Global AI leaders to gather at Machines Can See Summit during Dubai AI Week
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Khaleej Times
20 hours ago
- Khaleej Times
Powerful new AI models knock the wind out of European adopter stocks
A rout in shares of European companies embracing artificial intelligence deepened last week, as powerful new AI models raise questions about whether sectors from software to data analytics could find themselves overtaken by the technology. European software stocks, including Germany's SAP and France's Dassault Systemes, tumbled on Tuesday as worries that AI will disrupt the software sector spread through the market. That followed a downgrade to U.S. rival Adobe on Monday by broker Melius Research. Since mid-July, shares in markets and data group LSEG , UK software firm Sage, and French IT consulting group Capgemini have dropped 14.4%, 10.8% and 12.3% respectively. Such companies - dubbed AI adopters by analysts - are investing heavily in the technology to beef up their products and services. Amid a dearth of European AI companies and suppliers, their shares had benefitted as investors in the region sought a way to tap the AI boom powering U.S. markets. But the release of ever more powerful AI tools appears to have prompted a rethink among some market players. Last week, OpenAI launched its GPT-5 model, the latest iteration of the AI technology that has helped transform global business and culture since ChatGPT arrived in late 2022. Kunal Kothari, a fund manager at Aviva Investors, also pointed to the July 15 release of Anthropic's Claude for Financial Services. "The app that came out has now challenged an investment case around London Stock Exchange (LSEG), around the provision of financial data," he said. "We're at the stage now with every iteration of GPT or Claude that comes out ... it's multiples more capable than the previous generation. The market's thinking: 'oh, wait, that challenges this business model'." The drop in European adopter stocks contrasts with broader market gains. Since mid-July, London's FTSE 100 is up 2.5% and Europe's STOXX 600 up 0.6%, while U.S. indexes have scaled record highs, largely powered by tech stocks. Exacerbating matters is the fact that many European adopter stocks trade on high multiples, making them vulnerable to any potential negative news, according to Bernie Ahkong, Chief Investment Officer at hedge fund UBS O'Connor. The STOXX 600 trades at an average price-to-earnings multiple of 17 times, while SAP - whose shares are down 7.2% since mid-July after posting their biggest daily drop since late 2020 on Tuesday - trades at around 45 times. WILL AI 'EAT SOFTWARE'? Although many AI adopter stocks are struggling, some investors say markets will eventually take a more systematic approach, picking out potential winners and losers. "At the moment, it feels like the market's just shooting first and putting them all in a 'challenged basket'," said Aviva's Kothari, referring to the decline in UK AI adopters. The hype around new AI models has led to the resurfacing of 2017 comments from Jensen Huang, the CEO of AI chipmaking behemoth Nvidia, that "AI is going to eat software". "We don't disagree, but we believe some delineation is warranted here, as not all software companies are equally exposed," said Steve Wreford, portfolio manager on the global thematic equity team at Lazard Asset Management. He said those with software deeply embedded into client company workflows, or with hard-to-replicate proprietary data, still had strong competitive advantages. Paddy Flood, portfolio manager and global sector specialist, technology, at Schroders, said it was important to distinguish between different types of software. "Enterprise-grade applications are less exposed, given their mission-critical nature, the complexity involved in replacing them, and the value of a trusted vendor ensuring ongoing service," he said. Aviva's Kothari also flagged the benefits of having software deeply embedded with customers, citing UK credit data firm Experian as an example. "It has lots of data unique to it, but it's also hugely embedded in the workflows of financial institutions. They want to make a loan, they need Experian," he said, also highlighting Britain's Sage. He holds both stocks, along with LSEG, but cautioned that proprietary data alone may no longer be enough to protect businesses. "I just don't think data is a big enough moat anymore," he said. The selloff in AI adopter stocks could be an opportunity for investors to pick the winners, said UBS O'Connor's Ahkong. "Some of the affected names will actually be able to use AI as an opportunity and tailwind for earnings, but need to prove that from here and that will take time," Ahkong said. But how much time the companies have is unclear. Some investors were already warning earlier this year that the clock was ticking for big spenders on AI to show returns.
Arabian Post
a day ago
- Arabian Post
Dubai Economy Posts Solid 4 % Gain Driven by Health and Property
Dubai's gross domestic product in the first quarter of 2025 rose to AED 119.7 billion, a 4 % increase compared with the same period in 2024. This expansion was underpinned by strong performances in health, real estate, finance, trade, and other strategic sectors, according to official data. The standout contributor was human health and social work, which surged 26 % to AED 1.9 billion—accounting for 1.5 % of GDP and adding 0.3 percentage points to overall growth. Real estate followed closely, increasing 7.8 % to AED 9 billion, contributing 7.5 % of GDP and 0.6 percentage points. Financial and insurance activities also grew by 5.9 %, reaching AED 16 billion and adding 0.8 percentage points. Wholesale and retail trade remained the largest overall contributor, representing 23 % of GDP. It grew 4.5 % to AED 27.5 billion, which contributed 1.03 percentage points to economic expansion. Accommodation and food services advanced by 3.4 % to AED 4.9 billion; information and communications rose 3.2 % to AED 5.3 billion. ADVERTISEMENT Manufacturing expanded by 3.3 % to AED 8.7 billion, while transport and storage grew 2 % to AED 15.7 billion—supported heavily by air transport. The category labelled 'other activities' accounted for 26 % of GDP and rose 1.9 %, contributing 0.5 percentage points to growth. Younus Al Nasser, Chief Executive of the Dubai Data & Statistics Establishment at Digital Dubai, emphasised the growing importance of data and artificial intelligence in economic policymaking. He noted that up-to-date, accurate statistics are essential for enabling policymakers, researchers and businesses to make informed decisions. Dubai's performance underscores the value of reliable data in shaping future direction. Hadi Badri, Chief Executive of the Dubai Economic Development Corporation, highlighted ongoing momentum through 2024 and into this quarter, attributing it to Dubai's appeal to investors, strong public–private collaboration and strategic initiatives tied to the goals of the Economic Agenda D33. He indicated that continued efforts to unlock new opportunities and foster innovation were key to maintaining the emirate's economic dynamism. The Q1 figures build on last year's expansion, when GDP grew 5.8 % at current prices to reach AED 541 billion, and 3.2 % at constant prices to AED 443 billion. That growth was driven by trade, real estate, financial services, transport, and industry—sectors that accounted for nearly 78 % of the overall increase.
Web Release
3 days ago
- Web Release
Explore Your Story, Rediscover Your City
In a city built on ambition and awe, it is easy to forget how stillness feels. We rush through weeks, commute along the same roads, pass the same buildings, without noticing how much wonder is quietly waiting for us to look up, to look closer. But sometimes, wonder does not come from distance. It comes from rediscovery. Dubai Deira and the Gold District, long known for trade, tradition, and the daily rhythm of the city, may not be the first places that come to mind for a break. But that is exactly what makes them perfect for a staycation. They do not promise escape; they offer something gentler: a pause, a shift in perspective, a chance to see the city not as a resident rushing through it, but as a curious explorer. Today, the Accor properties across the Dubai Gold District stand ready to welcome guests looking to reconnect with the city in a new way. With rooms starting from AED 130, curated dining experiences from AED 100, and themed nights at Novotel Dubai Gold District from just AED 79, it's the perfect invitation to slow down, settle in, and explore a different side of Dubai. It begins simply. With a check-in, not a departure. A bag packed light, or not at all. A decision to pause without leaving. To see the familiar through unfamiliar eyes. Step inside any one of Accor's thoughtfully placed hotels at Dubai Gold District, Novotel, Mercure, ibis Styles, and the shift is almost immediate. The noise of the city fades into the background. The room greets you like a deep breath. Spacious. Quiet. A world away from everything, yet right where you are. Each hotel brings its own character. At Novotel Dubai Gold District, the skyline stretches beyond the windows. There is a stillness on the rooftop, where the Aqua Pool Bar becomes a place to float, both above the city and away from its urgency. Mercure Dubai Gold District offers an experience steeped in quiet elegance. From its curated interiors to the inviting calm of Metro Café, it is a place where even a mid-morning coffee feels like a ritual. And come evening, the view from Esperia Bistro & Rooftop Lounge is worth lingering over, a spread of Mediterranean dishes paired with golden-hour conversations. ibis Styles adds a pop of playfulness. Perfect for travellers who want function without fuss yet still appreciate colour and character. At Table 3, you will find a menu that travels across borders; Asian fusion, Indian classics, Arabic comfort food, all without leaving your seat. There is no itinerary here. No pressure to do or see everything. The day unfolds on your terms. It starts with artisan coffee and a quiet journal session at Wynd Café. Or breakfast in bed, curtains still drawn, as the sun seeps softly into the room. Eventually, the city begins to call. The Gold Souk, the Spice Souk, Abra rides that glide across the Creek like echoes from another time. Boats hum against water that has witnessed centuries. The scent of spices wafts through the breeze, pulling you forward. The past and present meet in quiet corners and narrow alleys. And yet, no matter how far you wander, it is comforting to know what is waiting when you return. Dinner unfolds slowly. No rush. At The Spicery, nestled inside Novotel, the view competes with the flavour. Grilled spices, slow-cooked mains, international favourites with bold accents, the kind of dishes that feel comforting, even when they are new. A perfectly lit table, conversation flowing as softly as the music. This is not just a meal. It is a memory being made. The next day unfolds gently, inviting you to slow down and embrace some much-needed wellness. Begin with Novotel Dubai Gold District's newly launched Rooftop Yoga Activity at the rooftop Aqua Pool Bar, held every Sunday, where the sunrise bathes the skyline in soft hues. Or simply start your morning by soaking in the scenic city view and the sunlight warms your soul, brightening your day. Afterwards, head to Farmstead at Mercure Dubai Deira for an organic, garden-fresh breakfast, prepared with ingredients sourced straight from the property's own garden. Begin your day's exploration of the city with a cup of rich, locally roasted, aroma-filled coffee from the souk market, right at the property, then hop on a ride to Deira City Centre or take a spontaneous detour through the vibrant streets of Karama. Each stop offers a new perspective, and every return to the hotel feels like stepping back into serenity. By late afternoon, you find yourself back at the pool, watching the skyline change colour. The city moves beneath you. You do not have to. From this rooftop perch, everything seems to breathe a little slower. You included. And if the weekend lingers, there is more to discover, the heritage waterfront of Al Seef, the architectural poetry of the Mohammed Bin Rashid Library, the artistic quiet of Jaddaf Waterfront. Places that feel far yet sit just minutes away. What makes a staycation like this special is not what you check off a list. It is what you allow yourself to feel- the calm, the curiosity, the reconnection. Not just with the city, but with yourself. Rooms start from AED 130. But the value? That is felt in moments, not receipts. In the way you exhale without thinking. In how the city begins to look different. In how you begin to feel a little more like yourself. Because sometimes, the most meaningful journeys do not take you far. They bring you home to your city, your rhythm, your story. This is the magic of a staycation.
