logo
UAE: ChatGPT Plus on the horizon for all?

UAE: ChatGPT Plus on the horizon for all?

The National5 days ago

Negotiations are under way between the UAE and OpenAI that may make the company's ChatGPT Plus artificial intelligence chatbot available to all residents free of charge, though a final deal has not been reached.
An agreement involving ChatGPT Plus would be part of the recently announced Stargate UAE infrastructure plan to create an AI hub in Abu Dhabi, according to a source familiar with the country's AI strategy.
Abu Dhabi's AI company G42 has partnered with OpenAI, Oracle and Nvidia to set up Stargate UAE, a 1-gigawatt computing cluster that will operate in the newly established 5GW UAE – US AI Campus.
The establishment of the 5GW campus came after months of intense negotiations involving US technology companies and UAE officials to make sure the Emirates has enough chips and graphics processing units for its AI aspirations.
If a deal guaranteeing access to ChatGPT Plus to UAE residents comes to fruition, it would be unprecedented in the relatively young AI sector, giving perhaps more than 10 million people in the country the ability to use one of the world's most powerful AI services.
OpenAI declined to comment on the prospect of the service being made freely available in the Emirates when contacted by The National.
Typically for $20 per month, the ChatGPT Plus subscription plan provides what OpenAI describes as 'enhanced access'. Unlike the ChatGPT version that is free of charge, the subscription service gives priority access during peak usage times, accepts large file uploads for analysis, has wider image generation features, provides access to OpenAI's Deep Research tools and includes expanded voice features.
But ChatGPT Plus is not the highest tier service offered by OpenAI. There is also OpenAI Pro, which is available to customers for $200 a month, and the company also offers enterprise plans.
Although AI research stretches back to the 1960s, recent advances in computer-processing power, coupled with iterations of AI solutions such as ChatGPT in 2022, led to an explosion of interest, investment and start-ups.
In March, OpenAI's introduction of a new image-generating feature created so much interest in ChatGPT that its GPUs started melting.
'The ChatGPT launch 26 months ago was one of the craziest viral moments I'd ever seen, and we added one million users in five days,' OpenAI chief executive and founder Sam Altman wrote at the time. 'We added one million users in the last hour.'
Last week, Mr Altman announced that former Apple design master Jony Ive, who played a leading role in the creation of the iMac, iPod and iPhone, will be merging his company io with OpenAI.
The UAE is aiming to become a front-runner in the AI industry as it diversifies its economy away from oil. Its efforts have resulted in the establishment of numerous start-ups and partnerships as well as investments from industry leaders.
In April, Abu Dhabi's G42 received a $1.5 billion investment from Microsoft, which will help to strengthen the UAE's position as a global technology hub.
In 2019, the country announced the foundation of the Mohamed bin Zayed University of Artificial Intelligence, the world's first dedicated AI institution of higher learning.
In recent years, UAE-based companies and institutions have also created several large language models, which are viewed as the backbone of AI implementations.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

American Safety and Health Institute approves Health Tech Training as pioneer centre
American Safety and Health Institute approves Health Tech Training as pioneer centre

Khaleej Times

time14 minutes ago

  • Khaleej Times

American Safety and Health Institute approves Health Tech Training as pioneer centre

Health Tech Training Center LLC (HTTC), a leading medical and non-medical training hub and a subsidiary of Response Plus Holding, the largest pre-hospital care and emergency medical services provider in the region, has been approved as a pioneer training centre by the American Safety and Health Institute (ASHI). With this first-of-its-kind endorsement by ASHI, HTTC is now authorized to conduct inspection and quality programmes of other centres providing essential emergency training courses. HTTC delivers a wide array of first-aid courses, including BLS, ACLS, PALS, Pre-Hospital Trauma Life Support (PHTLS) and the All-Hazards Disaster Response (AHDR) courses. Commenting the achievement, Dr Rohil Raghavan, Chief Executive Officer of Response Plus Holding PJSC, said: 'Over the past decade, HTTC has maintained a steady growth with its tailored medical and non-medical training courses. This endorsement by ASHI will go a long way in shaping HTTC's expansion in the region and beyond, further bringing to life the centre's vision to provide globally-accredited training modules to healthcare providers, educators, and corporate teams.' Founded in July 2014, Health Tech Training Center is accredited by leading entities. All HTTC courses follow a hands-on approach, encouraging learners to practice and demonstrate essential skills and knowledge crucial for saving lives. As for the instructors, they hold certifications from accredited bodies and utilize educational tools and realistic scenario-based teaching methods for optimized training results and impact. The American Safety and Health Institute (ASHI) is a reputable and well-established organization that specializes in providing training and certification programs for individuals in the fields of safety, health, and emergency response.

UAE banks spur GCC profit surge with $639.6m Q1 growth
UAE banks spur GCC profit surge with $639.6m Q1 growth

Khaleej Times

time14 minutes ago

  • Khaleej Times

UAE banks spur GCC profit surge with $639.6m Q1 growth

The UAE banking sector has emerged as a standout performer in the GCC in the first quarter of 2025, posting the largest absolute growth in net profits at $639.6 million, an 11.8 per cent increase year-on-year, according to data provided by Kamco Invest. This robust performance contributed to the GCC banking sector's record-high net profits of $15.6 billion, reflecting a 7.1 per cent quarter-on-quarter (q-o-q) and 8.6 per cent year-on-year (y-o-y) growth. Despite a decline in net interest income, UAE banks leveraged higher non-interest income, lower operating expenses, and a sharp seasonal drop in impairments to drive this growth, underscoring the sector's resilience amid evolving economic conditions, analysts at Kamco Invest said. The UAE's banking sector benefited from a dynamic economic backdrop, with outstanding credit facilities surging 24.1 per cent y-o-y in February 2025, outpacing Saudi Arabia's 16.3 per cent growth, as per central bank data. This lending boom, driven by a strong project pipeline and resilient non-oil sector growth, saw net loans in the GCC rise 4.1 per cent q-o-q to $2.2 trillion, the highest in 15 months. Financial sector experts said amid tighter liquidity and shifting deposit trends faced by the GCC banking sector, UAE banks are well-positioned to capitalise on regional opportunities, particularly in project finance and real estate. With a strong economic foundation and strategic lending, the UAE continues to set the pace for banking excellence in the region, driving sustainable growth in 2025, they pointed out. UAE-listed banks contributed $20.1 billion to this growth, a 3.2 per cent q-o-q increase, reflecting robust demand across sectors like real estate, construction, and services. However, aggregate contract awards in the GCC dipped 26.8 per cent y-o-y to $52.4 billion, though the UAE and Kuwait bucked the trend with healthy growth. Despite a 1.7 per cent q-o-q decline in GCC net interest income to $22.8 billion, driven by rate cuts in the second half of 2024, UAE banks mitigated the impact through diversified revenue streams. The aggregate yield on credit in the GCC fell to 4.16 per cent from 4.21 per cent in Q4-2024, reflecting lower interest rates. UAE banks, however, maintained revenue growth of 0.6 per cent q-o-q, reaching a share of the GCC's record $34.6 billion in banking revenues. Non-interest income, including fees from advisory services and wealth management, played a pivotal role in offsetting the decline in interest-based earnings. Customer deposits in the UAE surged to $903.8 billion, a 6.7 per cent q-o-q increase, outpacing the GCC's 5.1 per cent growth to $2.65 trillion. This deposit growth, driven by financial market volatility, bolstered liquidity but led to a decline in the loan-to-deposit ratio to 67.3 per cent ---- the lowest in the GCC --- down 220 basis points from Q4-2024. This shift reflects improved asset utilisation and a strategic pivot towards high-yield lending, with UAE banks increasingly financing projects in Saudi Arabia to support yields, according to Bloomberg. The UAE's economic vitality is evident in its manufacturing activity, with a PMI of 54.0 points in March 2025, slightly below Saudi Arabia's 58.1 but ahead of Qatar's 52.0 and Kuwait's 52.3, per Bloomberg's Markit Whole Economy Surveys. Dubai's PMI stood at 53.2, signaling steady growth driven by new orders and output. This aligns with the UAE's non-oil sector expansion, which supports lending growth in sectors like real estate (up 2.5 per cent q-o-q in Kuwait, a comparable market) and construction. While Saudi banks led in lending growth with a 5.5 per cent q-o-q increase to $801.5 billion, the UAE's strategic focus on diversification and high-yield opportunities positions it as a regional leader. Challenges remain, including pressure on funding costs, with GCC banking sector costs at 3.83 per cent in Q1-2025, and a decline in low-cost CASA deposits to 52 per cent from 54 per cent in Q4-2024. However, the UAE's ability to navigate these pressures through operational efficiency and non-interest income growth highlights its adaptability.

Boursa Kuwait continues its efforts to increase ESG awareness and highlight its strategic long-term value creation
Boursa Kuwait continues its efforts to increase ESG awareness and highlight its strategic long-term value creation

Zawya

time28 minutes ago

  • Zawya

Boursa Kuwait continues its efforts to increase ESG awareness and highlight its strategic long-term value creation

Kuwait City – As part of its continued commitment to enhance Environmental, Social and Governance (ESG) practices in the Kuwaiti capital market raise awareness among its participants, Boursa Kuwait organized a workshop entitled 'ESG Reporting Readiness: From Compliance to Strategic Value' on Wednesday, May 28, 2025, in collaboration with Clenergize Consultants, an Environmental and Sustainability consulting firm with a global presence spanning the Middle East, Asia, Europe, Africa and the United States of America. The workshop, led by Clenergize's Managing Director, Mr. Shyam Yadev, and Regional Business Development Manager, Ms. Haya Kalou, highlighted how sustainability reports can be leveraged as a strategic tool to drive growth and serve as a key factor in evaluating regulatory and financial risks. It emphasized the role of sustainability reporting in enhancing access to capital, achieving long-term sustainable growth, strengthening market reputation and improving long-term institutional performance to enable listed companies to keep pace with the evolving ESG and sustainability landscapes. The workshop also highlighted clear evidence linking ESG performance to enhanced shareholder value, improved credit ratings and increased corporate resilience, which was supported by case studies from several global companies. It also covered ESG-related financial instruments, such as sustainability-linked loans as well as bonds and sukuk and explored the incentives for adopting ESG practices. Additionally, the workshop highlighted the latest trends and best practices adopted in Kuwait and across the GCC and demonstrated the added value of ESG practices across various sectors. Boursa Kuwait's Head of Markets Ms. Noura Al-Abdulkareem hailed the workshop, saying, 'Boursa Kuwait reaffirms its commitment to supporting market participants in enhancing their ESG capabilities by keeping them informed of the latest global standards and evolving disclosure practices, aligned with regulatory frameworks. To that end, the exchange recently updated its rules and disclosure requirements to further enhance transparency and reporting practices.' 'Boursa Kuwait continues to promote the adoption of ESG principles in the Kuwaiti capital market, enabling listed companies to align their operations with global best practices and standards. In the past few years, the company has published a comprehensive ESG Disclosure Guide and has continued to organize specialized workshops in this field since 2020, recognizing the strategic importance of ESG and its positive impact on enhancing business models and creating long-term value, which in turn reinforces confidence in the market and contributes to expanding its investment opportunities,' she added. Disclosure of sustainability reports will become mandatory for companies listed on Boursa Kuwait's 'Premier' Market starting in 2026, in line with the Capital Markets Authority circular number 4 issued earlier this year. As such, companies are required to prepare their 2025 sustainability reports and publish them on the Boursa Kuwait website no later than the second quarter of 2026. Additionally, the exchange has updated its rules and amended disclosure requirements to ensure compliance by listed companies, continuing its efforts to enhance transparency and disclosure standards across the market. 'ESG is rapidly evolving from a regulatory obligation to a core business strategy as companies that proactively integrate ESG considerations into their operations are mitigating risks and strengthening stakeholder trust, unlocking access to new sources of capital through their enhanced transparency. This session aimed to demonstrate how ESG can be a driver of long-term value and competitive advantage across various sectors,' said Mr. Shyam Nadev, the Managing Director of Clenergize. He added, "Boursa Kuwait's commitment to integrating environmental, social, and governance (ESG) principles into their operations sets a powerful precedent for the region, as they have shown exemplary leadership in advancing sustainability within the financial sector. Their efforts help pave the way for a more resilient and transparent capital market that is ready for the future. I would like to thank the bourse for hosting this informative session and look forward to more collaborations going forward.' The initiative forms part of Boursa Kuwait's efforts to create a lasting meaningful impact on the community where it operates as part of its Corporate Sustainability strategy and ongoing efforts to equip all market participants with an in-depth understanding of the functioning of capital markets and various tools and techniques required to make informed investment decisions and effectively meet investors' needs. It is also in line with Goal 4 – Quality Education – and Goal 17 – Partnership for the Goals - of the UN's Sustainable Development Goals (SDGs). Boursa Kuwait's Corporate Sustainability strategy stipulates ensuring initiatives apply and fall in line with the company's corporate social responsibility (CSR), industry best practice standards and investor expectations, creating strong and sustainable partnerships that ultimately achieve success and allow Boursa Kuwait to leverage the capabilities and strengths of other companies or organizations that have experience in different fields, and integrating sustainability efforts with the company culture, in order to achieve longevity and an ongoing impact that is carried on and instilled in the day-to-day operations of the stock exchange. As part of the strategy, Boursa Kuwait has launched many initiatives in partnership with local and international organizations, focusing on support for nongovernmental organizations and charity programs, financial literacy and capital market awareness, the empowerment of women, and environmental protection. About Boursa Kuwait: The establishment of Boursa Kuwait in 2014 marked the first step in the privatization project of the Kuwait Stock Exchange, which was founded in 1977 as the first exchange in the Gulf Cooperation Council region and was reorganized in 1983 as an independent financial institution. The transitional phase began in 2016, with Boursa Kuwait officially assuming the responsibilities and operations of the Kuwait Stock Exchange, replacing it with an official license in the same year after the successful completion of the transitional phase. This ensured that Boursa Kuwait developed the infrastructure and operated according to best practices and international standards. It commenced the creation of an advanced, reliable trading platform built on efficiency, credibility, and transparency to serve all asset classes with a focus on the interests of traders and the national economy. Boursa Kuwait has undertaken various market reforms as part of its comprehensive plans to enhance it in several stages. It succeeded in introducing innovative investment tools, enhancing transparency, and restructuring the market to increase its liquidity and competitiveness, based on its mission-focused strategy, which emphasizes developing the market to meet international standards. The company's developmental and improvement efforts have also contributed to the reclassification of the Kuwait market as an «emerging market» among key global index providers, enhancing Kuwait's position as a leading regional financial center. In a pioneering step in Kuwait's privatization field, the privatization of Boursa Kuwait was successful, conducted in two stages. The first stage was in February 2019 when a consortium of Kuwaiti investment companies and a global exchange operator won the privatization bid, acquiring a 44% stake in the company. In December 2019, the privatization process was completed through the public offering of a 50% stake owned by the Capital Markets Authority to Kuwaiti citizens, with the offering oversubscribed by more than 850%. Boursa Kuwait is listed on the «Premier Market» under the name «Boursa». For further information, please contact: Ahmad Rashed Alowaish PR and Media Manager - Boursa Kuwait Email: aalowaish@

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store