Meet GCC’s first AI-powered board member: IHC’s ‘Aiden Insight’

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Abu Dhabi’s International Holding Company (IHC) has appointed an artificial intelligence (AI)-powered observer to its board of directors. This initiative positions the $239bn (Dhs876bn) conglomerate as a pioneer in leveraging AI for corporate governance and decision-making.

“Aiden Insight”, as the virtual entity is known, will take an observer seat on the board of IHC.

The initiative, which is powered by the AI capabilities of Group 42 and Microsoft, is set to revolutionise how the company navigate the complexities of the global investment landscape by assisting human board members make better strategic business and investment decisions.

Aiden will be able to “continuously process and instantly analyse decades of business data, financial information, market trends, and global economic indicators,” IHC said in a bourse filing.

“Aiden will provide us with unparalleled data analysis and strategic insights, ensuring that IHC remains at the forefront of industry developments and continues to deliver value to our stakeholders,” said Sheikh Tahnoun bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and UAE’s National Security Adviser, and Chairman of IHC.

The Abu Dhabi holding firm said Aiden will attend IHC board meetings as a non-voting observer, offering real-time insights to inform discussions and guide decisions.

The new board position is expected to confer a multitude of benefits to the UAE conglomerate ranging from “bolstered decision-making through enhanced data analysis and the promotion of a culture of innovation.”

The role will also contribute to efficient resource management and advanced risk management.

IHC deepens Abu Dhabi’s push into AI

Aiden is the latest initiative by Abu Dhabi as the UAE deepens its push into AI as the Gulf state seeks to become a global leader in testing and regulating AI technology.

G42, which is part of a business empire controlled by Sheikh Tahnoon bin Zayed Al Nahyan, has been at the forefront of the UAE’s AI efforts. Last October, the AI firm partnered with OpenAI, the creator of ChatGPT, to deliver cutting-edge AI solutions to the UAE and regional markets.

Founded in 1998 to diversify and develop non-oil business sectors in the UAE, IHC has grown exponentially over the years to become the most valuable listed holding company in the Middle East.

The holding firm reported a 17.9 per cent year-on-year (YoY) increase in full-year revenues, supported by “strategic acquisitions and financial performance of its existing businesses.” IHC posted Dhs60.1bn, up 17.9 per cent from Dhs50.9bn a year ago while its profit reached Dhs32.95bn during the same period under review.

Read: IHC sees 18% revenue jump in 2023, as diversification pays off