disease apps often create little added value for end users. Most of the currently available solutions offer either basic educational advice or simple tracking based on manual or automated data input.

3.  Missing business models for consumers and payers

In the digital health market, payer organizations are now pushing digital services to their member base; however, in the majority of chronic conditions, the reimbursement of digital services is still an issue. Apart from the digital diabetes market, consumer bundle subscription offers or payer models (implemented on the pay-per-member-per-month basis) hardly exist. Digital solution providers should pay more attention to creating reimbursement-oriented packages, which can potentially bundle services, digital content, medical products, and accessories.

4.  Insufficient cost-saving evidence for payers

There are many clinical studies across all major chronic conditions that have generated evidence to support efficiency and efficacy of digital solutions in assisting chronic disease patients. What is currently missing is the link to cost savings, which hinders a larger engagement of payer organizations.

5.  Unfavorable demographic and behavioral characteristics of patient populations

Patient population characteristics can have significant implications for digitalizing disease management. Solution providers have to find appropriate strategies to increase patient control despite these demographic and behavioral barriers. The development of caregiver solutions is one of the possible responses to this problem. Currently, nearly all of the available solutions are designed for patients or doctors, whereas the role of caregivers in patient management is still underestimated.

6.  Non-regular use of digital solutions

Chronic conditions are rather different in terms of usage regularity. In conditions with a limited necessity of regular measurements, the creation of passive monitoring solutions, such as wearable-based measurements, could be one of the means to ensure a constant use of digital solutions.

7. Low connectivity level

Although the use of digital apps in managing chronic conditions is increasing, it is not accompanied by significant growth in the use of connected medical devices, such as blood glucose meters, spirometers, blood pressure meters, etc.

8. Missing services for comorbidities

All chronic conditions have numerous comorbidities, which affect patients no less than diagnosed chronic disease. In many cases, patients suffer from several closely-related chronic conditions at a time. However, solution providers currently focus on primary chronic diseases, offering no services for such conditions as anxiety, depression, obesity, etc. As a result, many chronic condition offerings remain single use case solutions, which do not fully address patients’ needs. Weight-loss, hypertension, and diabetes solution providers are already expanding their primary use cases to other conditions, whereas respiratory conditions still lag behind them

9. Low communication support between medical professionals and patients

Communication between healthcare professionals and patients is seen as the most valuable feature within digital health solutions to drive user engagement and retention. Current digital respiratory solutions offer population management features for HCPs or PDF report generation but do not support direct HCP-patient interaction via chat, email or video call.

10. Dependency on slow regulatory processes

Many digital disease management solutions are treated as medical devices under local regulations, if they include regulated components, such as devices and/or medical products. To avoid extensively long time-to-market, services and/or connected devices can be split into regulated (such as a bolus calculator in diabetes solutions) and a non-regulated (such as behavior change features) components.

Research2Guidance states these barriers is the prerequisite for the success of digital health solutions designed for managing chronic conditions. The market has already seen several successful cases when digital solution providers went beyond the obstacles that were perceived as “natural”.


25 Apr 2019
Elon Musk: Brain-Computer Interface Update “Coming Soon”

Elon Musk: Brain-Computer Interface Update “Coming Soon”


SpaceX and Tesla CEO Elon Musk hinted at what could be the announcement of a brain-machine interface that could one day hook human brains up to computers on Sunday. In response to a question asking for an update on Neuralink, a neurotechnology startup he founded in 2016, Musk replied that new information would be “coming soon”.

A “direct cortical interface,” according to Musk, could allow humans to reach higher levels of cognition —and give humans a better shot at competing with artificial intelligence, the Wall Street Journal reported in 2017. It’s unclear, though, whether Neuralink’s main objective is to do just that or to connect human brains to computers for consumer applications.

AI Overlords

Musk has repeatedly warned of evil AI overlords in the past, saying that AI could become “an immortal dictator from which we could never escape” in a 2018 documentary called “Do You Trust This Computer?”

Most of what Neuralink is working on, including any plans for a brain computer interface, are still tightly under wraps. In one tantalizing clue, Bloomberg recently reported on a still unpublished academic paper by five authors who have been employed by or associated with Neuralink — though it’s unclear whether Musk’s tweet referred to their work.

Sewing Machine For The Brain

The paper describes a “sewing machine” for the brain in the form of a needle-like device that is inserted into a rat’s skull to implant a bendable polymer electrode in the brain that would read the brain’s electrical signals.

Of course, human trials are still a long time out. Neuralink has yet to comment on any possible timelines or announcements.

Read more:

23 Apr 2019
99% of UAE execs say the speed of innovation has accelerated

99% of UAE execs say the speed of innovation has accelerated

Ninety-nine per cent of UAE executives believe that the pace of innovation in their organisations has accelerated over the past three years, against the global average of 94 per cent, according to a new report.

UAE has outpaced global averages in many technology-driven areas, as per the report released by Dublin-headquartered professional services firm Accenture.

“Compared to other parts of the world, this region – especially the UAE – is embarking fast on new technologies that will shape the future and society,” Xavier Anglada, managing director and digital lead at Accenture in the Middle East and Turkey, told The National.

“The UAE has made massive investments on setting up data centres, attracting global cloud players and setting up its own cloud infrastructure … giving it an edge over other Mena countries.”

There has been big appetite for digital transformation in the UAE, backed most recently by the government’s UAE Artificial Intelligence 2031 strategy and a slew of other initiatives.

In 2018, the UAE Central Bank announced its cooperation with the Saudi Arabian Monetary Authority to work on a digital currency that will facilitate financial transactions between the two countries. Last month, the Roads and Transport Authority announced a proof of concept driverless vehicle had been successfully tested, bringing Dubai one step closer to its goal of a fleet of driverless taxis.

Nine in ten UAE respondents say that digital innovations have become part of the core foundations for their organisations, whereas globally 79 per cent agreed that is the case.

Accenture conducted a survey of 6,672 business and IT executivesin 27 countries to capture insights into the adoption of emerging technologies worldwide.

Read more:

21 Apr 2019
Blockchain and Law: Some Insights on Using Blockchain in Governance

Blockchain and Law: Some Insights on Using Blockchain in Governance

We all know by now that blockchain has the capacity to disrupt and transform the way we live. But, how much and to what extent? Given the recent trends, it is expected that blockchain will become mainstream by 2020. For now, let’s explore its surpassing impact on the legal industry.

With respect to blockchain in the blockchain industry, a majority of the disruption lies in a scripting language and a set of protocols commonly known as smart contracts. You can see them disrupting banking, financial services, payment industries for now, though these disruptions are not limited to merely these industries. In simpler terms, smart contracts use blockchain to facilitate transactions and their use is preferable over traditional modes because of their ability to save payment and transaction costs and facilitate the instantaneous clearing of transactions.  

Given the disrupting effects that blockchain has generated over the course of years, by delivering increased convenience, reduced risk, efficiency for service consumers and lower cost of operations for financial services providers, it has become almost essential for lawyers to understand how to communicate securely and protect their client data.

Let us look at some of these governance use cases and their use cases for a blockchain development company in the legal industry.

E-discovery and Evidence: Changing the Rules of the Game

Traditionally, e-discovery software is prevalent in India and other jurisdictions abroad and are used to search documents, emails and other artefacts in the litigation discovery process. Given the fact that blockchain is an immutable and virtually infinite log, it is natural to expect that a majority of legal procedures will be supplemented with blockchain in obviating most evidentiary issues. But this also raises several perplexing issues, for instance, treating blockchain data as evidence will be a crucial problem in making blockchain legally accessible. For instance, in the United States, the standard for admissibility of evidence is dependent upon whether a human has sworn under penalty of perjury that the information is true. Stand-alone documentary evidence such as blockchain records are usually not permissible and are categorized as mere ‘hearsay’.

In India, similar evidentiary principles apply. For example, to submit evidence from the government or other sources, we produce the artefact and attach an affidavit to attest that the artefact was kept in the usual course of business and that the information in the artefact is true, to the best of the custodian’s knowledge. Blockchain technology, an immutable log of events, will change these evidentiary rules and in the process, create a more efficient documentary evidence standard.

Information Governance

It has been seen from past instances that law firms are relatively weak in terms of information governance and employ control mechanisms that are easily subject to breach. For instance, data break-ins at large law firms outside India have resulted in stolen client information, apart from reputational damages. Blockchain can secure this privileged information held by large law firms, especially those pertaining to contracts and other information that is legally protected. Futurists and technology vendors are working on realizing this vision as to how the blockchain will change the way lawyers operate.

Changing Privacy laws

Like any formal ledger, blockchain has the ability to become an official record for tracking the validity of transactions and other information. Though this record is effectively visible to all, individual elements of the transactions are encrypted and not publicly visible. Let’s say that if information pertaining to your passport is put on such a ledger, only the proof of transaction could be used publicly on a blockchain to prove your identity for purposes of validating that transaction, while your passport or other identity information might be securely encrypted. Hence, the underlying private data is secured.

On the other hand, there also exists the possibility of severe misuse of blockchain in breaching privacy laws. Nefarious transactions such as the sale of illegal goods or supporting a ransomware payment model can be easily facilitated through public blockchains, due to its anonymous nature.

In order to avoid these, financial organizations may be required by law to be able to permanently remove data when required to do so by a court. In Europe, GDPR is already under scrutiny with respect to its “right to erasure”, which presents issues that need to be addressed when personal information is stored in blockchain-based storage systems like IPFS, primarily since the information stored in the blockchain cannot be altered or deleted once added. With the data protection bill of 2018 in India in sight, it will be interesting to see how the law tackles these perplexing situations.

Another risk that may exist is where blockchain applications are implemented across multiple jurisdictions without a single entity responsible for their operation in any jurisdiction. Applications like these will be required to resolve issues relating to cross-border data flows and also address wider legal questions concerning enforceability, liability, dispute resolution, discovery and extraterritorial application.

Read more:

18 Apr 2019
AI could change the way humans interact

AI could change the way humans interact

In the future, artificial intelligence will probably reshape our economy, society and our lives. But achieving AI’s full potential will not only require many technological innovations but research into some societal difficulties, including ethical issues, workplace disruptions, and changing human interactions.

Sci-fi movies portray artificial intelligence as self-aware computers, evil robots, and digital armageddon. Some fear that in the future, almighty superintelligent AI will far surpass human intelligence, posing an existential threat to humanity. But, the real threat to humanity, said Prof. Christakis, is that “for better and for worse, robots will alter humans’ capacity for altruism, love, and friendship.”

Major innovations have long had an impact on the ways that people interact with each other and the printing press, telephone, radio, TV, and the internet are such technologies.

“As consequential as these innovations were, however, they did not change the fundamental aspects of human behavior that comprise what I call the social suite: a crucial set of capacities we have evolved over hundreds of thousands of years, including love, friendship, cooperation, and teaching…” he wrote.

“But adding AI to our midst could be much more disruptive. Especially as machines are made to look and act like us and to insinuate themselves deeply into our lives, they may change how loving or friendly or kind we are –not just in our direct interactions with the machines in question, but in our interactions with one another.”

Artificial intelligence can both improvise how humans relate to one another as well as make them behave less ethically. 

Experiments with hybrid groups of people and robots working together have shown that the right kind of AI can help improve the group’s overall performance. But, in other experiments, he found that by adding a few bots posing as selfish humans, the same groups that previously behaved in an unselfish, generous way toward each other were now driven by the bots to behave in a selfish way. 

This shouldn’t be surprising, as over the last few years we’ve seen how the spread of false information by malicious bots over social media can have a highly negative, polarizing impact on large groups of people.

“As AI permeates our lives, we must confront the possibility that it will stunt our emotions and inhibit deep human connections, leaving our relationships with one another less reciprocal, or shallower, or more narcissistic,” he writes.

We will be needing rules and policies overlooking to help us deal with potentially negative impacts of AI on society, not unlike how we’ve stopped corporations from polluting our water supply or individuals from spreading harmful cigarette smoke.

“In the not-distant future, AI-endowed machines may, by virtue of either programming or independent learning (a capacity we will have given them), come to exhibit forms of intelligence and behavior that seem strange compared with our own,” concludes Prof. Christakis. “We will need to quickly differentiate the behaviors that are merely bizarre from the ones that truly threaten us.”

Source: https://cio.economictimes.indiatimes.com/news/strategy-and-management/ai-could-change-the-way-humans-interact/68923262

16 Apr 2019
How AI is Revolutionizing Global Logistics and Supply Chain Management

How AI is Revolutionizing Global Logistics and Supply Chain Management

Artificial intelligence is taking up the pace when it comes to global logistics and supply chain management. As per a number of executives from the transportation industry, these fields are expected to go through a more significant transformation. The on-going evolution in the areas of technologies like artificial intelligence, machine learning, and similar new technologies is said to possess the potential to bring in disruption and lead innovation within these industries.

Artificial intelligence comes with computing techniques which helps to select large quantities of data that is collected from logistics and supply chain. You can put such methods to use, and they can be analyzed to get results which can initiate processes and complex functions.

Many organizations have now been benefitted with investments in artificial intelligence. As per Adobe, currently, 15% have already started to use AI while other 31% plans to have them implemented in 2019. Some of the areas from which revenue can be generated are research and development, product innovation, supply chain operations, and customer service.

Impact of artificial intelligence in Logistics

Predictive capabilities will rise.

The efficiencies of the company in the areas of network planning and predictive demand are getting improved with AI capabilities. Companies get to become more proactive by having a tool which can help with capacity planning and accurate demand forecasting. When they know what the market expects, they can quickly move the vehicles to the areas with more demand and thereby bring down the operational costs.

To avoid risks, anticipate events and come up with solutions, now techs are using data. The data helps companies to use their resources in the right way for maximum benefits, and artificial intelligence helps them with it more accurate and faster manner.


You cannot talk about artificial intelligence without mentioning robotics. Even though robotics is considered as a futuristic technology concept, the supply chain already makes use of it. They are used to track, locate and move inventory within the warehouses. Such robots come with deep learning algorithms which helps the robots make autonomous decisions regarding the different processes that are performed in the warehouse.

Big data.

Apart from robots, artificial intelligence is also about big data. For the logistics companies, Big Data helps to optimize future performance and forecast accurate outlooks better than ever. When the insights of Big Data are used along with artificial intelligence, it helps to improve different areas of supply chain like supply chain transparency and route optimization.

For AI in the logistics industry, coming up with clean data is a huge step, and they cannot implement without having such usable figures. It is not easy to measure efficiency as data comes from different sources. At the source level it is not possible to improve such data, and so algorithms are used to analyze data, enhance the quality of data, identify issues to attain transparency which can be used for business benefits.

  Computer vision.

When you are moving cargo across the world, it is always good to have a pair of eyes to monitor, and it can be best when it comes with state-of-the-art technology. Now you can see things in a new way by using computer vision which is based on artificial intelligence for the logistics.

Autonomous vehicles.

Autonomous vehicles are the next big thing that artificial intelligence offers the supply chain. Having driverless trucks can take a while, but the logistics industry is now making use of high-tech driving to increase efficiency and safety. The significant change is expected in this industry in terms of assisted braking, lane-assist, and highway autopilot.

In order to achieve lower fuel consumption, better-driving systems are coming up which works on to bring together multiple trucks to have formations. Computers control such formations and they are connected with one another too. Such kind of configuration is said to help the trucks save fuel distinctively.

Impact of artificial intelligence (AI) in Supply Chain.

AI offers contextual intelligence.

AI provides the supply chain with contextual intelligence which can be used by them to reduce the operating costs and manage inventory. The contextual information helps them to get back to the clients quickly.

Companies make use of AI along with machine learning to get new insights into different areas which include warehouse management, logistics and supply chain management. Some of the technologies used in these areas are AI-powered Visual Inspection to identify damage and carry out needed correction by taking photos of the cargo by using special cameras and Intelligent Robotic Sorting to sort palletized shipments, parcels and letters.

Read more:

15 Apr 2019
Faster, more accurate diagnoses: Healthcare applications of AI research

Faster, more accurate diagnoses: Healthcare applications of AI research

When Google DeepMind’s AlphaGo shockingly defeated legendary Go player Lee Sedol in 2016, the terms artificial intelligence (AI), machine learning and deep learning were propelled into the technological mainstream.

AI is generally defined as the capacity for a computer or machine to exhibit or simulate intelligent behaviour such as Tesla’s self-driving car and Apple’s digital assistant Siri. It is a thriving field and the focus of much research and investment. Machine learning is the ability of an AI system to extract information from raw data and learn to make predictions from new data.

Deep learning combines artificial intelligence with machine learning. It is concerned with algorithms inspired by the structure and function of the brain called artificial neural networks. Deep learning has received much attention lately both in the consumer world and throughout the medical community.

Interest in deep learning surged with the success of AlexNet, a neural network designed by Alex Krizhevsky that won the 2012 ImageNet Large Scale Visual Recognition Challenge, an annual image classification competition.

Another relatively recent advancement is the use of graphical processing units (GPUs) to power deep learning algorithms. GPUs excel at computations (multiplications and additions) needed for deep learning applications, thereby lowering application processing time.

In our lab at the University of Saskatchewan we are doing interesting deep learning research related to healthcare applications — and as a professor of electrical and computer engineering, I lead the research team. When it comes to health care, using AI or machine learning to make diagnoses is new, and there has been exciting and promising progress.

Extracting blood vessels in the eye

Detecting abnormal retinal blood vessels is useful for diagnosing diabetes and heart disease. In order to provide reliable and meaningful medical interpretations, the retinal vessel must be extracted from a retinal image for reliable and meaningful interpretations. Although manual segmentation is possible, it is a complex, time-consuming and tedious task which requires advanced professional skills.

My research team has developed a system that can segment retinal blood vessels simply by reading a raw retinal image. It is a computer-aided diagnosis system that reduces the work required by eye-care specialists and ophthalmologists, and processes images 10 times faster, while retaining high accuracy.

Read more:

14 Apr 2019
Investment to rise in digital economy as e-commerce booms globally

Investment to rise in digital economy as e-commerce booms globally

A softer global economy, trade tensions and protectionism are hampering financial exchange and returns on foreign direct investments.

However, the global digital economy is on the rise and technology is certainly an avenue for FDI going forward, government officials, policymakers and bankers say.

“There is a decline in return in FDI and, more importantly, we are seeing trade tensions translating into investment protectionism, which explains slackening, almost stalling, of traditional financial flows in investment and trade [globally],” Mukhisa Kituyi, secretary general, United Nations Conference on Trade and Development, said yesterday.

Conversely, the economy 4.0 – often a reference to digital and data driven sectors such as e-commerce – is on the rise. Between 2015 and 2017, the value of global e-commerce trade rose to $9 trillion (Dh33.06tn) from $6tn. Two years ago, about 1.3 billion people across the globe were shopping online with 1 per cent purchasing goods from abroad and that ratio has gone up to 15 per cent, he said.

There is phenomenal growth in trade and e-commerce as digital giants such because Google and Amazon can mine and monetise data, which has enabled them to overcome hurdles associated with the traditional analogue economy.

“This resulted in a massive expansion in the data economy at a time when traditional economies and [foreign direct] investments are slowing down,” Mr Kituyi told the ninth Annual Investment Meeting in Dubai.

Abdullah Al Nuaimi, UAE Minister of Infrastructure and Development said the UAE, which is at the forefront of the digital economic revolution in the broader Middle East, is also inviting more foreign investments into technologies that could help narrow the divide between the digital and analogue economies.

“The UAE believes in the importance of technology as a major catalyst for economic growth and has been keen to keep abreast of new trends and their application in various areas [of trade and economy], he told the AIM conference, which brought together senior government officials, bankers, investors and the global corporations from more than 140 countries.

The Emirates, the second-biggest economy in the Arabian Gulf, ranks first in the region in terms of FDI inflows, which in 2018 amounted to $10.4bn, the minister said, citing estimates by the Central Bank.

“Our outlook for the future remains optimistic,” Mr Al Nuaimi said. “The UAE has paid great attention to the development of infrastructure and roads, being aware of its importance in promoting investments [in the country]”.

While the developed nations transition to economy 4.0, governments and the private sector will have to work to protect both developing and emerging economies, by building solid policy frameworks and regulations, Mr Kituyi said.

“The world cannot afford to make the mistakes made in globalisation, leaving market forces on their own to fix the problems,” he said. “Developing countries need to identify the gap in their digital divide, what are their data protection and privacy laws and how are they bridging the gap of talent in the digital age.”

While many believe that the rise of digitalisation of the global economy will result in job losses, Ayman Sejiny, executive officer of Islamic Corporation for the Development of the Private Sector, said that is more myth than reality.

“You hear a lot of news that economy 4.0 is going to eliminate a lot of jobs, but it is going to create a lot of jobs as well and it will be much faster [job creation] in my opinion,” he said. “Once you have more productivity and an efficient supply chain, and understand where the demand is, businesses will be flourishing much faster. Hence, we will be experiencing a better jobs market.”

His sentiment was echoed by the Adnan Chilwan, the group chief executive of Dubai Islamic Bank, the biggest Sharia-compliant lender in Dubai, who said a more efficient banking industry will result in increased profitability. This, in turn, will allow the banks to move in to other markets where they will be creating more jobs.

“Digitisation is here to stay. It is part of the new economy,” he said.