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35th World AI Show ends with achievers honoured in Dubai

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Dubai, May 26, 2022:
The two-day 35th global edition of World AI Show & Awards, the longest running AI series, organized by Trecon, closed on a high note with the inaugural World AI Awards to recognise contributions in various fields on Thursday.

Held under the patronage of the Private Office of Sheikh Saeed Bin Ahmed Al Maktoum, a member of the royal family of Dubai, the World AI Show and Awards brought together the most powerful voices in the global AI and RPA space.

The second day of the World AI Show kick-started with a panel discussion on Women in AI. The confluence of global AI women leaders equivocally stressed the significance for women to prove their worth and get recognition on merit. There was a broader representation of views with panelists from the UAE, Germany, and Oman on stage.

James Connolly, the regional director of DarkTrace, spoke about using artificial intelligence to surgically respond to fast and furious attacks and the threat landscape in 2022.

Padam Kafle, the Aster Hospitals head of IT and Automation, touched on the growth in enterprise adoption of the 5G network. Kafle took the award for best project implementation under the best AI use-case award in the private sector on behalf of Aster.

Other sessions included topics such as ethical uses of AI, ways for successful rapid implementation, trends, and scaling the adoption of AI to deliver business outcomes.

A special award was handed out to Eng Fahad A Alhamed, the Founder and Chairman of the Saudi Cloud Computing Association, who was given the AI Visionary of the Year award.

Emirates NBD Bank had three innovations shortlisted in the banking category and the team representing faced some nervous moments before knowing that it was the model they created for ensuring compliance with financial regulations using a quantitative scoring system with scorecards to identify bottlenecks.

In addition, they have created a call center analytics that uses AI to predict consumer behavior, as well as a Multiplier effect that gives the next-best action and personalization for a better banking experience.

With his ENBD colleagues, Sachin Chandna received the best AI use case award private sector in the banking segment along with his head of customer intelligence who received the AI proponent of the year award in the private sector as well.

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The inaugural World AI Awards winners pose with the jury members at the Jumeirah Emirates Towers in Dubai. Photo by Trescon

Startup World Cup

The opening day saw the UAE finalist being spotted for the Startup World Cup. Affinsys, a startup running AI solutions for banks, telecom and insurance companies, won after the jury took a live decision based on final pitches from the top contenders and voted for UAE’s representation among 60-plus countries from where the World Cup winner will receive $1 million funding.

The inaugural edition of the World AI Awards was hosted in top glory with many AI visionaries and true flag bearers of the MENA region receiving the award for their contribution in the field of artificial intelligence.

“Dubai has always welcomed talent and we always looking to create a better future, so it was only natural for us to be associated with this event,” said Hisham Al Gurg, CEO at the Private Office. “AI is the future and it is nice to see so many experts and leading companies at World AI Show & Awards.”

Winners of World AI Awards:

Best AI use-case in Private Sector:
Healthcare – Aliasgar Bohari, Zulekha Hospital
Education – Shameed Sait, GEMS Education
Banking – Sachin Chandna, Emirates NBD
Financial Services – Saurav Suman, The Family Office
Manufacturing – Wissam Al Adany, ADES Arabia Holding
Retail – Mustafa Hussein, IKEA, Saudi Arabia
Best Project Implementation – Padam Kafle, Aster Hospitals

Best AI use-case in Public Sector:
Healthcare – Dr Maryam Alsharaf, Emirates Health Services
Best Project Implementation – Dr Maryam Alsharaf, Emirates Health Services
Education – Saud Aldajah, Higher Colleges of Technology
Energy & Utilities – Awad El-Sidiq, Adnoc Distribution

Others
Best Young Role Model – Maya Hiba, Al Ramz Corporation
Best Value Chain – Raman Nathani, Rafed Pure Health
Most Popular Proponent of the Year – Sachin Chandna, Emirates NBD Bank
Visionary of the Year – Fahad Alhamed, Saudi Cloud Computing Association chairman

Announcements

Small businesses in the UAE now have tax relief until 2029

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Small businesses in the UAE with annual revenues of up to Dh3 million will continue to be eligible for Small Business Relief under the corporate tax regime until the end of 2029.

The Ministry of Finance said on Friday that Ministerial Decision No. 131 extends the period during which eligible businesses can benefit from Small Business Relief to cover tax periods ending on or before December 31, 2029.

The relief was introduced to help reduce the corporate tax compliance burden for smaller businesses and start-ups that meet the eligibility requirements.

Dh3 million threshold remains unchanged

The existing annual revenue threshold of Dh3 million, set under Ministerial Decision No. 73 of 2023, will continue to apply.

The relief applies to tax periods beginning on or after June 1, 2023 and, following the latest amendment, will remain available for subsequent tax periods ending on or before December 31, 2029.

Eligible taxable persons with annual revenue of up to Dh3 million can claim Small Business Relief, subject to meeting the conditions and requirements outlined in the corporate tax legislation.

The relief enables qualifying businesses to benefit from simplified corporate tax compliance requirements.

More time for small businesses

The extension provides eligible small businesses and start-ups with additional tax periods to benefit from the relief while continuing to meet the Dh3 million revenue threshold.

The Ministry said the decision is part of its efforts to support smaller companies and entrepreneurs, strengthen the business environment, and encourage sustainable growth and expansion.

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UAE public holiday announced: 3-day weekend coming up on August 28

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Planning your next long weekend? The UAE has confirmed Friday, August 28, as a public holiday for employees in both the public and private sectors.

The holiday commemorates Prophet Muhammad’s (PBUH) birthday, an occasion included among the UAE’s official public holidays. As the date follows the Islamic calendar, the timing changes from year to year.

A three-day break for many residents

With the holiday falling on a Friday, employees who follow a Monday-to-Friday working week can enjoy three days off:

  • Friday, August 28: Public holiday
  • Saturday, August 29: Weekend
  • Sunday, August 30: Weekend

That means residents can make the most of the break with a short trip, a staycation or a relaxed weekend at home.

Another UAE holiday is coming

The next major public holiday on the UAE calendar will be Eid Al Etihad, with celebrations and the official holiday scheduled for December 2 and 3.

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What the UAE’s new vape excise price means for consumers and retailers

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The UAE Ministry of Finance has introduced a new rule that sets a minimum excise price for liquids used in electronic smoking devices.

Beginning September 1, vaping liquids will be subject to a minimum excise price of AED 1 per millilitre.

The ministry confirmed that the existing minimum excise prices for cigarettes, water pipe tobacco (shisha), and other tobacco products will remain unchanged.

According to the ministry, the decision aims to improve tax compliance, respond to developments in the tobacco and vaping industry, and create a more consistent pricing framework across tobacco and electronic smoking products.

The UAE will also continue applying its 100% excise tax on all tobacco products covered under the country’s excise tax regulations.

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