< PreviousREAL ESTATE 40 CEO MIDDLE EAST JANUARY 2024 Eywa’s design is focused on the well-being of the community, and have created unique environments inspired by nature “ALL OUR PROJECTS POSSESS A REVOLUTIONARY VISION, ONE THAT’S DESIGNED TO BE INTEGRAL TO EVOLVING REAL ESTATE IN ITS HOST CITY”REAL ESTATE JANUARY 2024 CEO MIDDLE EAST 41 swimming pools, children’s play- grounds and playroom, outdoor fire- places, a modern high-end gym, secret lounger, in-house and outdoor cinema screens and a dedicated yoga room. Sustainability and well-being are at the core of Eywa’s design, Zagre- belny says, adding that the building is LEED Platinum and WELL Plati- num certified, ensuring sustainable development, a healthy environment, and the well-being of its residents. Through energy-efficient systems and green spaces, Eywa aims to en- hance the quality of life while contrib- uting to a greener and more harmoni- ous urban landscape, he added. The residences are scheduled for completion in Q1 2026, after the land was purchased in December 2023. The plot of land was purchased from hospitality provider, Premier Inn Middle East. Simon Leigh, Managing Director, Premier Inn Middle East, says: “We are excited to have closed this major transaction with R.evolution with the unfailing help of Alpha Capital. R.evolution’s pioneering plans for the plot will reinforce Dubai’s econo- my and will contribute to the growth and vibrancy of the local community. This aligns brilliantly with Premier Inn’s sustainability vision of enabling people to live and work well whilst doing business in a responsible way.” R.evolution says: “We are delight- ed to acquire this valuable parcel of land from Premier Inn Middle East. All our projects possess a revolution- ary vision, one that’s designed to be integral to evolving real estate in its host city. “This strategic addition to our portfolio aligns seamlessly with our vision of creating dynamic and sus- tainable spaces, exemplified by our successful Eywa development.” A crystal core Eywa, an upcoming luxury housing complex in Dubai, will generate its own energy through a unique method. The building is shaped like an organic tree and contains hundreds of crystals hidden within its structure, according to the website. Developed by R.evolution, these crystals are arranged in specific loca- tions around the building according to their properties. Eywa aims to enhance the quality of life while contributing to a greener and more harmonious urban landscape CRYSTAL LOCATIONS The North-West: Moon Stone The North: Lapis Lazuli The North-East: Citrine The West: Black Tourmaline, Blue Saphire The South: Jasper, Coral, Topaz, Carnelian, Red Garnet The East: Green Jade The South-East: Rose Quartz The South-West: Agate, Tiger’s Eye The central part: Salenite, Clear Quartz42 CEO MIDDLE EAST JANUARY 2024 he growing influence of AI in the banking industry is reshaping traditional practices, introducing a new era of efficiency, personalisation, and risk management strategies. From the frontline use of chat- bots and voice assistants enhancing customer interactions to advanced algorithms for fraud detection, the ible in the UAE, which is leveraging AI to enhance innovation and strengthen its competitive stance. However, its rapid advancement and adoption raises important questions about how to balance the obvious benefits against potential risks such as data privacy, algorithmic bias and the broader soci- etal impact of automation. To understand the challenges ahead and the inherent risks, it’s cru- cial that the financial sector evaluates how it’s applying AI technology and creates governance frameworks that preempt and mitigate these risks. The rise of AI in global banking At its core, AI is simply “data inputs” that, when combined with digital/ computer code, train the AI to exhibit specific intelligent behaviours as an “output.” This foundational concept is reshaping how banks operate, from customer interaction to risk manage- ment and everything in between. One of the most visible applica- tions of AI in banking is in customer service. AI-powered chatbots and voice assistants are now common, providing 24/7 customer support, answering queries, and even offering financial advice. These AI solutions not only improve customer engage- ment but also optimise banks’ opera- tional efficiency by handling routine inquiries, freeing human staff to focus on more complex tasks. AI also plays a crucial role in fraud detection. By analysing vast amounts of transaction data, AI systems can identify patterns and flag anomalies that may indicate fraudu- lent activity, offering a level of speed and accuracy that is unattainable by human analysis alone. Similarly, in credit scoring, AI algorithms can process an extensive range of data, in- cluding non-traditional data sources, to assess creditworthiness, thereby making lending decisions faster and more accurate. The UAE has been one of the early What are the opportunities and risks for the banking industry NAVIGATING THE AI REVOLUTION AI-powered chatbots and voice assistants are now common, providing 24/7 customer support, answering queries, and even offering financial advice TECHNOLOGY BY KIM MEDINA, DIRECTOR OF LEGAL AND COMPLIANCE, KNIGHTSBRIDGE GROUP T transformative potential of AI in the financial industry is undeniable. The ability to harness large and complex datasets empowers financial institu- tions to refine risk analyses and tailor unique product and service offerings to consumers. This wave of technological ad- vancement transcends geographical boundaries, with its impact clearly vis-TECHNOLOGY JANUARY 2024 CEO MIDDLE EAST 43 “IT’S CRUCIAL THAT THE FINANCIAL SECTOR EVALUATES HOW IT’S APPLYING AI TECHNOLOGY” AI is opening doors to new service innovations and enhancing efficiency and security in financial operations, Medina says adopters of AI within its banking sec- tor, in line with its strategic focus on AI as a key driver of national devel- opment. It also mirrors a trend in the Gulf region towards innovation and digital transformation in general. AI’s potential risks in banking Despite the many obvious benefits and great potential of AI, there are inherent risks that if not managed correctly, could undermine the very efficiencies and advancements AI is meant to bring. At the forefront of these risks is the challenge of data privacy and se- curity. Banks handle vast amounts of sensitive customer data, and the in- troduction of AI systems that process and analyse this data elevates the risk of breaches. While AI can enhance security measures, the complexity of these systems also creates new vulner- abilities. Ensuring the privacy and se- curity of customer information in an AI-driven environment is paramount. Another significant concern is the potential bias in AI algorithms. AI systems are only as unbiased as the data they are trained on, and if this data reflects historical biases or inequalities, the AI’s decision-making could perpetuate these issues, leading to the possibility of unintentional discrimination, particularly in areas like credit scoring and loan approvals. This raises ethical and legal concerns which must be addressed. The automation capabilities of AI have also sparked fears of job displacement. While AI can handle repetitive tasks more efficiently, there is apprehension about a lesser need for human employees, particularly in roles that are heavily task-oriented. Workforce strategy needs to be reas- sessed with appropriate training put in place so that employees are more prepared for an AI-integrated future. AI also introduces systemic risks, particularly if errors or failures occur within AI systems. Given the inter- In response, banks are evolving from relying on implied consent to ex- plicitly disclosing customer data usage in AI applications in their contractual agreements. This change aligns with regulations like the 2021 UAE Data Protection Law, part of a wider move to give consumers more control over their personal information. The use of automated AI services, such as chatbots and voice systems, is also being carefully managed to balance operational efficiency with customer satisfaction. Banks are investing in improving the capabilities of these systems while also ensur- ing human support is available when needed to address complex issues and reduce potential customer frustration. Moreover, banks are acutely aware of the cybersecurity threats that ac- company AI. Recognising the height- ened risk, financial institutions are significantly increasing investments in robust cyber defence systems. They are implementing advanced algo- rithms for real-time threat detection and establishing secure data proto- cols, particularly in the Gulf region’s security-conscious banks. This proactive approach in cybersecurity is crucial to protect sensitive data and maintain trust in the increasingly digital banking landscape. The road ahead AI undoubtedly presents exciting opportunities for the banking sector. It’s opening doors to new service in- novations and enhancing efficiency and security in financial operations. However, it’s imperative that financial institutions are cognisant and proac- tive in addressing the potential risks. For banks, particularly in the dynamic Gulf region, the key lies in a balanced approach to AI implemen- tation, prioritising ethical practices, robust security measures, and a focus on customer needs so that AI’s full potential can be realised while also safeguarding the banking ecosystem. connected nature of global financial systems, a malfunction in an AI sys- tem could have far-reaching implica- tions, potentially leading to financial instability or crises. Ensuring robust testing, monitoring, and contingency planning for AI systems is crucial to mitigate these risks. How banks are addressing the risks As banks globally integrate AI into their operations, managing the as- sociated risks is becoming a prior- ity. Key among these concerns are ethical issues related to client data use. Banks are increasingly aware that AI-driven personalisation, while en- hancing customer engagement, raises significant privacy, consent, and data security questions.44 CEO MIDDLE EAST JANUARY 2024 he traditional role of a Chief Financial Officer (CFO) used to be as it was outlined in every dictionary or website you could reference – a senior executive with responsibility for the financial affairs of a company. While these definitions remain largely unchanged, the reality today is quite different. As technology becomes increas- ingly integrated into the day-to- day operations of an organisation, executives around the world have been forced to confront the reality of the growing threat landscape and extremely sophisticated cyberattacks. Eyeball grabbing headlines outlining devastating cyberattacks and data breaches have now galvanised con- versations by C-level executives and boards of directors, with many asking whether their organisation is pro- tected from cyberattacks or what can be done to ensure that what they’ve read and heard about never happens to their organisation. According to PwC’s 2023 Global Digital Trust Insights report, two- thirds of the executives surveyed considered cybercrime their most significant threat in the coming year. What all this ultimately means is that the role of the CFO has now evolved to include a greater focus on cyberse- curity and risk management. Zeroing in on CFOs, the report outlined that the most devastating consequences when a breach (other than a data breach) occurred were: downtime or disruptions; damage to service and product quality, and lost contracts and business opportuni- ties. This is illustrated by the recent MGM cyber attack [September 2023] with some estimating the Las Vegas resort could have lost anywhere be- tween $4.2 and $8.4m a day while its computer systems remained offline.. The company also saw pressure on its stock price as it lost over $1bn in mar- ket capitalisation following disclosure Since cyber risk and fi nancial risk are interconnected elements, it’s obvious CFOs play a critical role in helping their organisations effectively manage overall risk THE TIME FOR CFOS TO LEAD FROM THE FRONT ON CYBERSECURITY IS NOW Vintz believes stepping up cybersecurity organisational readiness begins with a greater degree of internal communications TECHNOLOGY BY STEVE VINTZ, CFO, TENABLE THONOURING GREATNESS Thursday 25 th January 2024 Atlantis the Royal, Dubai, UAE SALES ENQUIRIES Andy Sulahian Group Commercial Director Tel: +971 4 444 3597 GSM: +971 52 384 6238 E-mail: andy.sulahian@itp.com EVENT ENQUIRIES Daniel Fewtrell Director of Awards & Marketing Tel: +971 4 444 3684 GSM: +971 50 276 5706 E-mail: daniel.fewtrell@itp.com Scan to visit website ACHIEVEMENT AWARDS 2024 Real Estate Partner TECHNOLOGY 46 CEO MIDDLE EAST JANUARY 2024 “CFOS AND CISOS CAN BE A GAME CHANGER IN TERMS OF RALLYING RESOURCES” of the breach and Moody’s, the rating agency for its public debt, warned the attack could lower MGM’s credit rating. Specifically, Moody’s indicated the attack “highlights key risks” to its operations, because they have a heavy reliance on technology. As a result CFOs – as per the PwC report – are keen to dedicate resources to improve their organisation’s cybersecurity; the report noted that 39 percent of its re- spondents were looking towards more cybersecurity technology solutions in the next 12 months. 36 percent also said they planned to upskill and hire cyber talent in the same time frame. Internal collaboration Stepping up cybersecurity organisa- tional readiness begins with a greater degree of internal communications. The best way a CFO can begin their journey to identify and mitigate financial risk is by working closely with the Chief Information Security Officer (CISO). Working together, the CFO will be able to better comprehend the organisation’s existing security risks, all the financial costs associated with stepping up protection and, ultimately, can craft a comprehensive plan to secure the organisation from cyber threats (whilst potentially streamlining processes and boosting productivity). Greater collaboration between C-level executives and security teams has to improve around the world, and the same can be said for CFOs and even CEOs with regards to get- ting personally involved with their organisation’s cybersecurity. The PWC report outlined six key ways that CEOs can get involved with their firm’s cybersecurity matters, however only 4 percent of the respondents said they planned to get involved in all six. This indicates there may still be a gap in understanding just how much damage cyberattacks could have on a firm’s business and its reputation. When C-level executives such as CFOs become active participants in security functions and data, connecting the correlation between vulnerabilities that exist, the threats faced, privileged identities against the criticality of assets/systems. This intelligence will identify the potential attack paths that exist within the infrastructure – be it cloud configurations, web applications, operational technology infrastructure and everything in between, against the costs to the business should they be negatively impacted. Building a symbiotic working relationship Since cyber risk and financial risk are interconnected elements, it’s obvious CFOs play a critical role in helping their organisations effectively manage overall risk. As legislation focused on personal data protection is increas- ingly put in place by governments around the globe, companies have two risks to prepare for – the cost of the data breach itself, and the penalty and consequences they may face from governments, shareholders and other stakeholders in the aftermath of a data breach. And the stakes have never been higher! As a result, CFOs should work closely with other indi- viduals within the organisation who also have a vested interest in manag- ing risk including CIOs and CISOs. It’s in a CFO’s best interest to look at cyber risk as they would eco- nomic or environmental exposures – a tangible metric of risk. The good news is an organisation’s exposure gap can be bridged by consistently studying reports that explain the firm’s risk reduction journey, and by following and implementing operational risk best practices. Considering the dynamic threat landscape and the business and financial impacts a cyber incident can cause, CFOs must take an active posi- tion in their organisation’s prepared- ness and response to reduce the cyber risk posed by threat actors and their tools of choice. cybersecurity matters, the rest of the C-suite can then mitigate the risk of revenue loss by investing in the ap- propriate cybersecurity solutions and exposure programmes. Collaboration between CFOs and CISOs can be a game changer in terms of rallying re- sources, while having a more accurate view of the organisation’s current level of cyber risk. This is particu- larly important as market headwinds and uncertainties put pressure on an organisation’s budgets, which in turn means that investments have to be strategic and have high impact. While CISOs and CFOs often speak different languages, the univer- sal common language both under- stand is numbers. Both should work together to define a set of objective measurements that will help quantify any risks the business faces – such as the intersection of vulnerabilities and threats faced, against asset criticality and the impact to the organisation if negatively impacted. This helps cre- ate better connective tissue between CISOs and CFOs to better align goals and required resourcing to reduce the business risk faced.. Taking this into account, and with pressure on cash flow, rather than in- vesting in multiple point solutions that focus on individual security aspects and potentially creating data silos, de- cision makers should opt for a unified exposure management platform that ticks all the necessary boxes. Cyber risk is, at its core, a large data problem that can only be solved by connecting siloed Your biggest source of industry insights SUBSCRIBE HERE EDITORIAL INQUIRIES e: editorial@industrymena.com SALES INQUIRIES e: sales@industrymena.com ENERGY AVIATION CONSTRUCTION TECHNOLOGY DEFENCE48 CEO MIDDLE EAST JANUARY 2024 he Savanna Tourbillon Panda dial is a perfect illustration of how the craftsmanship and artistry of métiers d’art can be boldly elevated to new heights. The panda, an icon of endearment, immediately draws our eye thanks to the gracefulness of the micro-painting. It radiates tranquility and an aura that attracted the adoration of people the world round. Each Savanna Tourbillon is a work of art that demands the kind of rare and valuable skills mastered only by very few craftsmen. This outstanding work of art is delicately framed by an 18-carat 5N pink-gold T The eighty-one pieces of the puzzle interlock on four levels. Because of this complexity, the painter must take apart the puzzle and patiently paint the edge of each piece. After that, the pieces must be meticulously reassembled to form a perfectly harmonious puzzle dial. This demands extreme dexterity and displays the sheer talent and exactitude of the artist at work. The fl ying tourbillon of the Savanna Tourbillon is in an off-centre cage at 6 o’clock, where it works its magic making corrections for gravity and fascinating the viewer. It is driven by a Louis Moinet presents Savanna Tourbillon Panda BY CEO MIDDLE EAST STAFF The piece is a work of art that demand the kind of rare and valuable skills mastered by only a few craftsmen TIMEPIECESJANUARY 2024 CEO MIDDLE EAST 49 TIMEPIECES hand-wound mechanism equipped with twin barrels installed “volte-face,” or head to tail, allowing them to release their energy simultaneously and delivering 96 hours of power reserve. This outstanding work of art is delicately framed by an 18-carat 5N pink-gold, 40-millimetre case with well-defi ned, fl owing curves. The domed sapphire crystal, a technically challenging element to manufacture, reveals the captivating details of the puzzle and the tourbillon. The open- worked horns perfectly underscore the integration of the bracelet. The dial of the new ProPilot X Calibre 400 Laser is housed in a 39mm titanium multi-part case, as are the bezel, the crown and its safety protection, as well as the three-link bracelet. Water- resistant to 100m, this timepiece is equipped with the Oris Calibre 400 self-winding mechanical movement, providing high antimagnetic resistance and ensuring rating accuracy of plus or minus three to fi ve seconds per day, which corresponds to COSC standards, along with a 120-hour power reserve. The dial of the new ProPilot X Calibre 400 Laser is housed in a 39mm titanium multi-part case THE HÖLSTEIN watch manufacturer has long worked in partnership with research and engineering institutes. It recently presented a new timepiece featuring an avant-garde dial whose titanium surface has been treated with laser technology that divides light into its different components, creating a rainbow effect, depending on the angle of observation. Without the addition of a single pigment, the dial changes colour from blue to green and purple, like the colouring of iridescent beetles. This laser treatment creates a phenomenon called optical interference, which destroys red light waves, while green and blue ones are refl ected. Everything on the dial – the logo, hour-markers, minutes track and text – has also been produced using laser technology, but using a different process resulting in a 3D effect creating the illusion that these elements have been applied in the traditional way. The laser technique used for this dial is a fi rst in Swiss watchmaking. It was developed in partnership with a research laboratory affi liated to the Swiss Federal Institute of Technology in Zurich. $5,522 The price of the Oris ProPilot X Calibre 400 Laser ORIS INTEGRATES INNOVATIVE DIAL TECHNOLOGY Information courtesy of Louis Moinet, Oris $160,760 The price of Louis Moinet Savanna Tourbillon PandaNext >