Artificial intelligence has now graduated from an academic ponderance to an inescapable juggernaut. Its potential for a business, regardless of industry, is enormous. We can see it make its mark in retail, banking, and healthcare. It also has a role to play in security, both digital and physical. It can enhance analytics capabilities, improve threat detection, and support predictive maintenance.

One study from McKinsey suggests AI could pump some $150bn, or 9 per cent of combined GDP, into GCC economies. HID’s State of Physical Access Trend Report reveals more than a third (35 per cent) of organisations worldwide will be testing or implementing some sort of AI capability in the next five years.

In the course of our research, we heard from more than 1,200 enterprise decision-makers around the world and identified the use of AI as one of five main trends currently dominating the physical security segment.

The prevailing perception about AI is that it is here to stay and there is no going back, so enterprises must adopt it to remain relevant. But none of that means AI has reached some sort of ceiling of maturity – certainly not in the GCC where AI skills gaps persist.

What it does mean is that, as skills gaps are gradually filled, more use cases become viable. That is why we are seeing a movement toward AI in physical access control.

Thirty-eight per cent of respondents said they were looking to incorporate AI into their access-control solutions, although the same percentage admitted they were unsure of the benefits. But it is also worth noting that less than a quarter (23 per cent) said they had no plans to incorporate AI.

We found that many security professionals see AI’s strengths in analytics as low-hanging fruit, so rather than opting for an AI-centric security system, they are looking for ways to have AI-driven analytics enhance existing or future solutions. So, as mentioned previously, 35 per cent of respondents said they would test or implement some form of AI in the next five years. Some 15 per cent already use AI-enabled biometrics.

AI: A powerful partner

AI is a powerful partner in digitalisation, from automation of the day-to-day grind of a knowledge worker to the enhancement of future-gazing for finance professionals. And engineers. In the physical world, things break.

However, the costs of repair are largely predicated on the ability to catch the problem early. If we keep enhancing that capability enough, we can replace minor components before equipment failure and save significant expenditure on replacements.

This advanced condition monitoring made possible by AI and machine learning gives rise to predictive maintenance. Remember that a point of failure in, say, a manufacturing capability is bad enough, but if we imagine the same in a physical access ecosystem, the consequences could be well beyond those of lost capacity or missed deadlines.

The same AI that monitors temperature, power, and rotation speeds looking for deviations from norms in physical equipment can do the same in a digital setting.

Pattern matching is orders of magnitude more efficient with AI than with human observers. AI-driven physical security will come to dominate in a world where, with due diligence, AI can make everything better

Oak View Group (OVG) and Ethara, recently appointed as the new operators, have officially assumed management of the iconic Zayed Sports City in Abu Dhabi.

With Zayed Sports City established as one of the UAE’s premier venues, OVG Middle East is focusing on boosting growth at all its facilities – Zayed Sports City Stadium, International Tennis Centre, Khalifa International Bowling Centre, Zayed Sports City Ice Rink, and Pavilion – as part of a broader strategy to transform the venue and hospitality industry in the region.

OVG and Ethara appointed Danny Klima as general manager and other management roles, including Mohamed Bu Debs as corporate services executive director and Christoff Cronje as operations director.

“We aim to infuse Zayed Sports City with new energy, crafting a vibrant space that celebrates its heritage, deepens its ties with the community, and offers new programs and opportunities that inspire active lifestyles, foster grassroots talent, and create experiences that are inclusive and accessible for all ages and backgrounds,” Klima said in a statement.

“We will be focused on making it a destination that not only hosts world-class events but continues to play a vital role in shaping the sports culture of the UAE, inspiring future generations to carry its torch forward.”

Since its opening in 1980, Zayed Sports City has established itself as a pillar of community sports in the UAE, hosting major events like the Mubadala World Tennis Championships, the WTA-sanctioned Mubadala Abu Dhabi Open, five FIFA Club World Cup editions, the AFC Asian Cup, UAE National Day celebrations, the President’s Cup for Ice Hockey, World Bowling Championships, WWE Live, Special Olympics World Games, Monster Jam, and significant visits from dignitaries, including Pope Francis and India’s Prime Minister Modi.

Meanwhile, Coldplay will perform at Zayed Sports City on January 9, 11, 12, and 14, 2025, as part of their global ‘Music of the Spheres’ World Tour. The four sold-out shows will be the UAE’s largest ticketed music event to date.

Each evening at the iconic venue will feature a carefully curated lineup of performances, beginning with the opening of the Fanzones at 3 p.m., where attendees can enjoy entertainment and activities. General entry into the stadium starts at 5 p.m., giving fans ample time to settle in before the music begins.

The evening will kick off with a performance by Shone, a modern French hip-hop artist known for his energetic stage presence. Following Shone at 6:30 p.m. is Elyanna, a Palestinian-Chilean singer-songwriter acclaimed for her unique fusion of Arabic and pop music.

Coldplay will take the stage for a spectacular set at 7:45 p.m., featuring the group’s greatest hits and immersive visuals that have become a hallmark of their global tour.

Read: Coldplay fever grips UAE as band announces fourth Abu Dhabi gig

First Abu Dhabi Bank (FAB), the UAE’s biggest lender by assets, is reportedly set to sell its portfolio of non-performing loans worth around $800m to Deutsche Bank, a rare large deal in the GCC region for distressed debt.

Sources familiar with the matter told Bloomberg that Deutsche Bank outbid other international candidates, including US hedge funds, for FAB’s soured loans. However, it wasn’t immediately clear how much the German lender would pay for the loan book.

FAB is the second lender from the UAE to offload a large book of non-performing loans in recent years after a similar deal from Abu Dhabi Commercial Bank (ADCB) in 2023.

ADCB offloaded a $1.1bn loan portfolio to US investment fund Davidson Kempner earlier in 2023 as part of a broader strategy by Abu Dhabi’s second-largest bank to declutter its balance sheet straddled with high-profile corporate defaults. The landmark deal paved the way for similar transactions in the Gulf region.

FAB’s loans, advances and Islamic financing were up 10 per cent to Dhs528bn in the first nine months of the year, while customer deposits grew 4 per cent to Dhs820bn. The bank’s net profit rose 5 per cent to $1.21bn (Dhs4.46bn) in the three months ended September 30, from Dhs4.26bn for the same period a year earlier.

With a market capitalisation of Dhs158.4bn as of January 9, 2025, FAB’s total assets grew 4 per cent to Dhs1.2tn as of September end, driven by diversified lending growth and an expansion in the investments portfolio.

Read: ADCB denies report of talks to sell $3.7bn of bad loans

Jumeirah, which is part of Dubai Holding, has appointed Thomas B Meier as its new CEO.

Meier, who has been with the company since 2021 and most recently served as interim CEO, will lead hospitality giant Jumeirah’s next growth phase as the brand works toward its Mission 2030 strategy.

As CEO, Meier will oversee Jumeirah’s ambitious plans to double its portfolio by 2030, with a focus on expanding internationally and cementing its position as a global leader in luxury hospitality.

The appointment comes at a crucial time for Jumeirah, which is on track to set new industry standards while continuing to deliver exceptional guest experiences rooted in culture and connection.

Meier served as COO of Jumeirah before the new role

Meier, who has served as Jumeirah’s COO since October 2021, has played a central role in guiding the brand through several important milestones, including its successful entry into Africa in 2024 with the launches of Jumeirah Thanda Island in Tanzania and Jumeirah Thanda Safari in South Africa.

Meier has also bolstered the leadership team with several key senior appointments in recent months, reinforcing the company’s foundation for future growth.

“I am honoured to lead Jumeirah’s next chapter,” said Meier. “Jumeirah has always set new benchmarks in luxury hospitality, consistently delivering extraordinary guest experiences. As we gear up for the opening of Jumeirah Marsa Al Arab and continue to expand into new markets, we remain committed to innovation. Our vision is to establish Jumeirah as one of the most influential hospitality brands worldwide, staying ahead of industry trends and exceeding the ever-evolving expectations of our most discerning guests.”

Under Meier’s leadership, Jumeirah is also focusing on the continued expansion of its portfolio with several high-profile property openings.

Recent launches include Jumeirah Red Sea in Saudi Arabia, Jumeirah Marsa Al Arab in the United Arab Emirates, and Jumeirah Le Richemond in Geneva, Switzerland.

Today, Jumeirah operates a portfolio of 30 properties across the Middle East, Africa, Europe, and Asia.

The company is actively pursuing owner and operator opportunities globally in major gateway cities and resort destinations.

Abu Dhabi’s NMDC Group, a leading construction and dredging services provider, announced on Thursday that it has secured a $1.14bn offshore pipeline contract in Taiwan, marking the first time a Middle Eastern company has undertaken a project of this scale in the country’s energy and marine sector.

Taiwan Power Company (Taipower) awarded the contract to NMDC Energy and NMDC Dredging and Marine – the subsidiaries of NMDC Group. The two entities will collaborate on the design, construction, and installation of offshore pipelines in waters 10 to 55 meters deep, connecting Taichung and Tongxiao on Taiwan’s western coast.

The project involves extensive dredging, amounting to approximately 6 million cubic meters. The contract also includes connecting the pipeline from the shoreline to the offshore area, with an onshore section of approximately 1,000 meters.

NMDC expects the project to substantially boost its revenue and solidify its leadership in executing mega-projects both within and outside the UAE.

The group reported a 68 per cent increase in revenues and a 45 per cent rise in net profits for the nine months ending September 30, 2024, driven by a robust project pipeline, strategic and operational expansion across the group’s divisions, and NMDC Energy’s initial public offering on the Abu Dhabi Securities Exchange.

Revenues rose to Dhs18.5bn compared to Dhs11bn for the same period a year ago, while its profit surged by 45 per cent to Dhs2.2bn.

Meanwhile, NMDC launched a new logistics and technical services business unit in December to manage and operate the group’s extensive marine support craft, technical expertise, and equipment. NMDC LTS aims to expand the group’s services further beyond supporting NMDC Group’s business units and reaching into the broader construction and industrial sectors.

Read: NMDC Group, Vingroup partner for coastal protection in Vietnam