IHC Abu Dhabi Appoints First AI-Powered Board Member In The GCC

IHC Abu Dhabi Appoints First AI-Powered Board Member In The GCC

Termed “Aiden Insight,” this virtual entity will assume an observer role on the IHC board.

thefinanceworld.comUpdated: Wednesday, February 28, 2024, 04:01 PM IST
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IHC Abu Dhabi Appoints First AI-Powered Board Member In The GCC |

Abu Dhabi’s International Holding Company (IHC) has appointed an artificial intelligence (AI)-enhanced observer to its board of directors, marking a groundbreaking move for the $239B (AED 876B) conglomerate in integrating AI into corporate governance and decision-making.

Termed “Aiden Insight,” this virtual entity will assume an observer role on the IHC board. With the AI capabilities harnessed from Group 42 and Microsoft, the initiative aims to revolutionise the company’s approach to navigating the complexities of the global investment landscape, supporting human board members in making more informed strategic business and investment decisions.

Aiden is designed to “continuously process and instantly analyse decades of business data, financial information, market trends, and global economic indicators,” as outlined in a bourse filing by IHC.

Sheikh Tahnoun bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and UAE’s National Security Adviser, and Chairman of IHC, highlighted that Aiden will deliver unparalleled data analysis and strategic insights, ensuring IHC maintains a leading position in industry developments and continues to provide value to stakeholders.

Functioning as a non-voting observer, Aiden will participate in IHC board meetings, offering real-time insights to shape discussions and guide decisions, according to Gulf Business.

The UAE conglomerate anticipates that this innovative board position will bring various advantages, including improving decision-making through enhanced data analysis, fostering an innovative culture, and contributing to efficient resource and risk management.

This move underscores Abu Dhabi’s commitment to AI, aligning with the UAE’s aspiration to be a global leader in testing and regulating AI technology. G42, part of Sheikh Tahnoon bin Zayed Al Nahyan’s business empire, has been a key player in the UAE’s AI efforts, including a partnership with OpenAI in October to deliver advanced AI solutions.

Founded in 1998 to diversify and develop non-oil business sectors in the UAE, IHC has evolved into the most valuable listed holding company in the Middle East. It reported a 17.9% year-on-year increase in full-year revenues, reaching AED 60.1B, with a profit of AED 32.95B.

(The article is published under a mutual content partnership arrangement between The Free Press Journal and The Finance World)

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