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Arabian Post
21-05-2025
- Business
- Arabian Post
Chinese AI giant FancyTech enters GCC region
Artificial Intelligence is expected to contribute around US$320 billion to the Middle East's Gross Domestic Product (GDP) by 2030, with the Gulf Cooperation Council countries accounting for nearly 80 percent of that impact, translating to approximately US$260 billion, according to a latest report by global accounting firm PriceWaterhouseCoopers (PwC). The Gulf Cooperation Council (GCC) countries—Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates—are at a critical inflection point. As these oil-rich nations pursue economic diversification and digital transformation, Artificial Intelligence (AI) is emerging as a central pillar of their strategic vision. 'AI represents a transformative force for GCC economies, with the potential to generate over US$260 billion in annual economic value by 2030. Beyond the dollar figures, AI offers a strategic pathway for the region to reduce dependency on hydrocarbons, boost productivity, and lead in the Fourth Industrial Revolution,' it said. ADVERTISEMENT By 2030, AI is projected to contribute significantly to the GCC's gross domestic product (GDP), with estimates ranging from hundreds of billions to over US$1 trillion. Among these, Saudi Arabia could see an AI-driven GDP boost of US$135 billion, representing around 12.4 percent of its GDP while the UAE is projected to gain US$96 billion, or 13.6 percent of GDP, making it one of the most AI-forward economies in the region by 2030. Qatar, Kuwait, and Bahrain are expected to gain between US$5 billion and US$15 billion each, as AI adoption matures. These figures reflect not only enhanced productivity and cost savings but also the creation of new economic sectors. AI applications in predictive maintenance, reservoir management, and process optimisation are expected to save billions. Saudi Aramco, ADNOC, and other regional giants are investing heavily in AI-driven upstream and downstream operations. AI is already disrupting banking and insurance in the UAE and Bahrain, with fraud detection, robo-advisory, and personalised financial products reducing costs and increasing revenues. In dollar terms, AI could unlock US$15–US$20 billion in value for the GCC's banking sector alone by 2030. The GCC's rapidly expanding healthcare market, projected to reach US$104 billion by 2027, will benefit from AI in diagnostics, patient monitoring, and administrative automation—potentially generating US$10–$15 billion in efficiency gains. ADVERTISEMENT Initiatives like NEOM (Saudi Arabia) and Smart Dubai incorporate AI at their core, spanning mobility, energy, and governance. These projects could collectively add US$50 billion or more in AI-related economic value over the next decade. GCC governments are actively investing in AI infrastructure, talent, and startups. Saudi Arabia committed over US$6.4 billion in AI and emerging tech investments in 2022 alone. The UAE's National AI Strategy 2031 aims to position the country among the top AI nations, driving both public and private investment. Qatar and Kuwait are developing AI roadmaps focused on energy, defense, and cybersecurity. These efforts are expected to attract tens of billions of dollars in foreign direct investment (FDI) over the coming decade. Despite the bullish projections, unlocking AI's full economic potential in USD terms requires overcoming several hurdles including a significant skills gap in data science and machine learning, with demand far exceeding supply. While digitalisation is accelerating, many sectors still lack robust data ecosystems needed for effective AI deployment. That's why global AI conglomerates such as FancyTech are entering the region with their expertise, talents, to disrupt the industries. FancyTech is a global leader in AI-powered commercial content, offering end-to-end visual solutions—from creation to distribution across digital and social platforms. With a portfolio of over 1,000 clients in more than 10 countries, FancyTech recently announced its strategic expansion into the Middle East, establishing Dubai as its MENA headquarters. It has partnered with Images RetailME to bring A&M Awards to the industry – to focus on innovation. 'Partnering with the A&M Awards reflects our commitment to championing innovation that embraces personalisation-at-scale,' shared William Li, CEO of FancyTech. 'It's about recognising how AI, creativity, and marketing expertise converge. This year's winners remind us that great marketing always needs to be targeted to become more meaningful and effective.' This year's awards highlighted outstanding examples in localised content, customer engagement, and personalized promotions. Winners were selected from diverse industries, such as retail, e-commerce, financial services, creative agencies, and real estate. 'We used to spend the entire budget on one or two sets of creatives,' says Lolen Windra, CEO of Space and Shapes, an AI Marketing Ecosystem Partner Award winner. 'Now, we can produce several sets on the same budget. We tell our clients that with FancyTech, it's three times more cost-efficient and two times faster than traditional production.' McKinsey research has estimated that the application of gen AI to 63 use cases could generate global annual economic value worth between US$2.6 trillion and US$4.4 trillion, adding 15 to 40 percent to the value we previously estimated that other AI technologies, such as machine learning, advanced analytics, and deep learning, could unlock. 'In Gulf Cooperation Council (GCC) countries, the same gen AI use cases could generate between US$21 billion and US$35 billion a year, on top of the US$150 billion that other AI technologies could deliver. To put that into perspective, gen AI could be worth 1.7 to 2.8 percent of annual non-oil GDP in the GCC economies today,' McKinsey said. Many GCC organisations are taking prompt action to capture the surge in value that gen AI offers. Many have also developed a gen AI strategy and road map and have directed budgets to areas where gen AI is likely to have the most impact. But on all fronts, value realisers are pushing harder. In a significant move, the UAE, in collaboration with the United States, unveiled plans for a 5-gigawatt AI campus in Abu Dhabi—the largest of its kind outside the US. This facility is designed to provide low-latency AI services to nearly half of the global population within a 3,200 km radius, leveraging a mix of nuclear, solar, and gas power to minimise carbon emissions. The UAE's ascent in the AI domain is bolstered by substantial international partnerships. Notably, the state-backed firm MGX has invested US$6.6 billion in OpenAI, reflecting the nation's commitment to fostering cutting-edge AI research and development. Also published on Medium. Notice an issue? Arabian Post strives to deliver the most accurate and reliable information to its readers. If you believe you have identified an error or inconsistency in this article, please don't hesitate to contact our editorial team at editor[at]thearabianpost[dot]com. We are committed to promptly addressing any concerns and ensuring the highest level of journalistic integrity.
Al Bawaba
09-02-2025
- Entertainment
- Al Bawaba
Can Yaman heads to Egypt for major advertising campaign amid acting comeback
ALBAWABA - Is Can Yaman on his way to Egypt? The attractive actor, who spends his days learning Spanish and getting ready to resume his lucrative acting career in Italy with projects he will film in Spain, has agreed to a massive advertising campaign in Egypt. Can Yaman is now the spokesperson for a well-known food company. Yaman will film three ads and posters while in Egypt starting Monday. The well-known actor is expected to spend a week in Egypt, according to reports. On March 21, Can Yaman's El Turco series will also be presented to the public. Who is Can Yaman? On November 8, 1989, Can Yaman was born in Istanbul. Yaman is the only child in his family and comes from Macedonia, Albania, and Yugoslavia. Yaman excelled academically and was the top student when he graduated from the Italian high school. In 2012, Yaman successfully finished the Yeditepe University Faculty of Law, continuing his academic achievement throughout his time in college. In order to obtain professional experience, he interned as a lawyer at the renowned auditing company PriceWaterhouseCoopers after receiving his law degree. Erkenci Kuş Instagram profile Yaman's language abilities also make him a name that attracts notice. He is fluent in Italian, English, German, and Spanish in addition to Turkish. He has been able to participate in global projects thanks to these abilities. Rather than pursue a career in law, Yaman decided to pursue acting and improved his skills in this area by taking individual lessons from Cüneyt Sayıl. Career and Progression in Acting Beginning his acting career in 2014 as "Bedir Kocadağ" in the Star TV series "Gönül İşleri," Yaman rose to prominence in the television industry quite rapidly. Playing the role of "Yalın Aras" in the 2015–2016 FOX TV series "İnadına Aşk" allowed him to reach a large audience. Known for his captivating demeanor and acting prowess, Yaman made his screen debut in 2017 as "Ferit Aslan" in the television series "Dolunay." ElTurco Instagram profile However, it was the series "Erkenci Kuş" that ran from 2018 to 2019 and helped make Yaman a household name in Turkey and abroad. By playing the role of "Can Divit" in this series, he gained widespread recognition. The series was a huge hit in Turkey and elsewhere because of the harmony he and his partner Demet Özdemir were able to build. With this project, Can Yaman received numerous accolades, and his fame extended throughout Europe. Yaman garnered a lot of attention for this endeavor because he starred in the 2020 FOX TV series "Bay Yanlış." He received proposals for television shows and movies from other nations as a result of his growing reputation in Turkey and elsewhere. He appeared as a guest actor in the Italian television series "Che Dio ci Aiuti" in 2021. He starred as "Francesco Demir" in the Italian television series "Viola come il mare" in 2022. Fans in Turkey were also able to follow the project thanks to the series' BluTV broadcast.
Zawya
28-01-2025
- Business
- Zawya
External debt burden set to worsen amid further naira devaluation
NIGERIA'S external debt burden is expected to increase significantly if the naira continues to depreciate, analysts have warned. The ongoing slide of the local currency against the US dollar is likely to exacerbate the cost of servicing external debt, adding pressure to the country's fiscal position and threatening long-term economic stability. A report by PriceWaterhouseCoopers (PwC) titled '2025 Nigeria Budget and Economic Outlook' highlights the risks of further devaluation on Nigeria's debt obligations. According to the report, fluctuations in exchange rates will heavily influence the country's total debt in 2025, with further depreciation of the Naira driving up external debt burdens. The oversubscription of Nigeria's $2.2 billion Eurobond in 2024, which saw a peak order book of over $9 billion, signaled investors' confidence but also adds to the nation's growing debt stock. PwC cautions that relying heavily on debt instruments without corresponding revenue-generating investments risks crowding out private sector investment and worsening debt sustainability. Data from the report shows that Nigeria's external debt rose by 89.7 per cent to N63.1 trillion in dollar terms by the second quarter of 2024, compared to N54.31 trillion in Q2 2023. In naira terms, external debt increased by 31.6 per cent to N71.2 trillion, driven by increased subscriptions to Federal Government bonds and a sharp 47 percent depreciation of the Naira, from N770.38/$ in 2023 to N1,470.19/$ in 2024. PwC predicts that Nigeria's fiscal and exchange rate dynamics will shape its total debt burden in 2025. However, the report warns that the country may struggle to attract significant foreign investments if negative real returns persist. The banking and manufacturing sectors recorded significant capital inflows in 2024, with $579.48 billion and $624.71 billion, respectively. The banking sector's recovery was attributed to strong economic fundamentals and revaluation gains, while the manufacturing sector benefited from industrialization efforts and policy reforms. Despite these gains, Nigeria faces significant challenges in combating inflation and maintaining investor confidence. PwC noted that while advanced economies have begun reducing policy rates as inflation approaches target levels, Nigeria's Central Bank (CBN) raised its policy rate five times in 2024 to counter inflation, which surged to 34.6% in November 2024. This tightening monetary policy has not been sufficient to offset the negative effects of inflation on real interest rates. PwC explained that Nigeria's negative real interest rates—where inflation surpasses interest rates—make local assets less attractive to international investors. 'If inflation rises in advanced economies in 2025, their central banks may increase policy rates, leading to a shift of funds toward markets offering positive real returns. This may exacerbate capital outflows from Nigeria, where negative real interest rates diminish the appeal of local assets,' the report stated. PwC expressed cautious optimism that exchange rates could stabilize in 2025, supported by CBN reforms designed to boost foreign exchange inflows. However, the report emphasised the need for disciplined monetary policies to address liquidity challenges and control inflationary pressures. In October 2024, Nigeria's money supply (M2) grew by 48.2 percent year-on-year to N107.7 trillion, while inflation surged to 34.6 percent in November. Despite an increase in the Monetary Policy Rate (MPR) to 27.5 percent, managing liquidity and achieving price stability remain daunting tasks. Persistent imbalances between money supply growth and productivity are expected to undermine the CBN's efforts to effectively manage inflation in 2025. PwC stressed the importance of disciplined monetary policies to ensure long-term price stability and economic sustainability. With these challenges, analysts caution that Nigeria's external debt burden will remain a critical issue unless urgent steps are taken to stabilize the currency, diversify revenue sources, and attract sustainable investments.
