Business
Google finally reveals chat AI plans with Search
Google chief executive officer Sundar Pichai has addressed some of the persistent queries from the world on integration with conversational artificial intelligence (AI) features into the most used search engine, especially after Microsoft stole a march over using chatGPT with its Bing offering.
When asked why the company did not release a chatbot earlier, Pichai said Google was still trying to find the right market. Nevertheless, Pichai’s proposal to integrate conversational AI into Google’s search engine could revolutionise the way we interact with the internet.
In an interview with the Wall Street Journal, Pichai stated that AI advancements will enhance Google’s ability to answer a variety of search queries. “Will people be able to ask questions to Google and engage with LLMs (large language models) in the context of search? Absolutely,” Pichai said.
Pichai also dismissed reports that chatbots posed a threat to Google’s search business, which accounts for more than half of the company’s revenue. He proposed tapping Google’s lead in developing computer programs called LLMs in the search function. LLMs can process and respond to natural-language prompts with human-like prose, allowing users to ask follow-up questions to their original queries.
Google is testing several new search products and has begun testing new AI features within Gmail and other work-related products. Pichai revealed that Google Brain and DeepMind would work together more closely to build large algorithms to improve Bard. Like Microsoft, Google aims to use its investment in AI models to win wider business.
Pichai is dealing with one of the biggest threats to Google’s core business in years as he also faces pressure to cut costs. In January, Alphabet disclosed it would slash 12,000 jobs or 6% of staff. Microsoft expects to generate $2 billion in revenue for every percentage point it gains in the search market, of which Google has a more than 90% share.
With Google and Microsoft competing in the race to develop the best AI-powered search engine, the future of search technology looks exciting.
Google’s shares traded higher by 2.37% at $107.44 on Thursday.
All fines for traffic violations committed by motorists during the recent record rains, on April 16, will be waived in Dubai, police announced.
Lieutenant General Abdullah Khalifa Al Marri, Commander-in-Chief of Dubai Police, made the announcement on Wednesday.
The decision to waive the traffic violations reflects Dubai Police’s commitment to the community and to ensuring their safety, especially during exceptional circumstances.
Dubai’s Crown Prince, Sheikh Hamdan, had earlier approved a series of initiatives and measures to urgently mitigate the impact of the severe weather in the emirate.
For the second consecutive year, Dubai will remain in the spotlight as it hosts the second edition of Dubai FinTech Summit, under the patronage of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE and President of DIFC, which is set to take place on 6-7 May at Madinat Jumeirah.
Organised by Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region, the Summit will bring together 8,000 decision-makers, over 300 thought leaders and more than 200 exhibitors to discuss the latest innovations and challenges and showcase cutting-edge technologies.
The global FinTech sector is rapidly growing and is predicted to be valued at USD 608bn globally by 2029, according to Mordor Intelligence, a market intelligence and advisory firm. Bucking the downward global market trend, the MENA FinTech market is expected to register a CAGR of over eight per cent during the period 2024 to 2029.
Dubai FinTech Summit will offer a platform for start-ups, investors and industry leaders to connect and capitalise on the growing FinTech market in the region and beyond. The MENA region’s FinTech start-up and venture capital landscape is booming, with over 800 FinTech start-ups worth USD15.5 bn, according to data by dealroom.co. Reflecting the ongoing transformation in the financial sector driven by Innovation, Inclusion, and Impact, the key themes this year will be Finance Renaissance, Ecofinance and Impact, Investment Vanguard, Regulatory Frameworks, Global Financial Dynamics and FinTech 2.0.
Mohammad Alblooshi, CEO at DIFC Innovation Hub, said: “Nearly 60 per cent of all FinTech companies in the GCC are currently based in Dubai. With the industry growing at an unprecedented rate, it is crucial for stakeholders to gather and discuss the challenges and opportunities that lie ahead. The Dubai FinTech Summit will bring together the most prominent figures in the industry, with an agenda that is aimed at driving innovation, inclusivity, and growth for all.”
With an impressive line-up of distinguished local and international speakers, the Dubai FinTech Summit will host a series of panel discussions and fireside chats. More than 20 governors of financial institutions will attend the summit this year, amongst them, H.E. Essa Kazim, Governor, DIFC, UAE; H.E. Dr. Philmnisi, Governor, Central Bank of Eswatini; H.E. Cheaserey, Governor National Bank of Cambodia; H.E. Martin Galstyan, Governor, Central Bank of Armenia; H.E. John Rwangombwa, Governor, National Bank of Rwanda; H.E. Prof. Edward Scicluna, Governor, Central Bank of Malta will participate in discussions during the two-day event. Adena T. Friedman, Chair & CEO of Nasdaq Inc; Nic Dreckman, CEO of Bank Julius Baer & Co.; Yie-Hsin Hung, President & CEO of State Street global advisors and Jim Demare, President global markets at Bank of America, along with many other global industry leaders will also be participating in the various sessions planned for the Summit. Notable local speakers include H.E. Abdullah bin Touq Al Marri, Cabinet Member & UAE Minister of Economy; H.E. Helal Saeed Al Marri, Director General, Department of Economy and Tourism, Dubai; H.E. Salem Humaid Al Marri, Director General, Mohammed Bin Rashid Space Centre, UAE; and H.E. Faisal Belhoul, Vice Chairman of the Dubai Chamber, Chairman of J&F Holding.
In line with the D33 Agenda to position Dubai as the top four global financial hub by 2033, the 2nd edition of the Dubai FinTech Summit is designed to encourage cross-border collaboration and innovation, pivotal to transforming the global FinTech sector. It presents a unique opportunity to explore emerging FinTech trends and their potential to drive financial progress in the MEASA region.
The inaugural Dubai FinTech Summit attracted over 5,000 C-suite leaders from over 90 countries including north of 1,000 investors and more than 150 speakers. Over 20 Memorandum of Understandings were signed with global financial leaders during the Summit.
After the heaviest rainfall the UAE experienced in 75 years Dubai Airports is making remarkable strides in restoring and normalising operations at Dubai International Airport (DXB).
Paul Griffiths, CEO of Dubai Airports said since yesterday, ahead of its recovery schedule, DXB returned to its normal flight schedule and is back to operating around 1,400 flight movements a day.
“With roads in and around the airport 100% clear of water accumulation, our manpower, logistics and facilities are operating as usual again. To have the airport back up and running is no small feat. 2,155 flights were cancelled and 115 were diverted. We had to work closely with our airline partners and service providers to rework schedules, boost manpower and look after all those who had been disrupted.
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“I’m continuously amazed with the unwavering dedication of our Dubai Airports employees, airline partners, government agencies, commercial partners and service partners. It has been the most challenging adverse weather event we’ve had to navigate, and our people and partners worked tirelessly to keep the operation running and to assist our guests.”
31 flights were diverted to Dubai World Central (DWC) and by 19 April, all guests at the airport were successfully supported and continued onwards to complete their travel plans.
Guest welfare remained a key priority throughout the disruption and although there were initial challenges in transporting supplies with road closures around DXB and DWC, over 75,000 food packs were delivered across both airports.
“While certain challenges remain, including processing the baggage backlog, we’re working closely with our service partners but know there’s still more work to be done and once again thank guests for their patience while we work through this,” added Mr. Griffiths.
“We’re deeply saddened by the ongoing impact of the heavy rainfall on affected communities and businesses across the UAE. We’re also supporting our own people who were badly affected by the weather and will continue to support wherever we can.”
As normal operations resume, guests should arrive at their terminal only three hours ahead of their flight departure time to avoid unnecessary congestion and facilitate smoother.
Dubai Police to waive all traffic fines incurred by motorists on 16 April
Funding Continues to Surge as Second Edition of Dubai FinTech Summit Commences
