UAE's largest company IHC appoints AI bot to board
Several international companies have named AI-based entities to their leadership structures in recent years. The UAE is seeking to become a world leader in artificial intelligence.
The United Arab Emirates’ International Holding Company announced on Tuesday it appointed an AI-powered observer to its board, becoming the latest company to include an AI entity in its leadership and furthering the Gulf state’s ambitions in the sector.
The Abu Dhabi-based investment company, also known as IHC, said it appointed an “AI Board Observer” known as “Aiden Insight.” The observer will perform data analysis, risk assessment, compliance monitoring and other tasks in support of the company. Aiden will attend IHC board meetings as an observer but will not have voting privileges. Aiden is powered by the Emirati AI firm G42 in collaboration with US tech giant Microsoft, IHC said in a statement.
IHC is chaired by UAE national security adviser Sheikh Tahnoon bin Zayed Al Nahyan, a member of the ruling family. It is the largest company in the UAE by market value.
Continuing a trend? IHC is not the first company to appoint an AI-powered entity to its leadership team. In 2014, the Hong Kong-based Deep Knowledge Ventures appointed a computer algorithm to its board of directors. The Finnish tech firm Tietoevry named an AI entity to its leadership team two years later.
In 2022, the Polish alcoholic drink maker Dictador named an AI robot as its CEO. The company hailed the move as the first of its kind at a global company in a press release at the time.
Why it matters: IHC’s decision comes as the UAE seeks to become a world leader in AI. The Emirates created an AI ministry in 2017 and aims to position itself as a global leader in the field by 2031.
G42 plays a significant role in the UAE’s AI plans. In October, the company announced a partnership with ChatGPT creator OpenAI. In December, an Abu Dhabi-based firm owned by G42 announced a $4 billion AI-powered space technology entity.
IHC is not new to AI itself and formed a joint venture with India’s Adani Group in December to explore AI, Bloomberg reported at the time.
The Gulf state has also run into challenges in its AI ambitions. G42 has come under scrutiny by the United States for its ties to China as Washington seeks to prevent Beijing from accessing its advanced technology. G42 CEO Peng Xiao said in December that the company would cut down its use of Chinese hardware in response.
The UAE could additionally struggle to find enough workers for its AI ambitions. In a 2022 report, the London-based professional services firm PwC reported that 46% of employees surveyed in the UAE said they believed the country had a shortage of people with specialized skills.
Know more: The annual technology event Web Summit is taking place in Qatar this week. Several of the speakers are from the AI sector, including Builder.ai founder Sachin Dev Duggal and Dataocean AI chief marketing officer Helen Wang, according to the summit’s website.
