EDITORIAL
BIDDING ADIEU TO 2023 - YEAR-INREVIEWS INSIDE!
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s we close the chapters of 2023, the December issue holds paramount significance, offering a comprehensive overview through articles, interviews, and insights that encapsulate the essence of the year. While some news may have been missed, our endeavor is to provide you with a condensed yet insightful snapshot of what transpired in the tech landscape across the MENA region. A substantial portion of this issue is dedicated to feature articles shedding light on the trajectories of various technology companies throughout the year. The Gartner interview navigates through the pandemic years, post-pandemic scenarios, the labor markets, and the evolving technological landscape in the Middle East, with a focus on advancements like AI and cloud technologies. Other features delve into the remarkable journeys of startups in the UAE, recap the progression of cloud adoption in the region, and analyze consumer behavior patterns. Articles spotlighting gaming platforms and the pivotal role played by fintechs in 2023 add depth to our year-in-review theme, offering a clear perspective on the direction we are headed. Generative AI emerges as a dominant theme throughout the year, illustrating its rapid integration into our lives. While other technologies such as blockchain, web3, and quantum computing garnered attention, Gen AI took center stage. In this December issue, a subtle underlying theme emerges— sustainability. With COP28 fostering global unity, the emphasis on reducing carbon emissions and addressing related issues has become paramount. At the core of the Technology Integrator team's mission is to bring together enterprises, startups, decision-makers, and professionals, providing a platform not only to showcase achievements but to foster and guide the growth of the technology industry. As we bid farewell to 2023, we extend warm wishes for a joyous festive season and a Happy New Year. We look forward to reconnecting in 2024!
Vivek Sharma Founder Adil Siddiqui Head of Media Srijith K N Assistant Editor Sidra Kamal Content Contributor Roshni Menon Content Writer Faiz Ahmed Graphic Designer Priyanshu Ranjan Sales Head Sidharth Bhardwaj Media Sales Manager Gladwyn Pereira Sr. Media Sales Executive Zain Fazal Sankay Media Sales Executive Arbaaz Khan Media Sales Executive Trishla Bhattacharya Media Sales Executive
Published by: JNS Media International (OMA Group Company) (To be rebranded as Integrator Media) OMA House, P.O. Box: 3314, Sharjah, UAE. Tel: +971 6 573 0000 | www.VARonline.com
For All Inquiries: jns@omaemirates.com Mobile: +971 56 404 0503
Best Regards,
Vivek Sharma Founder
www.integratormedia.com
Disclaimer: While the publishers have made every attempt possible to get accurate information on published content in this magazine. They cannot be held liable for any errors herein.
DECEMBER 2023
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6
2023 Global Technology Industry Risks
SPOTLIGHT
IN CONVERSATION
FEATURE
CONTENT
4
36
Aukey's Visionary Journey: Crafting Tech Excellence and Elegance
50 Samsung Ushers
in a New Era of Connected and Sustainable Living
52 Microsoft and ADIO Reinforce at COP28
DECEMBER 2023
53
Ericsson and Etisalat By e& Launch Zero Footprint Ran Site in the UAE
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08 Did Tech Hit the Mark in the Middle East?
10 A Year-End Exploration of AI in 2023
14 Lessons of 2023
to Arm us for 2024
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Transforming the Future of IT in the Middle East
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40 Alpha Tech and Hitrolink
Merge Expertise for AV Excellence in MEA
42 Philips Discusses Cop28
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13.9M Visitors came to Dubai from January 2023 till October 2023…
FINANCIAL
HOSPITALITY
Reflecting on the Tech Landscape of 2023: Anticipating 2024 and Beyond!
Engagement, Sustainability, Healthcare Innovations, and Data Security Measures
46 Red Hat’s Role in Rransforming Industries in 2023
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2023 in Review – Key Fintech Insights Paving the way for 2024
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DECEMBER 2023
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INDUSTRY RISKS
INSIDER'S ANGLE
2023 GLOBAL TECHNOLOGY
INDUSTRY RISKS By: Sidra Kamal, Content Contributor
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isk, a factor that is always found with every leading and successful thing. It is something that can be identified and assessed on a high scale and still holds the power to upturn the entire organization. In today’s time, one of the most booming industries is Tech and so are the chances of risks attached to it. The reason behind this massive and quick growth is the ever-increasing reliance that people have on tech, without it a normal person cannot have his very regular and simple day. According to Gartner, worldwide spending in the IT sector has increased 5.1% in the year 2023.
A lot of companies have started cost reduction initiatives along with operational and administrative cuts to have more budget allotted towards risk management and insurance budgets. This is resulting the companies facing massive pressure to reduce the staff and cut costs from wherever possible. A study conducted by Marsh McLennan shows that the top three risks that the technological companies have faced in the year 2023 are data security and privacy, digital business interruption and technological errors. Apart from these three, the next two major risks that the technological companies have faced in the year 2023 include IT resilience and IoT failure.
TECHNOLOGICAL RISKS
71%
Data security and privacy
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DECEMBER 2023
57%
Business interruption
51%
Technology errors and omissions
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25%
IoT failure
TECHNOLOGICAL COMPLEXITY
68%
Data security and privacy
58%
37%
Business interruption
Technology errors and omissions
DATA SECURITY AND PRIVACY Data security and data privacy faces numerous threats among which the major one is of security misconfiguration. Security configuration errors occur when security settings are not correctly defined, or systems are set up with their default security configuration, which is typically not secure. There are several industry security standards that define what security configurations should look like (for example, CIS benchmarksa and the OWASP Top 10). If configurations do not meet these standards, they can represent a severe business risk. Misconfiguration often occurs when an administrator, developer, or database owner fails to properly configure security for a website, application, database, or server, leaving a door open for attackers. Misconfiguration can lead to large-scale data breaches. Misconfiguration exploits can have consequences like business disruption, reputational damage, legal exposure, and regulatory fines. Another one is ransomware attacks, In a ransomware attack, threat actors infect an organization’s systems with malware to encrypt all data. Users are unable to access the data and are asked to pay a ransom to regain access through a virtual currency like Bitcoin. Backing up sensitive data is a crucial countermeasure against ransomware. However, some types of ransomware can infect backups as well. This makes it important to store a backup offline or in a separate site that cannot be infected by ransomware targeting the primary data center.
BUSINESS INTERRUPTION A standard property policy is transparent in its calculation of business interruption exposure – insurers will ask a series of questions and the answers will dictate the business interruption premium. In contrast, in cyber, business interruption is part of a package policy with a limit of indemnity which should cover breach experts,
INDUSTRY RISKS
INSIDER'S ANGLE
38%
IoT failure
lawyers, forensics, data loss, any potential ransom, business interruption, and the overall loss to the business. Therefore, the setting of this limit is becoming increasingly important. Businesses must ensure their limit reflects the true potential loss from a cyber issue.
TECHNOLOGY ERRORS AND OMISSIONS Technology errors and omissions insurance, commonly known as tech E&O, serves to protect providers of technology products or services in the face of accusations related to negligence, mistakes, or oversights. This specialized insurance also extends coverage to include data breaches that impact the operations of a tech business or its clients. By safeguarding against potential liabilities arising from errors or omissions in technology-related activities, tech E&O insurance plays a crucial role in mitigating risks associated with the provision of technology products and services.
IOT FAILURE Implementing an IoT project successfully without a clear vision or purpose can be challenging. Many projects need more well-defined objectives and measurable outcomes, which can result in wasted resources and project failure. The failure happens because of Performance Evaluation: Measurable outcomes provide a standard against which the project's performance can be evaluated. They allow the project team to track progress, identify any deviations from the plan, and take corrective action if needed. Return on Investment (ROI) Calculation: Measurable outcomes are crucial for calculating the ROI of an IoT project. They provide the data needed to assess the financial benefits of the project, such as cost savings, increased revenue, or improved productivity.
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DECEMBER 2023
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TECH MIDDLE EAST
INSIDER'S ANGLE
DID TECH HIT THE MARK IN THE MIDDLE EAST? By: Srijith K N, Assistant Editor
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n the ever-evolving landscape of technology, the Middle East experienced a dynamic 2023 that left an indelible mark on the region's progress. Looking back, the litmus test for the tech sector's success often lies in its ability to attract talent, and the Middle East's tech job market emerged as a telling indicator.
TECH RECRUITMENT SIGNALS A STRONG YEAR The United Arab Emirates closed out 2023 with a robust recruitment drive, marking the third consecutive year of tech sector hiring surges. This trend not only highlights the region's commitment to fostering innovation but also positions it as a hub for tech talent. As the year unfolded, the AI-related hiring spree in the UAE gained momentum, signalling a promising trajectory for the coming years.
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STRATEGIC VISION: UAE'S TECH UNICORN AMBITIONS Bolstering this growth is the UAE's strategic vision, aiming to nurture 20 tech unicorns by 2032. With over 40% of the country's startups rooted in technology, the UAE has become a fertile ground for innovation. The commitment to digital transformation, backed by a substantial $20 billion investment, underscores the nation's determination to lead in the digital economy.
HEALTHCARE INNOVATIONS Within the technology landscape, there were a few milestones, particularly in the healthcare sector. The cloud-based video surveillance technology is increasingly popular among healthcare businesses of the region. These solutions come with highly analytical software providing
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TECH MIDDLE EAST
INSIDER'S ANGLE
Markets. Regional cloud market has potential to generate substantial additional revenues, with three-quarters of firms set to increase their cloud budgets in 2024, and 68% of Middle East companies planning to migrate a majority of their operations to the cloud by 2025, according to another report by Strategy& and PwC Middle East. What does all this signify? It is that this growth signifies a commitment to transformative change and will push for cloudbased innovation to improve healthcare, payment systems, facilitating transformation of smart cities and transportation network in times to come. And so does new challenges in the IT system ecosystem with its rising complexity and cybersecurity concerns!
AI FOR A SUSTAINABLE FUTURE According to finance online, nearly 20% to 34% of the companies in the middle east are adopting AI technology. 14% of companies will see the role of AI in supply chain solutions. 38% of supply chain companies will critically adopt AI by 2025, and 30% of middle eastern companies will widely adopt this technology. The industry's anticipation for deeper AI and ML integration in the coming year reflects a commitment to data-driven decision-making for a greener and more efficient future.
GENERATIVE AI'S RISE
great accuracy and are commonly used now in hospital pharmacies and areas where patient records are stored, to protect drug inventory and patient privacy. The introduction of cloud-based Video Surveillance as a Service (VSaaS), from companies and their cloud video Surveillance software like Hikvision iVMS-5200, Genetec Omincast etc has marked a leap forward in video security technology. The XProtect Hospital Assist, from Milestone systems a remote patient monitoring solution, has showcased us the potential of technology in enhancing healthcare outcomes.
CLOUD TECHNOLOGY'S ASCENT IN MENA In the realm of cloud technology, the Middle East, and North Africa (MENA) region emerged as a leading adopter. The market for cloud computing is anticipated to grow to $31.4bn by 2026, according to a report published by Markets and
Looking ahead to 2024, the tech industry is poised for significant growth in generative AI. Influenced by the marketing success of ChatGPT, 2023 saw experimentation and exploration of generative AI's capabilities. While the transition to meaningful production is ongoing, there's a palpable sense of anticipation for further advancements across sectors. Responsible technology usage, enhanced data analytics, and deeper AI integration stand as priorities for the industry, setting the stage for a more sustainable and efficient future.
A YEAR OF DIRECTION AND PROGRESS As we bid adieu to 2023, the UAE's tech industry unequivocally hit the mark. A narrative of vision and progress unfolded, guided by strategic leadership, and driven by innovative commitment. The robust hiring market, ambitious unicorn goals, and strides in healthcare, cloud technology, and AI integration underscore a dynamic year. The UAE stands as a technological hub, exceeding expectations and signalling a promising future. The industry's dedication to responsible technology usage sets the stage for continued progress in 2024, ensuring the past year's successes serve as a robust foundation for ongoing growth, reinforcing the UAE's status as a regional technological powerhouse.
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DECEMBER 2023
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AI IN 2023
INSIDER'S ANGLE
A YEAR-END EXPLORATION OF AI IN 2023
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n the dynamic landscape of 2023, artificial intelligence (AI) has proven itself as a force of transformative change. This year has been characterized by unprecedented technological advancements and spirited ethical debates, showcasing AI's expertise in unexpected arenas, particularly within the entertainment industry. Robots and augmented intelligence have become the architects of unforgettable, next-generation consumer experiences. Giants in the media and entertainment industry have converged their expertise to craft, launch and refine a plethora of AI driven innovations propelling the industry towards imagination and spectacle.
ADVANCEMENTS THAT DEFINED 2023 From the introduction of cutting-edge large language models (LLMs) to the innovative Humane AI Pin, AI has asserted its influence across diverse spheres. These developments underscore AI's integration into our daily lives, molding technology, and leaving an enduring imprint on our cultural and artistic expressions. According to a recent Insight survey conducted by Harris Poll, over 71% of businesses are already in the process of adopting AI. As this technology continues to evolve and businesses are increasing their AI adoption, it is expected that the impact on our daily lives will only increase in the coming years. The year also witnessed a surge in open-source AI development, reshaping frameworks with milestones like PyTorch 2.0. PyTorch is an opensource and community-led deep learning framework that provides a flexible and efficient way of building machine learning models. PyTorch 2.0 has introduced fundamental changes to the core compiler operations while preserving the same level of familiarity and ease for developers. Tech industry leaders, including Microsoft and Google, played pivotal roles in advancing collaborative innovation. Along with that, generative AI models, exemplified by OpenAI's GPT-4, showcased remarkable proficiency in various applications, sparking ethical considerations about transparency and biases in AI-generated content.
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By: Roshni Menon, Content Writer
AI ACROSS INDUSTRIES AI in Healthcare: The past year marked substantial progress in healthcare, as AI played a key role in enhancing diagnostics and drug discovery. AIpowered diagnostic tools, akin to advanced systems, significantly improved the detection rates of conditions like cancer. Meanwhile, platforms utilizing AI for drug discovery, similar to advanced solutions, expedited the identification of potential therapeutic options. AI in Finance: The finance sector continued its evolution through the integration of AI. Entities engaged in high-frequency trading embraced AI algorithms for more precise decision-making. AI in Education: Platforms from well-known providers harnessed AI to suggest courses and adapt content to individual learners, enhancing the overall online learning experience. The use of AI-driven assessment tools, exemplified by various solutions,
aimed to uphold academic integrity in online examinations. AI and Cybersecurity: The prominence of AI-driven cybersecurity solutions grew as organizations sought to bolster their defenses against evolving threats. Platforms leveraging AI, akin to well-known solutions, provided real-time threat detection and response, fortifying cybersecurity postures. Additionally, AI-powered vulnerability scanners, exemplified by solutions from various providers, assisted organizations in proactively identifying and patching security vulnerabilities. AI and Climate Change: AI played a pivotal role in addressing climate change throughout the year. Climate modeling platforms, including those by recognized entities, leveraged AI to enhance climate predictions, aiding in mitigation efforts. Energy management systems utilizing AI, similar to solutions provided by various companies, optimized energy consumption in buildings, contributing to sustainability goals.
AI IN 2023
INSIDER'S ANGLE
REFLECTIONS AND FUTURE PROSPECTS The dynamic between AI and employment underwent significant shifts, marked by automation's impact on routine tasks across industries. While efficiency gains were evident, concerns about job displacement prompted responses such as upskilling programs and curriculum adaptations in educational institutions. Ethical considerations became paramount in workplace monitoring, performance evaluation, and discussions about job stability in the gig economy. From entertainment to healthcare, finance, education, climate change, and cybersecurity, AI has left an indelible mark. As we stand on the cusp of a new year, the challenge is not only to push the boundaries of innovation but also to do so responsibly, keeping ethical considerations at the forefront. The journey into 2024 will likely see a continued focus on refining the integration of AI innovations into our daily lives, with a growing emphasis on ensuring positive outcomes for society as a whole.
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DECEMBER 2023
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DR. ALI BAGHDADI
FEATURE
NAVIGATING THE AI HORIZON:
TRANSFORMING THE FUTURE OF IT IN THE MIDDLE EAST
In today’s era of rapid digital evolution and technological advancements, Artificial Intelligence (AI) has become an integral part of the Information Technology (IT) landscape. AI is a transformative force that has significant implications for businesses across the globe. With its diverse geopolitical landscape and vibrant business ecosystem, the Middle East is embracing AI, gaining momentum as a critical enabler in the region’s digital transformation journey.
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DECEMBER 2023
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r. Ali Baghdadi, a Computer Scientist, entrepreneur, and prominent expert in the field, believes that AI is more than just a technology; it is a catalyst for change.
Here is what he has to say: ‘First, let’s look at what the Middle East has in the way of unique advantages that will enable the leveraging of AI. The Middle East's strategic location fosters a diverse ecosystem for AI development, combining regional expertise with global partnerships. We have seen heavy investments in infrastructure support the implementation of AI technologies, including advanced telecommunications networks and smart city initiatives. The region has access to abundant energy resources that can power data centers and support high-performance computing needed for AI applications, reducing operational costs. We are already supplying large GPU-based infrastructure that will support Machine Learning and Inference. There are Rich Data Sources; Sectors like finance, healthcare, and oil and gas generate vast amounts of data, fueling AI-driven insights and innovation. A large young and Tech-Savvy population contributes to a strong talent pool for developing AI solutions and fostering innovation and entrepreneurship. Collaboration between public, private, and educational sectors encourages the development and application of AI technologies across many domains. Cultural Diversity and Innovation Hubs: Cities like Dubai, Riyadh, Cairo & Amman act as innovation hubs, fostering creativity and exchanging ideas for AI-driven solutions tailored to regional needs.’ Dr Baghdadi adds. ‘So, let’s consider the segments where AI is poised to revolutionize the IT landscape across various sectors in the Middle East. This transformative potential is evident in several key areas: Automation and Efficiency: AI's capacity for automation can optimize routine IT tasks such as network management,
cybersecurity, and data analysis. This will liberate human resources to focus on more strategic and complex tasks, significantly improving operational efficiency. Enhanced Customer Experience: AI technologies like chatbots and virtual assistants can revolutionize customer service by providing quick, personalized responses, reducing wait times, and enhancing overall user experience across industries like banking, e-commerce, and telecommunications. Data Analytics and Insights: AI-driven analytics tools can process vast datasets to derive actionable insights. This can lead to better decision-making, predictive maintenance, fraud detection, and personalized services in industries such as finance, healthcare, and oil and gas. Cybersecurity: AI can play a pivotal role in bolstering cybersecurity efforts by identifying patterns and anomalies in network traffic, detecting potential threats, and responding to cyberattacks in real-time, safeguarding critical systems and data. Healthcare Innovations: AI-powered applications in healthcare, including predictive analytics for disease diagnosis, personalized treatment plans, and telemedicine solutions, can significantly improve healthcare access and outcomes across the Middle East. Education and Skill Development: AI can facilitate personalized learning experiences through adaptive learning platforms, addressing the skills gap and preparing the workforce for an AI-driven economy. Smart Cities: Governments in the Middle East are investing in smart city initiatives where AI can manage traffic, optimize energy consumption, improve public safety, and enhance urban infrastructure. Logistic Services, including optimization of distribution networks and automation of cargo and warehousing, given the strategic locations in the countries.’
DR. ALI BAGHDADI
FEATURE
IMPACT ON EMPLOYMENT One of the most significant questions raised by AI's integration is its impact on employment. Dr. Bagdadi advocates a proactive approach to upskilling and reskilling in digital and data literacy, critical thinking, ethical awareness, and cybersecurity awareness. By cultivating a culture of continuous learning and adaptation, the Middle East has the potential to become a hub for AI talent, ensuring its workforce thrives in this AI-driven era.
ETHICAL CONSIDERATIONS In conclusion, the future of AI in the Middle East's IT industry is a story of promise and potential, guided by Dr. Bagdadi's visionary perspective. It underscores the need for collaboration, ethical considerations, and an unwavering commitment to lifelong learning. As the Middle East embraces the AI era, it stands at the forefront of a technological renaissance, poised to redefine the future of IT within the region and beyond. With AI as the compass, the Middle East charts a course toward unparalleled excellence in IT.
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DECEMBER 2023
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TRELLIX
FEATURE
LESSONS OF 2023 TO ARM US FOR 2024 By: Manoj Reddy M.V, Raghav Kapoor, Shyava Tripathi, Pham Duy Phuc, Max Kersten & Adithya Chandra, Trellix Advanced Research Center
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e often treat the transition to a new year as an opportunity to consign the past to the dustbin of history and usher in some imagined future idyll. But some of us notice that the more things change, the more they stay the same. The new year is no time for defeatism. Let us learn the lessons of 2023 to arm us for 2024. Come with me as we take a dive into a list compiled by Trellix experts of the most dangerous attack vectors threatening our digital economy right now.
UNMASKING THE SILENT SURGE IN INSIDER THREATS In recent years, insider threats have posed a multifaceted risk that affects both public and private organizations globally. An insider threat refers to any person, — whether an employee, contractor, partner, or someone with rogue access, who had or currently has access to critical organizational assets including facilities, information, networks, and systems. Based on recent industry analysis, insider threats have increased by 47% over the last two years, incurring a totals loss of $15.38 million for the containment of these incidents. This threat undermines the confidentiality and integrity of the organization while aiding adversaries in gathering intelligence, carrying out sabotage operations, and using subterfuge methods to achieve their nefarious objectives.
THE GROWING BATTLE OF THE (QR) CODES The rise of QR code-based phishing campaigns represents an alarming trend. As our daily lives become increasingly reliant on digital interactions, attackers are adapting their tactics to exploit new vulnerabilities. QR codes, originally designed for their convenience
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TRELLIX
FEATURE
and efficiency, have become an enticing tool for cybercriminals to use as an attack vector. One of the primary reasons behind the expected increase in QR code-focused phishing campaigns is their inherent trustworthiness. QR codes become essential in various aspects of daily life during the COVID-19 pandemic, from contactless payments to restaurant menus. As a result, people have grown accustomed to scanning QR codes without much thought, assuming they are safe. This sense of trust can be exploited by cybercriminals who embed malicious links or redirect victims to fake websites. We expect that QR codes will also be used to distribute widely recognized malware families.
THE STEALTHY ASSAULT ON EDGE DEVICES There is a somewhat stealthy shift in the threat landscape underway, centering on the often-overlooked realm of edge devices. These unassuming components, including firewalls, routers, VPNs, switches, multiplexers, and gateways are becoming the new frontier for Advanced Persistent Threat (APT) groups. What sets this apart from normal is the subtlety of the threat; it's not about the easily foreseen IoT vulnerabilities, but rather the less conspicuous challenges posed by edge devices themselves.
PYTHON IN EXCEL CREATES A POTENTIAL NEW VECTOR FOR ATTACKS With Microsoft implementing default defensive measures to block internet Macros in Excel, Macro usage by threat actors has seen an expected drop. Instead, they are exploring alternative attack vectors for their latest attacks, including lesser known or underutilized ones such as OneNote documents. However, with the recent creation and release of Python in Excel, we expect this to be a potential new vector for cybercriminals. As both attackers and defenders continue to explore the functionality of Python in Excel, it is guaranteed that bad actors will start to leverage this new technology as part of cyberattacks. As the Python code is executed in containers on Azure, it can access local files with the help of Power Query.
TURN THE TABLES When you know what your adversary is doing, their mask slips. They become less scary. Threat intelligence is one of the greatest weapons we have right now and will also be so in the coming year. A sense of doom can be crippling and prevent positive action. Hence, it can hasten doom. We have the knowledge and we have the tools to bring about change. Let 2024 be the year that threat actors finally taste their own medicine. And let the 2024-2025 New Year be the one where threat actors finally become the pessimists. www.integratormedia.com
DECEMBER 2023
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PANGAEA X
FEATURE
UNVEILING THE GREEN TAPESTRY:
ECO-CONSCIOUS CONSUMER BEHAVIOUR THROUGH THE LENS OF
DATA ANALYTICS By: Jadd Elliot Dib CEO, Pangaea X
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DECEMBER 2023
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ccording to Roundup.org “75% of sustainable goods sell better online than in-store. 78% of consumers feel that sustainability is important. 55% of consumers are willing to pay more for eco-friendly brands. 84% of customers say that poor environmental practices will alienate them from a brand or company.” In an era defined by unprecedented environmental challenges, consumers are becoming increasingly attuned to the impact of their choices on the planet. The rising wave of eco-consciousness has given birth to a paradigm shift in consumer behaviour, wherein sustainability takes centre stage. Leveraging the power of data analytics, we delve into the intricate tapestry of eco-conscious consumer decisions, unravelling patterns that illuminate the path towards a more sustainable future. Eco-conscious consumer behaviour is not merely a trend but a transformative movement that transcends traditional purchasing decisions. Consumers are now scrutinising the sustainability credentials of products and brands, demanding transparency, and accountability. This
shift reflects a growing awareness of the interconnectedness between individual choices and global environmental challenges, such as climate change, deforestation, and pollution. In this landscape of conscious consumerism, data analytics emerges as a potent tool for businesses and policymakers. The wealth of data generated through online transactions, social media interactions, and consumer surveys provides invaluable insights into the preferences, motivations, and concerns of eco-conscious consumers. By harnessing this data, businesses can tailor their strategies to align with sustainability goals, fostering a mutually beneficial relationship with environmentally conscious consumers. Data analytics allows us to decode the motivations driving eco-conscious consumer behaviour. Beyond the traditional dichotomy of price and quality, consumers are now influenced by a product's environmental impact, ethical sourcing, and commitment to social responsibility. Through data analytics, businesses can discern these nuanced preferences and adapt their offerings to align with the evolving values of their target audience. One of the key advantages of data analytics is its capacity to facilitate personalised offerings. By understanding individual preferences, businesses can tailor their products and services to cater to the specific demands of ecoconscious consumers. This level of personalisation not only enhances customer satisfaction but also fosters loyalty among those who seek products aligned with their values. Data analytics not only aids businesses in understanding individual consumer behaviour but also reveals the broader societal impact of sustainable choices. By identifying trends and collective patterns, policymakers can implement targeted initiatives to incentivise sustainable practices across industries. This ripple effect contributes to a more significant, positive transformation in the marketplace. While data analytics opens new frontiers for understanding and encouraging eco-conscious consumer behaviour, challenges persist. Privacy concerns, data security, and the need for standardised metrics to measure sustainability are areas that warrant attention. Addressing these challenges presents an opportunity for collaboration between businesses, regulators, and consumers to create a robust framework for sustainable practices. In the age of eco-conscious consumerism, data analytics emerges as a powerful ally in deciphering the intricate patterns of sustainable choices. By harnessing the wealth of information available, businesses can align their strategies with the evolving values of consumers, fostering a symbiotic relationship that benefits both the environment and the bottom line. As we navigate the path towards a more sustainable future, the insights gleaned from data analytics illuminate the way forward, guiding us in creating a world where conscious consumer choices catalyse positive change on a global scale.
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DECEMBER 2023
PANGAEA X
FEATURE
17
YEAR IN REVIEW
EXPANSION AND EXCITEMENT:
THE INTEGRATOR'S JOURNEY IN 2023
T
he ICT Champion Awards, held in October of this year, were a resounding success, marking a significant occasion for acknowledging and celebrating the exceptional accomplishments of technology companies and industry leaders across over 30 domains. These distinguished champions were recognized for their pioneering projects, innovative digital services, strategic reimaginings, and noteworthy technological initiatives. During the event, The Integrator conducted engaging fireside chats with Zurich International and hosted panel discussions featuring top executives from prominent companies such as Lenovo, Sony, and Epson. Here are photographic highlights capturing the celebratory moments of this prestigious event.
THE ULTIMATE BATTLE OF THE BANKS GOLF CUP
T
he Integrator is now all set to create a brand-new impression with its upcoming magazine, Financial Integrator. The Ultimate Battle of the Banks, held at the Faldo Course, Emirates Golf Club, was a resounding success, and is set in regards with this direction. This prestigious event attracted enthusiastic participation from over 80 industry representatives, including top executives from the banking and finance sectors.
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Participants and sponsors featured prominent names such as FAB, Standard Chartered, UBS, GSB Private, HSBC, Habib Bank Limited, Julius Baer, Mashreq, Citi, LGT, BMW AGMC, National Bank of Fujairah, Network International, Nedbank Private Wealth, Abu Dhabi Commercial Bank, Saxo Bank, St. James’ Place, Hansard, GIG Gulf, Mercury Payments, Orient Travel, Greenpark Global, and Total Processing.
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YEAR IN REVIEW
HONG KONG FINTECH WEEK '23
T
he Integrator was honored to be part of the coverage for HK Fintech Week 2023. Given Hong Kong's stature as an international financial hub, it was imperative for us to report on this event, especially considering our upcoming publication, Financial Integrator. As fintech in the Middle East expands relentlessly, crossing industries and international borders, The Integrator is actively seeking collaborations with global entities worldwide. The participation of our Assistant Editor, Srijith KN, was a moment of pride for The Integrator team, marking the beginning of more invitations to come from various parts of the world.
GITEX 2023
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ITEX is and continues to be a showcase of the world’s leading consumer and enterprise technologies. That is why we the Integrator team did comprehensive coverage of GITEX from Day 1 to Day 5, by churning out interviews, conversations, and social media posts from everything that was happening right from ground zero. Whether you’re a tech enthusiast looking to play around with new gadgets or an IT buyer who is looking to diversify their Enterprise stack, there is something beneficial for everyone. From day 1 we gave out critical information from companies regarding developments in Generative AI, Quantum computing, hybrid multi-cloud’s future and there was none stopping us. We engaged with clients, partners, audiences alike. Here are some fabulous pictures from GITEX 2023.
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DECEMBER 2023
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YEAR IN REVIEW
THE RISE OF SMART CITIES: IOT, AI AND BLOCKCHAIN IN ACTION
QUANTUM COMPUTING IGNITES A NEW DIMENSION
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n 2023, smart cities are leveraging the integration of Internet of Things (IoT), Artificial Intelligence (AI), and Blockchain technologies. These advancements are transforming urban landscapes by enhancing connectivity, optimizing traffic management, and ensuring secure and transparent crossborder transactions. The rise of smart cities signifies a practical application of technology to improve efficiency, security, and overall quality of life for residents. This integration is aimed at creating more intelligent and sustainable urban environments through the effective use of data and innovative technologies.
n 2023, the UAE has made significant strides in quantum computing, aligning with the global trend of exploring its capabilities. The country's commitment to research and implementation mirrors international efforts to leverage quantum systems for practical applications. Amid the global evolution of quantum computing, the UAE's advancements position it among the forefront nations in technological innovation for the year 2023.
ROBOCOPS:
THE FUTURE OF POLICING
D
uring GITEX 2023, Dubai has embraced advanced technology with the introduction of autonomous police robots and robotic patrol cars. Equipped with cutting-edge features, including Artificial Intelligence and facial recognition capabilities, these robotic law enforcement units contribute to ensuring public safety in Dubai. The integration of these technologies reflects Dubai's commitment to leveraging innovation for effective and efficient policing in the city.
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NEOM:
A GREEN OASIS IN THE SAUDI DESERT
I
n Saudi Arabia, the NEOM project has been making progress in 2023, particularly in the realm of renewable energy. This initiative involves the development of a green oasis in the desert, utilizing cutting-edge solar technologies and sustainable practices. The NEOM project aims to contribute significantly to the Kingdom's efforts to generate clean and abundant energy, addressing environmental concerns and promoting a sustainable future. www.integratormedia.com
YEAR IN REVIEW
UAE'S SULTAN AL NEYADI SPACE MISSION
AGRICULTURE WITH SMART FARMING IN 2023
I
n a significant development for the UAE's space exploration endeavors in 2023, Sultan Al Neyadi participated in the SpaceX Crew-6 mission. This participation is part of the UAE's ongoing commitment to space exploration and collaboration with international space agencies. Sultan Al Neyadi's involvement in the mission marks a notable milestone, showcasing the UAE's growing presence and contribution to advancements in space science and technology.
M
ost countries have taken significant steps in agriculture by embracing smart farming practices. Through the integration of technologies like IoT devices and data analytics, countries aim to enhance agricultural efficiency and sustainability. This shift towards smart agriculture demonstrates the commitment to leveraging technology for optimal resource management and ensuring a resilient and productive agricultural landscape.
INNOVATION 2023
A YEAR IN REVIEW!
AI INTEGRATION RESHAPES UAE HEALTHCARE IN 2023
T
he UAE has witnessed a significant transformation in healthcare with the integration of Artificial Intelligence (AI). This technological advancement involves the use of AI algorithms for precise diagnostics, personalized treatment plans, and predictive analytics. The adoption of AI in healthcare marks a crucial step in improving patient care, diagnosis accuracy, and overall efficiency within the UAE's healthcare system. www.integratormedia.com
DECEMBER 2023
21
FORCEPOINT
FEATURE
DATA POISONING:
THE NEWEST THREAT TO
GENERATIVE AI By: Jason Kemmerer Solutions Architect, Forcepoint
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P
erhaps nothing illustrates the rapid mainstreaming of machine learning and artificial intelligence (AI) more than the insane popularity of ChatGPT, a generative AI app that boasts the fastest-growing user base in history. But as algorithms become a staple of everyday life, thanks to a growing number of business and consumer use cases, they also represent a new attack surface. By manipulating algorithms, bad actors can control their output. This type of attack, called data poisoning, is becoming more prolific as bad actors gain access to greater computing power and new tools. Although the first data poisoning attack took place more than 15 years ago, it has since become the most critical vulnerability in machine learning and AI. Google’s anti-spam filters, for example, have been compromised multiple times. Bad actors poisoned the algorithm and changed how spam was defined, causing malicious emails to bypass the filter. Looking ahead to 2024, considering the popularity and uptake of new machine learning and AI tools, companies can expect to see an increase in data poisoning attacks. With that in mind, let’s take a closer look at this threat and how organizations can prepare for it. It's hard to ignore the widespread use and growing interest in machine learning and artificial intelligence (AI). One app that has gained immense popularity in recent times is ChatGPT, a generative AI app that boasts the fastestgrowing user base ever. However, as algorithms become ubiquitous in everyday life, they also present a new attack surface. Bad actors can manipulate algorithms to control their output, posing a significant threat. This type of attack, known as data poisoning, is on the rise as bad actors have access to more computing power and new tools. In fact, it's the most critical vulnerability in machine learning and AI, with even Google's anti-spam filters being compromised multiple times. The filter's algorithm was poisoned, and the definition of spam was changed to allow malicious emails to bypass the filter. Looking ahead to 2024, as more companies adopt machine learning and AI tools, data poisoning attacks are expected to increase. Let's delve deeper into this threat and how organizations can prepare for it.
TYPES OF DATA POISONING ATTACKS Data poisoning attacks can be divided into four main types: availability attacks, backdoor attacks, targeted attacks, and subpopulation attacks. In an availability attack, the entire model is corrupted, leading to false positives, false negatives, and misclassified test samples. Availability attacks mainly happen when approved labels are added to compromised data or when the labels are flipped. Such attacks can significantly reduce the model's accuracy. In a backdoor attack, the attacker inserts backdoors (a set of pixels in the corner of an image) into a set of training
examples, causing the model to misclassify them, which may impact the quality of the output. Targeted attacks affect only a small number of samples, making it difficult to detect since the model continues to perform well for most samples. In contrast, subpopulation attacks impact specific subsets of the data, but accuracy remains high for the rest of the model. Therefore, data poisoning attacks must be considered when building any training algorithm. Another way to categorize data poisoning attacks is by the attacker's knowledge. If the adversaries do not know the model, it is known as a "black-box attack." If they have full knowledge of the training and model parameters, it's called a "white-box attack." A "grey-box attack" falls in the middle, where the attacker has some knowledge of the model. Targeted attacks require the attacker to know the subset they wish to target during the model's training period. White-box attacks tend to be the most successful. How to combat data poisoning Data poisoning is a difficult problem to solve. To fix a model that has been poisoned by bad data, a thorough analysis of the model's inputs is required, with the ability to identify and eliminate fraudulent data. If the dataset is too large, analyzing it becomes impossible, and the only solution is to retrain the model completely. However, retraining a model can be a costly and complex process. For instance, training GPT-3 cost a staggering 16 million euros. Hence, proactive defense mechanisms are the best way to prevent data poisoning. To begin with, it's essential to be highly vigilant about the databases used to train a model. This can involve using high-speed verifiers and Zero Trust CDR to ensure that data being transferred is clean, employing statistical methods to detect anomalies in data, and controlling who can access the training datasets. During the training phase, it's important to keep the model's operating information confidential. Additionally, it's crucial to continuously monitor the model's performance using cloud tools such as Azure Monitor and Amazon SageMaker to detect any unexpected changes in accuracy.
FORCEPOINT
FEATURE
THE BOTTOM LINE As organizations increasingly leverage artificial intelligence and machine learning for a wider range of use cases, it is imperative to understand and prevent vulnerabilities that can arise during the training of models. There are various ways for bad actors to gain control over model training, including the insertion of poisoned data or modification of existing training samples. This is especially critical for essential services like transportation and policing that are adopting these technologies. Generative AI, with its numerous use cases, holds a lot of promise, but its full potential can only be realized by safeguarding models against adversaries.
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DECEMBER 2023
23
GAMECENTRIC
FEATURE
IS THE UAE THE NEW EPICENTER FOR
GAMING & ESPORTS? By: Saad Khan Founder & CEO, GameCentric
P
icture this: 2023 in the UAE, a city pulsating with the electric energy of a gaming revolution that's not just altering landscapes but rewriting the very rules of culture and commerce. In a metropolis where pixels wield power, it's not just gamers navigating this terrain; it's the unexpected entry of mainstream brands, triggering a quest for growth like never before. Brace yourselves, for this is not merely a tale of pixels and polygons; it's the riveting saga of morphing gaming into a brand’s engagement play with its customers as a means of coming of age to the dawn of brand gamification, In a land where ambition meets innovation, the Gaming and Esports market is set to become a financial powerhouse, projecting a revenue spike to an astonishing US$392.20 million by December 2023. A testament to the industry's meteoric rise - a reminder and reflection of a key fact that the global gaming industry is bigger than the music and movies industries combined! A key driver is the anticipated annual growth rate of 5.62%, predicting a market volume surge to US$515.50 million by 2028. This isn't just growth; it's an explosion that echoes the enthusiasm of 1.7 million users expected to immerse themselves in gaming by 2028, with the user penetration rate catapulting from 14.2% in 2023 to a staggering 16.2%. The game-changer in this saga is the Mobile Games segment, commanding a market volume of US$163.10 million in 2023. As smartphones and tablets became the battlegrounds for entertainment, the Mobile Games phenomenon captured the zeitgeist, dominating the industry. Notably, the UAE is not alone in this gaming odyssey; it mirrors global trends, with China projected to lead the market with an eye-watering US$82,060.00 million by the end of 2023, showcasing the universal allure of digital realms. Why this seismic shift towards gamification this year? It's not just about fun; it's about engagement, and brands have unlocked the
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secret potion. The average revenue per user (ARPU) is set to reach US$271.40 by December 2023, providing a financial scorecard of user engagement. For brands, this isn't just about numbers; it's about creating experiences that resonate. Gamification has become the bridge between brands and their audience, a dynamic interaction shaping feedback loops that enhance solutions, turning users into active participants in the brand story. As the United Arab Emirates continues to experience a mobile gaming surge, fueled by high smartphone penetration and a tech-savvy population, the gaming industry is rewriting the script of engagement. Heading the revolution for the MENA region, the United Arab Emirates has emerged as the epicenter of a gaming phenomenon, marking a transformative year that redefined the intersection of culture, commerce, and technology. At the forefront of this revolution were strategic initiatives, including the visionary "Dubai Program for Gaming 2033" launched by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum. This
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ambitious program aimed to position Dubai among the top 10 global gaming cities, with a focus on talent, content, and technology and as a result create a $1 Billion incremental GDP impact to the city of Dubai by 2033. Simultaneously, Saudi Arabia's ambitious $38 billion National Gaming and Esports Strategy, unveiled by Crown Prince Mohammed bin Salman, aims to develop 30 games and generate 40,000 jobs by 2030, positioning the nation as a global gaming hub. The Saudi Esports Federation and significant funding injections underscore the country's commitment to industry development. With gaming revenue in the MENA region projected to reach $6 billion by 2027, the strategic focus and investments by both Saudi Arabia and the UAE highlight their determination to shape the gaming landscape and draw global gaming companies to the region. It's not just about games anymore; it's about being part of an immersive experience that transcends screens, and in this narrative, every brand has a role to play. As MENA's gaming scene explodes with potential, numerous platforms and organizations are rising to meet the everevolving demands of this vibrant market. Events such as the Dubai esports and Games Festival, DCT Abu Dhabi and many more spearheaded the charge, providing essential infrastructure and resources to empower local developers and publishers. These platforms acted as the launchpads for budding talent, fostering innovation and collaboration within the gaming community, all the while promoting a sense of camaraderie and belonging, further fueling the passion for gaming amongst the youth. As the UAE continues to embrace the gaming revolution, the collaborative efforts of gaming platforms, brands and these diverse players will undoubtedly propel the nation to the forefront of the global gaming stage. In this landscape where pixels meet profits, 2023 is just the prelude to a gaming symphony where mainstream brands are not spectators but protagonists, and the audience has not just been entertained but actively engaged. Welcome to the gaming revolution in the United Arab Emirates, where the joystick isn't just for gamers; it's for every brand ready to play and win.
DECEMBER 2023
GAMECENTRIC
FEATURE
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ADFOLKS
FEATURE
NAVIGATING THE CLOUD:
A 2023 RECAP AND A LOOK FOR THE FUTURE By: Arun Mohan Founder & Managing Director, Adfolks and Developer Evangelist
2
023 marked a significant uptick in cloud adoption across the region, with all three major cloud providers – AWS, Azure, and Google Cloud – growing their presence. This expansion is not just a testament to increasing demand, but also a reflection of the cloud's maturing capabilities. One of the most notable aspects of 2023 was the evolution in cloud use cases. We've moved beyond basic cloud migrations to more complex applications, notably in app modernization, data management, and AI workloads.
ENTERPRISES MAKE SLOW BUT MUCH NEEDED PROGRESS This year we’ve made progress tackling challenges in the cloud. A key issue enterprise encountered this year are skewed Total Cost of Ownership (TCO) calculations. Businesses often underestimate the ongoing costs associated with cloud migration, leading to budget overruns and financial surprises. A key reason for high costs is that organizations
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frequently just lift and shift applications from data centers into the cloud while treating it like a hosting platform. This creates a disconnect - cloud providers charge based on dynamic consumption, not static capacity. Legacy apps, moved as-is, bloat bills. Fortunately, I have observed that enterprises are increasingly becoming aware of these challenges and are gradually shifting their strategies to more cloud-optimized approaches, mitigating these unexpected financial incurrences. Organizations are realizing that technical debt is an issue they need to tackle on an urgent basis. They are waking up to the fact that directly transitioning on-premises monoliths, not optimized for cloud-native capabilities, ends up wasting the headline benefits of agility and lower TCO. It is like getting a used Ferrari but www.integratormedia.com
ADFOLKS
FEATURE
engineering. Providing structured learning programs for motivated employees retains institutional knowledge while expanding capabilities. “Hire” only when it’s not practical to train your current employees.
IDENTIFYING AND EXPERIMENTING WITH LASTING TECHNOLOGICAL TRENDS
keeping its old worn-out wheels - performance will remain capped. Therefore, I emphasize the importance of a phased, well-planned cloud migration centered around strategic application modernization based on business impact assessments. Instead of attempting an overnight transformation, setting strong cloud-ready foundations focusing on culture, automation and technical debt reduction supersedes short-term lifts and shifts.
PLUGGING THE TALENT GAP This year talent shortage in cloud computing has been palpable. Finding the right mix of skills – a blend of development and infrastructure expertise – is a challenge. With enterprises rapidly migrating to the cloud, the demand for capable cloud talent surged. However, the supply of professionals keeps lagging, leading to competitive poaching rather than genuine capability building. Over-reliance on external hiring alone is an incomplete solution. Training existing staff needs to be part of the talent strategy. I advocate a hybrid "train and hire" approach. The "train" aspect involves identifying internal teams ripe for upskilling across domains like cloud architecture, security, and reliability www.integratormedia.com
A key strategy I would advise for 2024 is looking beyond the hype and finding lasting tech trends. The cloud technology landscape is continuously evolving, with new trends will undoubtedly emerge next year. But not all trends withstand the test of time. At Adfolks, our philosophy is to identify and experiment with these technological trends at a low cost. Our focus is on trends that outlast the initial hype, providing long-term value. An early bet we took was on Kubernetes, foreseeing its potential to revolutionize container orchestration and cloud infrastructure management. This approach has not only placed us at the forefront of technology innovation and allowed us to offer cuttingedge solutions to our clients, but it also helped us stand out in the market, and was one of the key reasons we were able to exit to ZainTech. As we step into 2024, the shift from an IT-centric to a developer-centric approach in cloud computing will become more pronounced. This shift signifies a transformative change in the cloud landscape, where developers are at the forefront of driving innovation and agility. Emphasizing rapid development, deployment, and continuous integration, this approach empowers developers with more control and flexibility. The result is a more dynamic, responsive, and innovative cloud ecosystem, where new applications and services can be developed and scaled more efficiently, aligning closely with evolving business needs and market trends. 2023 was a year of substantial growth and learning in the cloud sector. As we look forward to 2024, the focus will be on refining these advancements, addressing challenges head-on, and embracing a culture that fosters innovation and technological excellence. I’m excited to be part of this journey and to see what the next year holds.
DECEMBER 2023
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COVER STORY
REFLECTING ON THE TECH LANDSCAPE OF 2023:
ANTICIPATING 2024 AND BEYOND!
T
he Integrator conducted an interview with Myriam Brut, Managing VP, and Eyad Tachwali,
Senior
Advisory
Director
at
Gartner, focusing on MENA IT Spending
in 2023. This interview provides a thorough insight into the current technology landscape in the region, offering a comprehensive understanding of the technological advancements that have shaped our lives throughout 2023, providing us a better outlook of 2024. The sustainability angle too has been explored widely in this interview, since COP28 had already been looked at as the major event of 2023.
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GARTNER
Myriam Brut Managing VP, Gartner
Eyad Tachwali Senior Advisory Director, Gartner
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DECEMBER 2023
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COVER STORY
How have businesses and governments adapted their strategies in response to key shifts and challenges in the business landscape from 2020 to 2023? The current forecast at our disposal pertains to Gartner’s second quarter of 2023. Upon cross-referencing our 2022 forecast, we have aligned the two. To gain a comprehensive understanding of current and future priorities, it is imperative to take a retrospective step before advancing. Let's rewind to 2020 and the onset of the pandemic. During the peak of the pandemic, governments and businesses significantly escalated their investments in digital infrastructure, with a specific focus on facilitating online services for consumers and enabling remote access for the workforce. As 2020 unfolded and transitioned into 2021, the realization dawned that post-pandemic, there was a need to assess the landscape for the creation of new marketplaces and value propositions for consumers. As we ventured into 2021 and subsequently 2022, the market was characterized by considerable turbulence. The business landscape was marked by heightened activity as entities grappled with substantial disruptive changes, notably the Russia-Ukraine conflict, escalating commodity prices, rising energy costs, and supply chain constraints. In response to these challenges, both companies and governments began scrutinizing their operations to achieve efficiency and cost reduction. The situation intensified in the latter half of 2022 with the emergence of a cost-ofliving crisis, fueled by widespread inflation. Labor markets were vibrant, yet IT skills remained scarce. Concurrently, supply chain constraints persisted. Consequently, instead of channeling funds into expansive digital business transformation initiatives—likely influenced by a sense of fatigue—organizations redirected their investments towards operational streamlining, leveraging the convergence of IoT, automation, and robotics. As we entered 2023, the tumultuous conditions subsided to some extent. Although underlying activities persist, inflation in certain regions is now under control. This has afforded businesses and governments the luxury of time and space to contemplate their next steps. The trajectory has shifted from revenue growth in 2020-2021 to a concentrated focus on operational streamlining in 2022. Currently, the imperative is for companies to fortify and expand their profit margins, marking the current state of affairs.
limitations and risks associated with using these capabilities, such as potential biases, accuracy issues, and privacy concerns. On the other hand, use cases aimed at driving differentiation for organizations require more complex implementations. This may involve prompt engineering or building a custom model, presenting different barriers and complications. Skills play a key role, with a high demand for specific expertise like prompt engineers, data scientists, and AI experts, which are in low supply in the region. Accessibility to these skills becomes a potential barrier. Another challenge is the cost associated with pursuing these use cases. Building custom models, for instance, is resource-intensive, and only a few organizations have the financial means to undertake such projects. Costs involve implementation, training, and ongoing maintenance of these capabilities. In summary, the challenges vary based on the use case, encompassing awareness of limitations and risks, the availability of talent, potential barriers, and associated costs. Despite these obstacles, there is a noteworthy focus and support in the region to propel generative AI forward. What are the key sustainability initiatives and practices being observed in the region, both by governments and private entities, across sectors such as agriculture, finance, technology, and aviation? In this region, there is a pronounced focus on sustainability, both from governments and the private sector. Governments and companies have made commitments to achieve net zero carbon emissions, reflecting a significant push towards sustainability.
What key challenges did organizations in the Middle East encounter in integrating generative AI into their workforce? Generative AI is receiving significant attention in this region, particularly when it comes to potential barriers. The challenges organizations face depend on the type of use cases organizations are pursuing. For use cases focused on improving productivity, such as using ChatGPT to draft a job description or craft a marketing email subject line, there may be fewer adoption barriers. However, it is crucial for organizations to be aware of the
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GARTNER
Governments are actively funding agricultural projects with a sustainability agenda, such as Saudi Arabia's reef project. They employ modern technology and sustainable practices to enhance self-sufficiency in areas like dairy, honey, dates, and coffee production. This approach reduces reliance on external products and aligns with modern technology while ensuring sustainability. In the public-private domain, initiatives like green financing are gaining prominence. Sovereign wealth funds like Mubadala have established Environmental, Social, and Governance (ESG) divisions dedicated to green financing.
AS WE ENTERED 2023, THE TUMULTUOUS CONDITIONS SUBSIDED TO SOME EXTENT. ALTHOUGH UNDERLYING ACTIVITIES PERSIST, INFLATION IN CERTAIN REGIONS IS NOW UNDER CONTROL
Egypt, for instance, issues green bonds to support renewable energy projects. Fintechs in the MENA region is collaborating with the UAE government on sustainable practices, showcasing a commitment to environmental responsibility. Even major banks like HSBC and Standard Chartered are integrating sustainability into their operations. Standard Chartered, for example, commits to dealing only with businesses where energy consumption is less than 5% from thermal heat. In the aviation sector, companies like Emirates and Etihad are investing in cleaner aviation fuels and minimizing aircraft noise. In the tech sector, particularly concerning the increase in data centers, there is a concerted effort towards sustainability. Public-private partnerships are driving initiatives from the ground up, encompassing sustainable building design, maximized natural lighting, efficient data center cooling methods like adiabatic cooling, and the utilization of renewable energy. The shift towards edge computing further contributes to sustainability by allowing the establishment of smaller, more efficient data centers. What impact does AI have, and what environmental challenges are currently hindering its prospects? How do you view Generative AI concerning sustainability? In our discussions with leaders, a consistent observation is their anticipation of a more positive impact from generative AI, outweighing potential risks associated with the technology. This positive impact primarily centers on fostering new customer experiences, driving revenue growth, and achieving cost efficiencies. However, it's crucial for leaders to maintain a realistic outlook on the potential impact of their pursued use cases. For instance, enhancing employee productivity may face challenges due to current limitations, potential errors, accuracy issues, and biases in the content generated. To optimize the impact of such use cases, Gartner recommends defining key performance indicators (KPIs) to track and measure the outcomes before and after implementation. Our recent survey of approximately 2500 executives revealed a predominant focus on customer experience as the top priority for generative AI use cases. This emphasis, driven by growth and efficiency goals, aligns with the regional priorities, reflecting a significant focus on enhancing customer or citizen experiences to generate impactful growth. Addressing concerns about sustainability, it is acknowledged that generative AI technology consumes substantial energy. However, the impact on sustainability largely depends on leadership decisions regarding technology usage. Despite its energy consumption, generative AI holds great potential in contributing to sustainability goals. The technology can assist in understanding regulations, mandates, reporting requirements, and even propose action plans to meet specific metrics. Therefore, the key to sustainability lies in optimizing energy use for generative AI while prioritizing use cases that align with sustainability goals.
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DECEMBER 2023
31
CREATIVE ZONE
FEATURE
THE UAE'S REMARKABLE STARTUP JOURNEY IN 2023 By: Jigar Sagar Managing Partner, Creative Zone
2
023 has been a whirlwind of innovation and dynamism in the world of startups, and nowhere has this been more evident than in the United Arab Emirates (UAE). The UAE's startup scene has been bustling with activity, showcasing a blend of resilience and diversity that's as captivating as it is impactful. As someone deeply rooted in UAE’s startup ecosystem, I've been observing attentively at the growing list of developments in this nation’s startup landscape. As a melting pot of innovation and opportunity, and a place where fresh ideas take flight, the UAE startup ecosystem has gone from strength to strength this year.
2023 - A BANNER YEAR FOR BUSINESS SETUPS AND FOREIGN INVESTMENT IN THE UAE In 2023, the UAE experienced an exceptional year of business setups, a testament to its growing reputation as a global business hub. In the first half of the year, the Dubai Chamber of Commerce recorded the registration of 30,146 new businesses, a significant increase from the approximate 21,000 that registered in the same period the previous year. During this same period, the overall number of new businesses in the UAE rose by 43%, a growth attributed to the UAE’s vibrant business climate. This surge was accompanied by a substantial flow of foreign direct investment (FDI), attracted by the region's stable economy, strategic location, and progressive business policies. The influx of FDI has not only boosted the economy but also diversified it, bringing in fresh ideas and innovations from around the world.
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THE GOVERNMENT'S ROLE IN CATALYZING TECH STARTUPS The UAE government's proactive approach to supporting startups showed a continued surge in 2023. In a move to boost its tech sector's contribution to the gross domestic product (GDP) over the next ten years, Dubai launched a program to grow its technology sector and increase its impact on the economy. The program, started in September by the Dubai Chamber of Digital Economy, offers incentives to encourage digital startups to set up and develop in the emirate, working with both private and government partners. This initiative reflects the government's understanding of the crucial role technology plays in driving economic growth and diversification.
STREAMLINING THE PATH FOR STARTUPS Improving the ease of doing business has been a key focus in the UAE. The rise of digital banking solutions, like Abu Dhabi’s Wio, has transformed the local financial ecosystem, making it more accessible and easier to navigate. Additionally, the enhancement of digital government services has streamlined administrative processes, reducing red tape and making it easier for new businesses to set up and operate. Notably, in May, the UAE announced its intention to launch the ‘Digital Excellence Centre’, which aims to accelerate digital transformation in government work. These advancements work toward significantly lowering the barriers to entry for entrepreneurs, contributing to the UAE's burgeoning startup ecosystem.
BUSINESS EXITS: A NEW CHAPTER IN THE UAE'S GROWTH STORY 2023 has been a standout year for startup exits in the UAE, defying the global trend of a slowdown in initial public offerings (IPOs). This year, the UAE has experienced a significant increase in startup exits, with 58 funded startups in the first half of the year. Here are some of the key highlights I observed in the past year when it comes to exits.
A CONTRASTING YEAR: UAE'S IPO SUCCESS AMID GLOBAL SLOWDOWN While 2023 witnessed a global slowdown in IPO activities, the UAE bucked this trend, experiencing one of its best years for public listings. This contrast is a testament to the unique strengths of the UAE's startup ecosystem, which has been able to attract investors and foster confidence even in a challenging global economic climate. For instance, in the private sector, Al Ansari Exchange's journey to an IPO stands out as a remarkable
success story in 2023. This move by one of the largest and most trusted exchange companies in the UAE underscores the maturing business environment in the region. The UAE's success in this regard speaks volumes about the resilience and potential of its market, offering a beacon of hope and opportunity for businesses looking to scale.
CREATIVE ZONE
FEATURE
GOVERNMENT-OWNED BUSINESSES LEADING THE CHARGE One of the most notable aspects of startup exits in the UAE in 2023 has been the successful listing of government-owned businesses. Companies like ADNOC (Abu Dhabi National Oil Company) and Dubai Taxi have made headlines with their IPOs. These listings represent a strategic shift in the UAE's approach to leveraging its state-owned assets, showcasing a blend of public sector efficiency with private sector dynamism. This move not only reflects the government's confidence in the business climate but also sets a precedent for other state-owned enterprises considering going public.
THE RISE OF VENTURE CAPITAL IN THE UAE 2023 also saw a rise in Venture Capital (VC) firms setting up shop in the country, attracted by the thriving startup scene and the influx of high-networth individuals (HNWIs) into the country. According to the Q3 2023 MENA Venture Investment Premium Report by the startup data platform MAGNiTT, the UAE recorded a substantial 55% upswing in new investments. This increase in VC activity has been a game-changer for startups, providing them with not just funding, but also strategic support and networking opportunities.
ATTRACTING HIGH-NET-WORTH INVESTORS The UAE has become a magnet for high-net-worth individuals looking to invest in startups. This influx of wealthy investors is a boon for the entrepreneurial ecosystem, providing much-needed capital and market expertise. These investors are not just funding businesses; they're bringing in a wealth of experience and global perspectives, further enriching the UAE's startup landscape. Looking back on the year, it’s clear that 2023 has been a landmark period for the startup scene in the UAE, marked by notable success stories, significant public listings, an increase in VC activity, and the attraction of high-net-worth investors. This trend underscores the UAE's position as a leading global hub for business and innovation, offering a fertile ground for startups to grow and achieve successful exits.
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DECEMBER 2023
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LUCKY HUNTER
IN CONVERSATION
BLOCKCHAIN AND FINTECH HIRING FILLS 70% OF INDUSTRY VACANCIES IN 2023 The Integrator had an exclusive interview with Tatiana Melnichuk, Founder of Lucky Hunter
Can you share some key milestones and achievements for Lucky Hunter in the year 2023? In 2023, Lucky Hunter took flight despite the challenges of the previous year. We spread our wings globally, welcoming new clients from Germany, the UK, UAE, USA, Austria, France, Canada, Serbia and some other countries. Our focus on the UAE paid off, bringing in six new clients and forging key partnerships. We were thrilled to be part of GITEX GLOBAL, an eyeopening conference that showcased the UAE's potential in the tech landscape. 2023 was a year of growth and recognition, proving Lucky Hunter is not just about providing top-notch recruitment services but also about being recognized globally for our excellence. As the CEO, I'm immensely proud of our team and can't wait to see what 2024 brings. We're passionate about collaborating with outstanding individuals and companies, working together to create something exceptional. How has the tech recruitment landscape evolved over the past year, and what role has Lucky Hunter played in these changes? The tech recruitment landscape has seen significant shifts, particularly in regions like the UAE. In 2023, we observed a unique dynamic unfold where the playing field became more competitive for tech candidates while simultaneously offering increased opportunities for tech companies. Lucky Hunter, being an international agency, has seen these transformations globally, and our focus on the UAE exemplifies this evolution. In the UAE, we've witnessed a surge in attraction for tech professionals seeking new opportunities and those considering relocation. Simultaneously, the region has become a hub for
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tech companies, drawing them in to establish new branches or expand their operations. Lucky Hunter, too, expanded its footprint in the UAE, reflecting the region's increasing prominence. This growth translates to an upsurge in tech talent and a corresponding increase in tech vacancies. With the government's support and a steady stream of new startups, the UAE has become an attractive destination for both professionals and enterprises. As a result, tech recruitment has become an essential and highly sought-after service in this rapidly growing region. Lucky Hunter is excited to be part of this evolving landscape, connecting exceptional tech talent with pioneering companies in the UAE. In your perspective, what were the most notable trends in the tech industry in 2023? Considering the landscape I mentioned earlier, key trends in 2023 and likely for 2024 include stagnant tech salaries, reduced remote work options, and fewer incentives companies offer due to increased competition for specialists in the region. High-demand roles in the tech industry encompass Heads of IT, CTOs, and project managers, sought after by companies establishing local branches. Additionally, there's a growing need for blockchain and web-3 developers as the blockchain industry expands. Blockchain and Fintech hiring fills 70% of industry vacancies in www.integratormedia.com
2023 with top talent in Go, Java, Blockchain, and Web3 development roles. Were there any unexpected shifts or developments that had a significant impact on IT recruitment? In 2023, a notable shift was the staggering number of tech layoffs across various countries, as reported by TechCrunch—exceeding 240,000 job cuts. This significant event spurred an influx of job seekers into the market. Moreover, it made startups less appealing as potential employers due to concerns about instability and potential closures.
burgeoning IT market in the UAE accentuates the necessity for diverse specialists, especially at middle to senior levels, aligning with the evolving tech landscape and project requirements in the region.
LUCKY HUNTER
IN CONVERSATION
Have you observed any emerging skills or technologies that gained prominence in the past year? The prominence of new technologies, particularly in AI, GPT development, and other indispensable tools, marked 2023. These technological advancements have significantly influenced various domains, becoming integral elements in modern processes and solutions.
From your experience, which specific technical skills were most in demand among companies in 2023? The tech industry perpetually craves a multitude of skills. However, in the UAE context for 2023, the sought-after skills encompassed backend developers proficient in Python, and Java, alongside frontend developers and QA engineers. The
BLOCKCHAIN AND FINTECH HIRING FILLS
70% OF INDUSTRY
VACANCIES IN 2023 WITH TOP TALENT IN GO, JAVA, BLOCKCHAIN, AND WEB3 DEVELOPMENT ROLES.
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DECEMBER 2023
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AUKEY
IN CONVERSATION
AUKEY'S VISIONARY JOURNEY:
CRAFTING TECH EXCELLENCE AND ELEGANCE
The Integrator had an exclusive interview with Mohanad Mohsin, Regional Director, Middle East and Africa, AUKEY
Can you share with us a brief overview of the brand AUKEY? AUKEY is a pioneering brand that originated in China and has been actively expanding globally for over 9 years & 15 Years for AUKEY Group. Our focus is on delivering niche, luxury products in the power, charging, audio, and smartwatch categories. We have successfully expanded to more than 50 countries worldwide. In what ways is AUKEY supporting retail businesses in the region to distribute its technology, and could you provide insights into your partnerships in this specific region? Our primary focus has always been on quality besides the provided services to our customers. We strive to produce products that not only make customers happy but also emphasize the quality of the retail business we conduct. We give priority to the latest technologies, and our Brand Logo came from this concept: The “AU” refers to Auric, while 'KEY' refers to unlock more technologies. Goldenphilosophy a "golden key of innovation".
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Your products boast a cool and dynamic design. Can you explain how you achieved this product design and how you present these designs to customers? Our R&D team is continually working on innovative materials and designs. We place a significant emphasis on creating designs that make customers feel comfortable and offer an elegant touch. While other competitors may meet customer needs, our focus to arrange the mix of affording the customer needs with elegant design aside. How does your company keep up with the changing market landscape and adapt to the unique needs of various businesses, especially in other business verticals in GCC? We continuously implement enhancements on a monthly basis. As previously mentioned regarding our R&D, ongoing improvements occur daily. Presently, we are launching new released compatible products for unique premium brands, such as Apple. Continuous upgrading and ensuring compatibility are essential aspects of our strategy. It is
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AUKEY
IN CONVERSATION
imperative to align with the latest innovations, and I would like to emphasize that in 2019, we pioneered the launch of the first GAN charger in our industry and introduced AUKEY Series “Omnia”, part of the AUKEY-owned series. Recently, we introduced the Omnia 2, featuring the same cuttingedge technology that aligns seamlessly with the latest iPhones. Our commitment is to remain at the forefront of technological advancements, consistently taking proactive steps compared to our ongoing initiatives. As the Regional Director for the Middle East & Africa, what are your plans for your company in 2024? We have ambitious plans for 2024 in African Markets, building on the significant improvements we've seen this year. Our numbers, shipping volume, and sell-out rates have experienced substantial growth in GCC markets. With a strong partner base, we aim to expand further, establishing a larger team and introducing more innovative technologies. Our solid foundation and upward trajectory give us confidence in our continued success. www.integratormedia.com
DECEMBER 2023
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ASPENTECH
IN CONVERSATION
INSIGHTS ON
DIGITAL TECHNOLOGIES AND NET ZERO COMMITMENTS The Integrator had an exclusive interview with Rasha Hasaneen, Chief Product & Sustainability Officer at AspenTech
Rasha Hasaneen, Chief Product & Sustainability Officer, AspenTech
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Can you elaborate on how AspenTech helps its customers to reach their sustainability goals? AspenTech has spent the last 40+ years building a wealth of expertise, globally, to support asset intensive industries as they tackle tough challenges to achieve operational excellence. Today, our technology also has a crucial role to play in efficiency efforts and is an essential component in helping companies make progress towards net zero goals. AspenTech’s advanced digital technologies help operators reduce their energy use, resource consumption and waste generation by controlling and optimizing existing operations and supply chains. Our predictive and prescriptive maintenance tools are also important in reducing unplanned outages as well as any associated emissions and flaring that can follow in oil and gas and chemical operations. As customers progress towards net zero, digital simulation is crucial in helping them develop new processes and technologies that can lower carbon impact or, in the case of carbon capture, remove it altogether. These tools also help de-risk new technologies necessary for energy transition. It is this combination of capex to opex optimization that makes AspenTech unique in our ability to support our customers on their sustainability journey. Hydrogen is also now emerging as a viable alternative energy source with significant potential for emissions reduction. AspenTech customers are showing strong interest in green and blue hydrogen. Digital technology will be essential to the hydrogen economy, accelerating innovation and adoption, and enabling organizations to rapidly optimize the hydrogen value chain. www.integratormedia.com
How does Aspen Tech's CSO contribute to the organization's or its customer sustainability efforts? AspenTech is committed to innovating with our customers and developing solutions to close the gap between available technology today and what is needed to achieve net zero. In addition to managing AspenTech’s own sustainability journey to net zero the Chief Sustainability Officer position at AspenTech has the responsibility of defining the strategy for markets, products, and solutions anchored on the historical, current, and future innovation capabilities of the business, including the development of a long-term sustainability vision for the company and for our customers, while aligning this vision to the strategy and execution of all product-related activities. For example, we recently announced new software updates enabling customers to achieve advanced levels of operational excellence. These were designed to accelerate customer digitalization strategies and help customers achieve advanced levels of operational excellence, while facilitating progress with net zero initiatives, empowering engineers with enhanced AI, improving asset health and performance, and enabling customers to achieve an integrated enterprise data management system.
ASPENTECH
IN CONVERSATION
What are your thoughts on a dedicated sustainability role to prioritize sustainability within the company? The role of the Chief Sustainability Officer has evolved rapidly over recent years as global focus has been on setting and meeting net zero targets across all industries Worldwide. In the past, the role had little accountability in terms of defining company policy, integrating sustainability into its core values, or even communicating relevant strategies to stakeholders, leaving much of that burden to CEOs and CFOs. Today, CSOs drive innovation and the integration of sustainability issues in overarching corporate strategy, particularly within hard to abate industries where it becomes critical to prioritize digital solutions that improve efficiency and sustainability. If the CSO role is not dedicated, it should be closely aligned to the elements of the company’s strategy that drives the most value, and for AspenTech, that is aligned to our products and how our products enable our customers on their journeys.
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DECEMBER 2023
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ALPHA TECH
IN CONVERSATION
ALPHA TECH AND HITROLINK
MERGE EXPERTISE FOR AV EXCELLENCE IN MEA The Integrator had an exclusive interview with Julien Arnolda, Managing Director of Alpha Tech and Yong Kang Chen, Overseas Sales Manager, Hitrolink.
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ago. Hitrolink, with over 300 employees and substantial investment in R&D, prepares for market changes, incorporating AI functions and cloud services. We ensure our products meet evolving customer needs.
ALPHA TECH
IN CONVERSATION
How does Alpha Tech plan to expand this collaboration with Hitrolink, and how would you like to present it to the audience? Julien: We collaborate with numerous partners across the GCC and plan to expand our team locally and internationally. This growth factor, combined with our distribution expertise, will strengthen Alpha Tech's partnership with Hitrolink.
Alpha Tech is a well-known distribution specialist in consumer electronics and enterprise communication solutions, while Hitrolink is a renowned provider of audio and video communication and collaboration products and solutions. Could you share your thoughts on this collaboration? Julien: Firstly, I'd like to express our extreme pleasure in partnering with Hitrolink. Their extensive experience and history in AV products, combined with our 30 years of regional experience, create a mutually beneficial opportunity for both our companies. Chen: Indeed, it's an honor to collaborate with a professional distribution company like Alpha Tech. Our initial conversations with Alpha Tech revealed their expertise in the industry, and we believe that combining Hitrolink’ s rich experience with Alpha Tech's distribution channels will lead to success. We are excited about the long-term collaboration. Alpha Tech has a broad spectrum of distribution channels. What specific challenges arise when managing this diverse network? Julien: The challenges lie in managing stock levels, pricing, and brand visibility. The audio-video industry has played a pivotal role, especially during the pandemic. Our collaboration with Hitrolink aims to offer premium products at affordable price points, differentiating our partnership. Hitrolink’ s mission is to enable communication beyond distance. How do your solutions achieve this, and what sets you apart from competitors? Chen: Our mission is to facilitate communication beyond distance, crucial in the post-COVID era. We focus on user experience, making our products easy to use for users of all ages. Adding AI functions ensures a closer connection between users. Our strategy is user-centric, emphasizing simplicity and cost-effectiveness. How does Hitrolink adapt to the growing importance of remote work and virtual collaboration, especially postCOVID, to stay ahead of evolving customer needs? Chen: We recognized the significance of remote work years
What unique value will Hitrolink bring to Alpha Tech and its clients, and what are your long-term partnership goals? Chen: Hitrolink brings top-quality, cost-effective products and excellent service. Our goal is a long-lasting, mutually beneficial partnership, growing and achieving success together. We aim to increase brand awareness and create a strong presence in the UAE market. Can you elaborate on the challenges and opportunities of managing product logistics, particularly in the context of cross-border distribution in the Middle East and Africa region? Julien: Cross-border distribution presents challenges in managing stock levels, pricing, partners, marketing, and technical support. With over three decades of experience, Alpha Tech is well-equipped to handle these challenges, offering Hitrolink the benefit of our expertise. In what ways do your products incorporate cutting-edge technologies like AI and machine learning to enhance communication and collaboration experiences? Chen: Integrating AI technology into products is key to improving competitiveness. Hitrolink’ s R&D department laid out plans years ago, incorporating advanced AI functions. These functions, such as automatic camera adjustments and optimized audio settings, enhance the overall communication experience. What support and services can clients expect when choosing Alpha Tech and Hitrolink as their distribution and solution provider? Julien: Alpha Tech offers comprehensive services, including product development, sales, business development, financial facilitation, technical support, and logistics. We provide a 360° approach to meet all client needs. Chen: Hitrolink is committed to investing and establishing roots in the UAE market, ensuring long-term support for our customers. We offer immediate, professional support, including training and guidance, and believe in working closely with our customers for their comfort and confidence. Julien: Having a local Hitrolink team in the UAE enhances our ability to meet customers promptly, instilling confidence in the brand and the support we offer.
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DECEMBER 2023
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PHILIPS
IN CONVERSATION
PHILIPS DISCUSSES COP28 ENGAGEMENT,
SUSTAINABILITY, HEALTHCARE INNOVATIONS, AND DATA SECURITY MEASURES
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PHILIPS
IN CONVERSATION
How does Philips view COP28, and to what extent can we expect Philips to participate in the summit? The 2023 United Nations Climate Change Conference, better known as COP28, is the perfect platform to drive action. Our focus at COP28 is extending our sustainability impact with the healthcare industry by engaging with governments and partner stakeholders. In the healthcare industry, there’s strong global momentum – a huge number of care providers recognize that they need to tackle their impact on the environment, in terms of both carbon emissions and beyond. In our conversations with hospitals, they tell us they want to commit to become carbon neutral. We can help them start and scale with our decades of experience, our in-house expertise, successful case studies and best practices. What initiatives has Philips implemented to reduce its overall carbon footprint, both from suppliers and customers? As a leading health technology company, we are committed to improving people's health and healthcare outcomes, as well as making care more accessible, inclusive, connected, and sustainable. In 2022, Philips’ health technology products, services and solutions improved 1.81 billion lives - of which 202 million in underserved communities. This takes Philips closer to its purpose of improving 2.5 billion lives per year by 2030, with 400 million in underserved communities. Philips’ leadership is committed to ESG and driving sustainability across the healthcare value chain – procurement, operations, innovation, service delivery, supply chain, etc. all the way up to the customers using our solutions. We have set ambitious 2025 ESG/Sustainability targets and have been delivering steady progress and results. We believe in aligning our efforts with the United Nations’ Sustainable Development Goals (SDGs), specifically SDG 12 (Sustainable consumption and production) and SDG 13 (Climate action). To achieve these goals, we have set specific targets to reduce our environmental impact and combat climate change by 2025. Like many countries and companies, the UAE is undergoing an energy transition, working to meet current energy demand while shifting to renewable energy sources that meet net zero targets. At Philips, we are already carbon neutral in our operations and on track to reach our target of 75% of energy from renewables by 2025. We applaud the work of others to reach their targets and encourage them to move even faster in order to achieve our collective climate ambitions.
Vincenzo Ventricelli, CEO, Philips Middle East, Turkiye and Africa
Can you provide insights into Philips' investments and its impact in digital health infrastructure in the region? Our commitment to developing patient-centric, AI-enabled systems aligns with the ongoing digital transformation in the Middle East's healthcare systems. AI-driven solutions, from diagnostic tools to telemedicine exemplify our dedication to precision, accessibility, and flexibility in healthcare. Philips launched a nextgeneration portable ultrasound solution for the META region - the new Compact 5000 Series - to facilitate firsttime-right ultrasound exams for more patients. Premium quality ultrasound imaging has previously been confined to larger cart-based systems, which while technically portable, are typically located within a specific department. This often means that patients need to move from a hospital ward to the appropriate department for their ultrasound exams, which can negatively impact the patient experience and create logistical problems that limit patient throughput. The portability of the new Ultrasound Compact 5000 Series brings quality ultrasound to the patient wherever they are located in the hospital, with
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PHILIPS
IN CONVERSATION
advanced features not typically found on a portable system, including AI-powered automation tools. This newest innovative system also features Philips Collaboration Live tele-medicine software, with the ability to call on additional clinical expertise via secure voice, text, screen sharing, and video streaming from anywhere with a mobile or internet connection. Collaboration Live even allows a remote user to control the unit’s settings to acquire diagnostic quality images, reducing the need for follow-up scans and patients having to travel to a central hospital facility. How does Philips envision the future of the healthcare industry, and could you highlight the latest solutions in monitoring and connectivity technologies for advancing hospital-at-home initiatives in this region? Our focus for 2024 and beyond will be on partnering with purpose for real impact and real results. This means focusing firmly on building strong and lasting partnerships in both the public and private sectors, continuing to deliver critical clinical solutions that improve care and improve the general experience for patients and staff alike, and continuing to team up, collaborate and co-create to help create seamless, connected, value-based care models. As part of this focus, we will prioritize: Optimizing clinical and operational efficiency by • improving workflow efficiency, enhancing the use of resources, and easing workloads for clinicians. • Extending care capacity within hospitals and healthcare facilities as well as into the home and lower-cost settings through telehealth and virtual care, and wearables, remote devices and informatics. Enhancing clinical collaboration and confidence • through informed decision support that enables greater communication, clarity, accuracy, and predictive and personalized care. Increasing system agility and scalability with the ability to • flexibly manage staff and supplies, interoperability, and connected digital platforms to drive care.
PHILIPS HAS A STRONG FOCUS ON THE FUTURE AND IN 2024 WE WILL DOUBLE DOWN ON OUR PARTNERSHIPS AND INVESTMENTS
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Philips has a strong focus on the future and in 2024 we will double down on our partnerships and their investments to improve access to care and health outcomes while reducing the cost of care - into a dynamic, patient-focused reality. The Philips eICU as an example, is a transformational critical care telehealth program comprising one centralized specialized critical care team, as a supplement to the bedside team, who can manage many ICU locations, in real time. This support to increasingly scarce clinical resources has been shown to reduce mortality, lengths of stay and cost of care. Philips’ acute patient management solutions offer an integrated system of advanced physiologic monitoring, a central station, and clinical decision-support tools that work together to provide the actionable insights care teams need in the moment. It allows them to gain visibility into patients’ status anytime, anywhere; notifies them of early signs of potential patient deterioration to proactively fine-tune treatment; rapidly adapt and scale patient monitoring; and collaborate during care transitions and effectively decide the optimal time to transition. Together with Philips CareEvent, alerts can be delivered - directly to the healthcare teams’ smartphone to further help make an informed response. Philips’ portfolio of integrated workflow solutions supports this aim by connecting workflows across the radiology enterprise to help enhance the efficiency and work experience of radiologists, technologists, and administrators. These include its next-generation Advanced Visualization Workspace platform with AI-enabled algorithms and workflows, as well as Philips’ AI-enabled PACS, which provides automatic analysis of medical data and extraction of relevant information to generate meaningful – and actionable – insights. With the increasing use of emerging smart technologies like AI and machine learning, how does Philips address security challenges within the healthcare industry? With digitalization and increased use of AI, Philips is committed to ensuring the safety and security of patients, operators and customers who use our products and services. We don’t just offer hardware and software upgrades, we also support security by design systems, staff training, incident response management and a standards-based approach to safeguard against evolving threats. Our security services govern embedding security in product and services during its entire lifecycle, including Product Security Risk Assessments, project-independent vulnerability and penetration assessments, specialized product security trainings, and response activities for vulnerabilities. We also provide secure, cloud-based platform of services, capabilities, and tools purpose-built for the complex challenges of healthcare, featuring deep clinical databases, patient privacy, industry standards and protocols, and personal and population data visualizations. Hence, customers using our products can be secure in the confidentiality, integrity and availability of critical data and the systems that house it.
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DECEMBER 2023
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RED HAT
IN CONVERSATION
RED HAT’S ROLE IN TRANSFORMING INDUSTRIES IN 2023 How has the deployment of new services and the surge in data at the edge impacted organizations globally in 2023, and what role does edge computing play in addressing the challenges and opportunities associated with this data explosion? Organizations across the globe have been deploying new services, generating massive amounts of data at the edge throughout 2023. And with this explosion of data, companies are looking for ways to make realtime decisions where this data is being generated - this is where edge computing comes in. Whether it be massive amounts of data, clusters and nodes or disconnected and connected applications in hard-toreach locations (or all of the above), edge computing can help companies create more intelligent devices, providing innovative ways to stand out in competitive and quickly evolving marketplaces. How are companies leveraging their existing IT and OT resources to transition to edge computing, and what role does collaboration with software companies like Red Hat, with a focus on open-source solutions, play in this transformation? But how can they get there? How do they use the IT and OT human and physical resources they currently have to make this happen? Companies are partnering with software companies like Red Hat to provide the infrastructure, support, services, and solutions from the far edge to the cloud and back. Red Hat believes in open-source solutions at the edge. Adopting opensource technologies at the edge helps minimize vendor lock-in, facilitating standards-based integration and means anyone can inspect, modify, or enhance, unlike proprietary software that’s limited to specific users. From device endpoints to gateways to edge servers to on-premises data centers to the cloud, opensource solutions can help drive collaboration and standardization across industries so that everyone can benefit from improved products and faster innovation.
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Can you elaborate on the collaboration between Red Hat and service providers like Verizon in deploying open-source solutions at the edge, particularly in the transformation of networks and the development of a 5G core network? In the early stages of edge computing, Red Hat worked with service providers like Verizon to successfully use open-source solutions at the edge to transform networks. Verizon built its 5G core network on a modern cloud platform because Red Hat has the capabilities for a critical infrastructure with extremely high availability, security, and performance requirements within our open-source technologies. Red Hat then helped Verizon roll out this same platform to the edge to host 5G RAN base stations at the edge, achieving a homogeneous platform with a leg up in operational efficiency. Verizon is driving 5G into its network to offer its intelligent Edge Network (iEN) and Network as a Service (NaaS) strategy aiming to make its network the most intelligent, adaptive and serviceaware network available. Can you provide insights into the collaboration between Red Hat and ABB in extending operational consistency for industrial use cases across edge and hybrid cloud environments? Red Hat has been working with ABB to extend operational consistency for industrial use cases across edge and hybrid cloud environments. With Red Hat Device Edge and Red Hat OpenShift, ABB will be able to connect clouds and control environments more easily for optimized asset monitoring and efficiency by aggregating and analyzing data on hard-to-reach devices with limited resources. With 2023 coming to its culmination, we will see these technological collaborations that help us embrace new and innovative solutions, keeping up with the pace of change and overcoming limitations that have created barriers in adopting these new technologies.
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RED HAT
IN CONVERSATION
By: Francis Chow VP & GM, In-Vehicle Operating System and Edge, Red Hat
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DECEMBER 2023
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COP28
REPORT
SAP AND CHANGEMAKERXCHANGE HIGHLIGHT IMPORTANCE OF
YOUTH-LED CLIMATE CHANGE IN COP28
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o make the most of the opportunities created by having MENA as the site of two successive COP meetings, global technology company SAP SE and ChangemakerXchange have been bringing together the region’s leading young changemakers to build their individual and organizational capacity and collaborate towards a more resilient region in the face of the growing climate crisis. Referring to UNICEF's latest Heatwaves report, which reveals that by 2050, more than 2 billion children worldwide will face heightened exposure to increasingly frequent heatwaves, Raptopoulos points out that this dire reality magnifies health vulnerabilities like undernutrition, low birth weight, asthma, and mosquito-borne diseases. “These statistics paint a bleak picture about the welfare of future generations,” says Raptopoulos. “However, in the face of these challenges, it is heartening to witness the work of organizations like ChangemakerXchange. Changemakerxchange Profiles:
BOXOUT 1: RYME ASSAAD: AMPLIFYING THE VOICES OF YOUNG WOMEN Ryme Assaad, dedicated to amplifying the voices of young women in climate action, recognizes the importance of their unique perspectives in shaping effective climate solutions. "I have
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always been driven by a desire to contribute to positive change in the world,” says Assaad. Assaad was spurred to action after the Lebanon Economic Crisis that began in 2019. “This period brought a series of challenges along with it, including severe electricity blackouts lasting up to 23 hours a day and a currency devaluation of over 98%. Inflation soared, averaging 171.2% in 2022, one of the highest rates globally,” she says. “During this period, I realized the profound significance of renewable energy and circular economy models. Beyond environmental benefits, these approaches proved to be efficient in providing access to clean energy and basic human necessities, even in the most trying times. This revelation strengthened my conviction that such solutions could profoundly impact and create a better world, particularly in times of crisis,” continues Assaad. “Participating in the ChangemakerXchange program has been an inspiring journey and experience for me. I've had the opportunity to meet remarkable women who are deeply involved in the climate movement, and they have served as a source of inspiration. The lessons I've learned through this engagement emphasize the power of collaboration, innovation, and the pivotal role of youth and women in shaping a more sustainable future,” Assaad says. www.integratormedia.com
COP28
REPORT
BOXOUT 2: CHRISTOPHER DACCACHE: DESIGNING INNOVATIVE SOLUTIONS Christopher Daccache, a passionate AI enthusiast, is poised to make significant strides with his unique creations. At 19, he founded 'RECYCLER' in Lebanon, a project specializing in solid waste management, sustainable innovation, agriculture, and environmental education. Daccache now works on projects that aim to mitigate environmental impact and empower communities to actively participate in the fight against climate change. “Some of the climate projects I'm collaborating on involve finding innovative solutions for water pollution as well as addressing the lack of environmental education in Lebanon,” says Daccache. “One of our latest innovations is a solar-powered machine that extracts waste from rivers. It is the first of its kind in the MENA region, and is automated, internetconnected, and made from upcycled materials.” ChangemakerXchange has afforded Daccache the opportunity to collaborate with global, like-minded individuals and organizations dedicated to tackling urgent climate challenges. “My experience has reinforced the belief that the youth can be a formidable force for change. Despite my age, I've seen firsthand that dedication, innovation, and a commitment to sustainable practices can make a meaningful impact on our environment and inspire others to join the climate action movement,” he says. “I see the climate crisis as not just a challenge, but also an opportunity for transformation. It's a chance to rethink our relationship with the planet, transition to cleaner and more equitable systems, and create a future that is not only sustainable but also thriving. My vision is to leave this world better than I found it,” Daccache concludes. www.integratormedia.com
DECEMBER 2023
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SAMSUNG
SPOTLIGHT
SAMSUNG USHERS IN A NEW ERA OF CONNECTED AND SUSTAINABLE LIVING
S
amsung Gulf Electronics unveiled the groundbreaking features of the Family Hub Refrigerator, marking a new era in connected and sustainable living, during an exclusive event at Akira Back in Dubai. The refrigerator is equipped with cutting-edge technology, designed to enhance connectivity and entertainment for families right in their kitchens. With AI features that automate meal planning and other daily tasks to deliver a more personalized experience, the Family Hub refrigerator is the industry’s smartest fridge and the future of connected homes. Through the SmartThings App, the Family Hub seamlessly links various smart devices, allowing users to turn the linked devices on/off, adjust settings, coordinate activities, and limit power usage. DooHee Lee, President of Samsung Gulf Electronics, said: "At Samsung, we believe that connected home technology can transform lives and make them more convenient, connected, and sustainable. With the Family Hub refrigerator, we are transforming the kitchen into a shared, connected experience that goes beyond preparing meals into the new epicentre for the smart home. We have also worked with partners to bring even more experiences directly on the appliance, including online shopping, food recipes, home security and more." The Family Hub refrigerator, equipped with 22 apps, revolutionizes smart living, offering users a comprehensive home view. The SmartThings Video widget facilitates easy front door monitoring and access to multiple security cameras for a seamless household overview. Enhanced by AI image recognition, the View Inside internal camera lets users check fridge contents on key shelves via their smartphone or home screen. It streamlines shopping by displaying items without opening the door. Users can tag expiration dates, create lists, and set reminders. The Samsung Food app simplifies cooking with over 10,000 recipes across 32 cuisines, leveraging Food AI technology. The Smart Recipes feature provides a personalized weekly meal planner based on user preferences and fridge contents. Transforming the kitchen atmosphere, the Family Hub™ refrigerator functions as a virtual jukebox with a 25W speaker. Doubling as a multimedia hub, it mirrors content from Samsung Smart TVs and phones onto its touchscreen. With connectivity for up to 6 screens, users can sync calendars, prepare briefs, stay informed, and effortlessly share media and notes, creating entertaining and connected kitchen experiences.
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KROHNE AT COP28
K
ROHNE, one of the leading global manufacturers of process instrumentation, announces its activity and involvement during the United Nation’s global climate change summit COP28, now running until 12 December 2023 at Expo City Dubai. This platform has an increasingly important role in the global arena of energy and digital transformation and climate change discussions. The event is organised every year by the United Nationas Framework Convention on Climate Change (UNFCCC) with this year’s presidency held by H.E. Dr. Sultan Ahmed Al Jaber, also Group CEO of ADNOC. KROHNE has a long heritage in supporting automation and process control across multiple industries through precision engineered measurement equipment and technology and realizes its role in achieving net zero carbon emissions itself whilst also enabling its valued customers to do the same. Frank Janssens, Vice President, KROHNE Middle East and Africa, said: “KROHNE Group has been in operation for over a century and is proudly built on key values we still cherish today, such as our pioneering capabilities within a family-style environment. Industry today is crucial to the climate change conversation, generating over a quarter of
KROHNE
SPOTLIGHT
carbon emissions around the world. We are proud to offer some of the best solutions to sustainable problems with our innovative thought process and precision engineered product portfolio. KROHNE’s renewed focus on increased connectivity, digitisation and a platform-agnostic approach coupled with our century-old reliability and safety is a combination most partners see great value in for continued efficient operations across all industry. I look forward to collaborating to build a better tomorrow through efficient measurement solutions driving towards net zero.”
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DECEMBER 2023
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MICROSOFT
SPOTLIGHT
MICROSOFT AND ADIO REINFORCE AT COP28
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icrosoft and the Abu Dhabi Investment Office (ADIO) brought 10 impactful sustainability and climate tech startups to COP28 to showcase how their innovative solutions are tackling the most pressing challenges resulting from climate change. Hailing from the UAE, USA, UK, Greece, Spain, India, Finland, and South Korea, the startups are part of the 4th Cohort of the GrowthX Accelerator program, which was launched in 2021 as part of an ongoing collaboration between the ADIO and Microsoft to empower growth-stage B2B startups ranging primarily from the Seed to Series A stages. Massimo Falcioni, Chief Competitiveness Officer at ADIO, said: “The UAE government’s forwardthinking vision has demonstrated the urgent need for collaboration in facing the challenges of climate change.
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Through the GrowthX Accelerator program, we are committed to supporting the UAE's climate action goals. The innovative solutions that they have developed and showcased exemplify the growing impact of entrepreneurs in solving global challenges and delivering real impact. " Naim Yazbeck, General Manager, Microsoft UAE, praised the inspiring work of the startups and congratulated them on graduating from the GrowthX Accelerator program. “The startups that we welcomed for the GrowthX Accelerator: COP28 Edition demonstrated an admirable commitment to addressing some of the most pressing challenges that communities around the world are facing because of climate change. We are proud to have joined forces with ADIO to establish a robust ecosystem that provides them with enhanced access to resourcing, networking, and www.integratormedia.com
the mentorship opportunities they need to drive impactful solutions that will lead us to a brighter and more sustainable future.” The 10 startups in the 4th Cohort of this year’s GrowthX Accelerator program showcased innovative solutions in aviation, climate data, waste management, agriculture, and aquaculture. The success of the GrowthX Accelerator program underscores the unwavering commitment of Microsoft and the Abu Dhabi Investment Office to nurturing the UAE's startup ecosystem and empowering the next generation of innovators to tackle real challenges facing organizations and communities. This dedication aligns seamlessly with the visionary leadership of the UAE, which is firmly committed to elevating the UAE's position as one of the world's most dynamic and promising startup hubs.
ERICSSON AND ETISALAT BY e& LAUNCH ZERO-FOOTPRINT RAN SITE IN THE UAE
ERICSSON
SPOTLIGHT
E
ricsson has partnered with etisalat by e& to deploy a zero-footprint radio access network (RAN) site in its network in the United Arab Emirates (UAE), in line with e&’s sustainability strategy. The deployment focuses on carbon emission reduction, energy efficiency enhancement and resource conservation, which also aligns with the objectives of the UAE Net Zero by 2050 Strategic Initiative. The partners have upgraded an existing high-configuration radio site, located in Dubai, using a combination of Ericsson’s zero-footprint solution and the latest generation of Ericsson Radio System multi-band, multi-sector and multi-technology products. The pilot implementation demonstrated a reduction in energy consumption on a site level by 47 percent, which is equivalent to a 15 tonnes reduction in carbon emissions (CO2) per year. In addition, etisalat by e& has benefited from simplifying the site connectivity, reducing the number of remote radio units from eighteen to only three, cutting down the preventive maintenance and civil engineering costs and requirements, using the Interleaved AIR advanced antenna solution that interleaves 5G Massive MIMO with the passive antenna, and having all existing frequency-division duplexing (FDD) LTE layers ready to support 5G. Khalid Murshed, Chief Technology and Information Officer, etisalat by e&, says: “With e& as the Principal Technology Partner at COP28, it is on track to meet its 2030 net-zero target as it accelerates the implementation of climate action projects in its UAE operations. The Group's climate action projects, implemented by etisalat by e& in the UAE, include investments and efforts to modernize the telecom network by injecting the most energy efficient equipment in energy hungry nodes and elements to have an accelerated impact, in addition to deploying smart power saving and shutdown features that would optimize and control power consumption.” Ekow Nelson, Vice President and Head of Global Customer Unit for e& at Ericsson Middle East and Africa, says: “At Ericsson, we are dedicated to helping our partners implement
and maintain cutting-edge infrastructure that meets today’s needs while accommodating tomorrow’s growth prospects, and we stand by etisalat by e& in its quest for Net Zero. Our end-to-end solutions for the construction of 5G radio sites are future-proof as well as cost-effective, helping our customers optimize their use of energy and resources to make their sites more sustainable.”
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DECEMBER 2023
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YEAR IN REVIEW
HOSPITALITY
13.9M VISITORS CAME TO DUBAI FROM JANUARY 2023 TILL OCTOBER 2023…
By: Sidra Kamal, Content Contributor
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ubai's hospitality sector has achieved remarkable success in the initial half of 2023, hosting a record-breaking 8.55 million international overnight visitors, surpassing the 2019 prepandemic levels. As per Dubai’s Department of Economy and Tourism, the Tourism Performance Report from January 2023 till October 2023 shows that the average occupancy of the hotels was occupied by 76% in the year 2023, relating it to the previous year where occupancy was only 71% and there were less establishments at that time. Following is the chart, which explains how the tourists who come to Dubai drive the economic growth of the hotels. This accomplishment aligns with Dubai's aspirations to become the world's leading tourist destination and resonates with the Dubai Economic Agenda 2033. This research delves into the pivotal trends shaping the Middle East's hospitality landscape in the year 2023.
1. HEALTH AND WELLNESS EXPERIENCES In response to the global pandemic, Middle Eastern hotels are elevating the well-being of travelers by incorporating
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wellness into their offerings. This includes in-room fitness equipment, personalized nutrition programs, and wellness retreats featuring meditation, yoga, and spa treatments. This shift caters to the evolving preferences of health-conscious tourists.
2. SUSTAINABLE PRACTICES Sustainability has transcended buzzword status in the hospitality sector. Middle East hotels are embracing green initiatives, encompassing waste reduction programs, renewable energy usage, and sourcing local produce. This commitment extends to the construction and design of new hotels, where eco-friendly materials and technologies are gaining prominence.
3. TECH-INFUSED GUEST SERVICES Technology is reshaping the guest experience, with hotels leveraging advancements for contactless check-ins, AIpowered room service, and more. Virtual reality tours, mobile apps for room control, and personalized digital concierge services are becoming integral components of the modern hospitality landscape.
4. LUXURY EXPERIENCES Luxury in the Middle East is undergoing a transformation. While opulence remains significant, there is a growing emphasis on personalized services, exclusive experiences, and cultural authenticity. Luxury travelers are seeking hotels offering unique and immersive experiences, from culinary tours to local craft workshops.
5. LOCAL HOSPITALITY BRANDS Homegrown hotel brands are gaining prominence in the Middle East, providing a distinct blend of local culture and international standards. This trend reflects a broader shift towards localization in the hospitality industry, where hotels aim to create a strong sense of place, offering an authentic experience for travelers.
YEAR IN REVIEW
HOSPITALITY
6. MICE TOURISM RESURGENCE Meetings, incentives, conferencing, and exhibitions (MICE) tourism is experiencing a resurgence in the Middle East. The region's strategic location and world-class facilities make it an attractive destination for international business events. Hotels are adapting to this trend by offering flexible event spaces and comprehensive business services.
7. THE ERA OF HYPER-PERSONALIZATION Personalization takes center stage in the hospitality industry. Hotels, armed with data-driven insights, are tailoring their offerings to meet individual guest preferences, spanning from room settings to dining options. This hyperpersonalization not only enhances guest satisfaction but also cultivates lasting customer loyalty. Dubai's hospitality industry's resilient performance in the first half of 2023 signals not only a recovery from pandemic challenges but also an industry that is evolving to meet the changing demands of modern travelers. The trends outlined above showcase a dynamic and resilient sector well-poised for continued growth in the years to come.
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DECEMBER 2023
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TOTL
FINANCIAL
2023 IN REVIEW – KEY FINTECH INSIGHTS PAVING THE WAY FOR 2024
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he year 2023 has been pivotal for the FinTech industry, witnessing a surge of innovative trends that reshaped the financial services landscape. Businesses across the region have introduced and developed several payment models, revolutionizing consumer spending by allowing users to purchase and pay for products seamlessly. A significantly growing trend in 2023 included the hype behind Cashback offers, which allowed users to buy products satisfying their “value for money” aspect. According to research published by Statista, the worldwide cashback sector will surpass a yearly value of $200 billion by 2024. Data reveals that 46% of those engaging in cashback programs view it as a crucial factor influencing their buying choices. In 2019, 43% of affiliate marketing placements were attributed to cashback and loyalty partners. Furthermore, sales revenue from this affiliate channel experienced a remarkable surge of more than 200% from 2018 to 2019. Cashback, a lesser discussed yet impactful facet, became a catalyst for transaction speed and rewards
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within the digital payment realm. Unlike traditional card-based cashback models, which typically offer 1-5% rewards, digital payments integrated with cashback mechanisms skyrocketed, providing users with rewards of up to a staggering 50%. This seamless integration of cashback into digital payments promised instant gratification and added a new dimension to the transaction experience. Users were not only drawn to the speed of these transactions but also enticed by the substantial rewards, fostering a cycle of amplified spending. Cashback has emerged as a means to bolster local physical stores and provide shoppers with savings on their usual buys. A rising trend among merchants and buyers involves stores gaining more income while customers enjoy potential savings. Despite its digitally savvy populace, the Middle East retained a firm reliance on cash due to underdeveloped digital infrastructure and cultural preferences. However, recent strides, including the introduction of QR code payments and the innovative AANI payments backed by the UAE Central Bank, signaled an impending shift towards digital transactions in the region.
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By: Uday Rathod CEO & Co-Founder of TOTL
TOTL
FINANCIAL
McKinsey's research echoed this trajectory, highlighting an accelerated adoption of digital payments even before the pandemic. The UAE saw a yearly growth rate of over 9% in digital transactions between 2014 and 2019, surpassing Europe's average growth rates. The pandemic served as a catalyst, with over 80% of payment practitioners noting a surge of more than 10% in non-cash transactions across the Middle East. Saudi Arabia, in particular, witnessed a doubling of digital point-of-sale (POS) transactions within a year. Importantly, this shift towards digital transactions isn't expected to be temporary. Over 90% of practitioners believed that at least half of the new digital payment users would continue using digital methods, a testament to the permanence of this change. Consumer preferences in the region also mirrored this transformation, with 58% expressing a strong inclination towards digital payments compared to 10% preferring cash. Notably, pass-through digital wallets emerged as the preferred method, with 60% of practitioners foreseeing their prominence, surpassing the preferences observed in mature digital wallet ecosystems like Asia. Cashback mechanisms, offering up to 50% rewards and tailored models for local businesses, fueled repeat transactions and increased spending. Unlike conventional platforms, these models fostered a more localized approach, engaging users by offering cashback usable specifically at the same local stores. Another service that gained prominence for facilitating high-ticket purchases was Buy Now Pay Later (BNPL). The flexibility of this feature appealed to a wide range of consumers, particularly among younger demographics, reshaping the traditional credit card model. Moreover, an emerging trend that saw BNPL companies integrate cashback into their offerings, adding another incentive layer for users. The rise of decentralized finance (DeFi) platforms and the integration of AI and machine learning was another trend that continued to redefine the FinTech landscape. DeFi platforms, leveraging blockchain technology, democratized lending, borrowing, and trading services, promoting financial inclusivity on a global scale. Simultaneously, AI-driven solutions empowered financial institutions, enhancing customer experiences, fortifying security measures, and tailoring products and services. As the FinTech industry propels into 2024, the convergence of cashback-driven digital payments with cutting-edge technologies like IoT and augmented reality promises an era of innovation, redefining how individuals engage with their finances. The stage is set for continued evolution, marked by the persistent growth of digital payments and the convergence of diverse trends, ensuring enhanced accessibility and convenience for consumers worldwide. www.integratormedia.com
DECEMBER 2023
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PREPAY NATION
FINANCIAL
PREPAY NATION AND LOYYAL ANNOUNCE STRATEGIC PARTNERSHIP
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repay Nation, a leading global B2B prepaid products marketplace renowned for pioneering crossborder transfers has announced a strategic partnership with Loyyal, an industry leader in applying blockchain technologies to supercharge loyalty and incentive programs. The Middle East and Africa loyalty market1 is expected to increase 12.2% reaching USD 9,297.7 million by 2027. This collaboration reinforces Prepay Nation’s commitment to global expansion and enables Loyyal to meet the demanding needs of the loyalty industry by enhancing its solutions for clients, providing added value, while also granting access to over 10,000+ prepaid products available through Prepay Nation's extensive marketplace. Paolo Montessori, CEO, Prepay Nation said, "We are excited to join forces with Loyyal to provide an even more robust range of prepaid products and services to their clients. Loyyal's innovative approach to loyalty solutions aligns perfectly with our mission to make prepaid products easily accessible. Together, we can revolutionize how consumers engage with loyalty programs and offer a seamless experience for all." Gunjan Kumar, Chief Revenue Officer, Loyyal, emphasized saying, "Partnering with Prepay Nation is a strategic move that aligns with our commitment to enhance client offerings and expanding our reach. We can now provide clients with an extensive catalog of prepaid products, enabling them to offer more compelling rewards and loyalty incentives -creating a win-win for both Loyyal and Prepay Nation, as we work together to shape the future of loyalty solutions."
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This partnership offers businesses easy access to a wide range of prepaid products and hassle-free redemption options - resulting in an improved loyalty experience and a new industry benchmark. With Prepay Nation's marketplace and Loyyal's blockchain expertise, this partnership aims to enhance customer engagement and take loyalty programs to the next level.
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