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Kuwait & Artificial Intelligence

· Kuwait,Ai,Automation

Kuwait & Artificial Intelligence

Kuwait has one of the oldest histories of innovation dating back to Mesolithic tools found in caves from 8000BC.

By 4000BC trade routes from India to Mesopotamia were controlled from the Bay of Kuwait.

For the next few thousand years Kuwait was continually enriched by being a focal point for various trade routes and as a stop for religious pilgrims. The East India Company established a large office in the 1700’s and British rule oversaw the land until Kuwait’s independence in 1961.

Kuwait has been a progressive leader in the Middle East since its founding in June of 1961. Being the first Persian Gulf state to establish a constitution and parliament, Kuwait raced ahead of its neighbors in the 1960’s and 1970’s to become the most developed Middle Eastern Country.

Located on the Arabian Peninsula, Kuwait has a population of 4.6 million people and is among the foremost member nations of OPEC. [1] Kuwait incorporates a geographically small, but blooming, relatively open economy with fossil fuel reserves of roughly 102 billion barrels per annum, about 6% of world reserves.

Petroleum and gas account for over half its GDP - about 140 billion US dollars in 2018 - 92% of export revenues, and 90% of presidency income. [2] Identified because the pillar of the economy, the petroleum industry is welcoming AI to form value through data capture, analysis, and optimization to reinforce critical decision-making abilities.

AI enables technology companies to form digital data assets and deliver services that improve decision-making, mitigate risk, and maximize value. Specifically, AI has tremendous potential in providing imaging and advising services.

By training detecting robots, advanced marine and land seismic data can be processed and images. Data pre-conditioning and internal control, as well as other seismic data acquisition support services, are leveraged.

By applying AI technology, companies can develop mission-critical subscription offerings and engineering services that enable operational control and optimization. ION's Towed Streamer Command & system, designed for towed streamer acquisition, integrates acquisition, planning, positioning, and internal control systems into a seamless operation.[3]

Due to the abundance of oil resources, Kuwait ranked the 9th richest country within the world per capita in 2019, according to the World Bank. [4] Kuwait incorporates a stand-out wealth-management industry that administers more assets than those of the other Gulf Cooperation Council country. Among all the GCC countries, the capitalisation of Kuwaiti financial-sector firms was, in total, behind only that of Asian countries.[5]

Transactional bots trained by linguistic communication Processing (NLP), a machine learning algorithm that permits bots to investigate human language, provide finance coaching/advising services. [6]

Additionally, AI is a superb tool for profiling clients that supports their risk appetite. Based on the classification work, product recommendations are often conducted automatically and more efficiently. Kuwait Finance House (KFH), the oldest Islamic bank within the state, launched a robotic process automation (RPA) program engaging EY in an exceedingly bid to automate low-return, high-risk manual tasks.

The program has reduced the retail application interval by 50% and cut the back-office review process by 75%, from one hour to fifteen minutes, in keeping with the CIO. [7]

On the opposite hand, the emergence of SupTech, a supervisory technology for regulators, enables them to demand more information and stricter compliance requirements from the organizations they oversee.[8]

Kuwait has the strength in both commodity-based and service-based industries. The Petroleum industry could reap the benefits of AI quickly and generate profit through cost-reduction. The financial sector can reshape quantitative risk management innovatively. However, while Kuwait has comprehended the worth of AI on the application level, its innovation incentive must be strengthened.

Kuwait still needs to strengthen its AI research and education fields.

According to the Report of computing Development 2019, published by Tsinghua University, the shallow talent pool would be a vital concern for Kuwait. [9]

The Kuwait Foundation for the Advancement of Sciences (KFAS) embarked on a forward-looking symposium on the "Promise of Artificial Intelligence: Present and Future" on November 19, 2018, at Kuwait University. "This scientific event comes as a part of our commitment to realizing the vision of H.H. Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, the Amir of Kuwait, to rework Kuwait into a financial, commercial and technological hub," stated by Sheikha Aida Salem. Kuwait isn't only acknowledging the disruptive change brought by AI, but also embracing the challenge as a path to the future.

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Written by Sheng Zhao, Edited by Kevin Ma, Thomas Braun, Jason Kauppila & Alexander Fleiss

Sources

1. Kuwait(n.d.).Retrieved April 29,2020, from

https://data.worldbank.org/country/kuwait?view=chart

2. The World Factbook: Kuwait. (2018, February 1). Retrieved April 29, 2020, from https://www.cia.gov/library/publications/the-world-factbook/geos/ku.html

3. Image Uncertainty Estimation. (n.d.). Retrieved April 29,2020, from

https://www.iongeo.com/technologies/imaging/algorithms/image-uncertainty-estimation/

4. GDP per capita (current US$) - Kuwait. (n.d.). Retrieved April 29, 2020, from https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?locations=KW

5. Economy of Kuwait. (2020, April 11). Retrieved April 29, 2020, from

https://en.wikipedia.org/wiki/Economy_of_Kuwait

6. Hudson, C. (2018, November 28). Ten Applications of AI to Fintech. Retrieved April 29, 2020, from

https://towardsdatascience.com/ten-applications-of-ai-to-fintech-22d626c2fdac

7. Benito, A. (2020, February 23). How Kuwait Finance House embraces change to survive tech-driven disruption. Retrieved April 30, 2020, from

https://www.cio.com/article/3528304/how-kuwait-finance-house-embraces-change-to-survive-tech-driven-disruption.html

8. The Emergence of SupTech - Supervisory Tech for Regulators. (2018, July 25). Retrieved April 29, 2020, from

https://www.trulioo.com/blog/suptech/

9. Tsinghua University, Report of Artificial Intelligence Development, 2019

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