AI in Finance: A Double-Edged Algorithm
April 30, 2025
AI in Finance: A Double-Edged Algorithm
LONDON — As artificial intelligence (AI) rapidly transforms accounting, banking, and financial services, business leaders are urging international common standards to prevent bias, privacy breaches, and out-of-control automation. Aaron Harris, Sage’s chief technology officer, warns that the “move fast and break things” culture of tech development can come back to bite in finance, where flawed AI tools can destabilise firms and increase inequalities. A record 28% of VC in Q2 2024 was invested in AI startups, and by 2030, 90% of small and medium-sized enterprises are expected to employ AI for tasks like real-time anomaly detection. But Harris emphasises that ethics cannot lag behind adoption. “The Wild West era of AI has to be behind us. Without regulation, technologies like AI-based credit scoring or candidate screening could amplify bias or cripple struggling companies.”. A Sage poll finds that 72% of finance directors will have AI-specific policies in place, and 71% will mandate ethics training for users. But gaps exist: Only 22% of AI professionals are female, and 25% are ethnic minorities, creating concerns about skewed development. “Jurassic Park’s warning is relevant here,” Harris said. “Just because AI can do it doesn’t mean it should.”. The demand for “AI detectors” — programs to inspect algorithms for bias or tainted data — is increasing as companies use AI to account for work such as invoice automation and in banking to detect fraud. Harris stresses training models on tidy datasets and creating diverse development teams. “Transparency isn’t optional when AI makes financial decisions,” he stated. Global regulation is haphazard. The G7’s ethics code and the EU’s AI Act are welcome, but Harris is adamant that incremental bit-by-bit regulation will be inadequate for technology with no borders. He backed the Bletchley Declaration’s appeal for shared principles but demanded faster harmonisation: “Scattergun ethics will breed distrust. We need a ‘high watermark’ for AI — now.” Open-source development and advisory boards could democratize development, Harris said, noting the accounting profession’s willingness to lead. Responsible AI demands policymakers, developers, and businesses rowing together. To read more on Artificial Intelligence, head to the link.
Bosch and Juffali: 60 Years of Supporting Saudi Arabia’s Vision 2030 Through Innovation
April 28, 2025
Bosch and Juffali: 60 Years of Supporting Saudi Arabia’s Vision 2030 Through Innovation
Jeddah, Saudi Arabia — In a grand ceremony at the Juffali Co. headquarters, global technology leader Bosch and Saudi commercial leader Juffali celebrated 6 decades of collaboration, cementing their partnership as one of the cornerstones of the Kingdom’s economic renaissance. During the ceremony, the two companies’ senior managers emphasised how their collaboration has evolved from automotive roots to energising infrastructure megaprojects—and now, a groundbreaking foray into Saudi homes. From Garage to Giga-Projects, A Partnership to Realise Saudi Plans. In 1965 a distribution arrangement for Bosch motor parts turned into a multi-generational driving force in Saudi industrial and technological change. Bosch regional leadership, VP Per Johansson and Saudi MD Haneen Al Saleh credited the sustainability of the partnership to “common values” and a tenacious dedication to innovation. “This partnership isn’t just about history—it’s about shaping futures,” said Johansson. “With Juffali, we have embedded Bosch’s ‘Invented for life’ ethos into Saudi roads, worksites, and homes. Today, that means equipping the Kingdom for an era of smart vehicles and smarter cities.” With over 12 million vehicles on Saudi roads, aftermarket demand is exploding. Bosch and Juffali have seized the boom, deploying cutting-edge diagnostics tools, training 5,000+ technicians, and backing independent garages through the Bosch Car Service network. Their secret? “We don’t just sell parts—we future-proof workshops,” noted Al Saleh. But disruptors loom: E-commerce platforms are reshaping parts distribution. Yet Bosch remains bullish, betting its hybrid model—premium tech + hands-on training—will outpace digital rivals. The automotive heritage of the joint venture remains at its core: over 12 million vehicles on Saudi roads, Bosch and Juffali control the thriving aftermarket with state-of-the-art diagnostics equipment, mechanic training schemes, and the Bosch Car Service network, covering 5,000+ workshops. “We don’t simply supply parts—future-proofing the business”, declared Al Saleh, as e-commerce transforms distribution channels. Vision 2030’s construction boom has reinforced the partnership even further. Bosch’s professional-grade power tools, sold by Juffali, are now cornerstones on NEOM, Qiddiya, and other giga-projects, where speed and accuracy cannot be compromised. “Saudi Arabia’s construction revolution demands world-class tools,” noted Khaled Juffali. “Vision 2030 isn’t just steel and glass—it’s precision,” said Khaled Juffali, Chairman of Juffali Co. “Our collaboration ensures Saudi builders have world-class tools to turn blueprints into reality.” Extending to new markets, the pair initiated a 2025 entry into home appliances through a Juffali Home Appliances-BSH Middle East agreement, aiming for Saudi households with high-end refrigerators, ovens, and washers. “Saudi consumers demand quality that aligns with Vision 2030’s sustainability goals,” said Juffali. “Bosch delivers that,” Juffali said, positioning the move as in line with Vision 2030’s diversification of the economy objectives. The celebration brought senior management of the two entities, such as Juffali Group CEO Ali Dulaim and Bosch Middle East CFO Mate Muskat, attesting to stronger ties. The partners in the future are piloting EV servicing points to spearhead Saudi Arabia’s 30% electric vehicle take-up by the year 2030, while AI-based technology and energy-saving products promise additional environmentally friendly developments. “Six decades taught us one thing,” closed Johansson. “In Saudi Arabia, progress isn’t a sprint—it’s a relay. With Juffali, we’re ready to run the next lap.” To read more about Business News, head to the link.
Sheikh Mohammed applauds Innovative Thoughts in the UAE Pavilion at Expo 2025 Osaka
April 25, 2025
Sheikh Mohammed applauds Innovative Thoughts in the UAE Pavilion at Expo 2025 Osaka
OSAKA, Tuesday, UAE Vice President and Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum visited the UAE Pavilion at Expo 2025 Osaka, doubling down on the Emirates’ push for global collaboration in tech, sustainability, and healthcare. The trip highlights the UAE’s post-Expo 2020 Dubai plan to solidify its position as a cross-border innovation hub. Inspired by a towering date palm-shaped construction with 16-meter columns, the Osaka pavilion, “Earth to Ether,” combines futurism with tradition. The top UAE Priorities included: Space Frontiers: From the Hope Probe Mars mission to lunar rover missions, the UAE is looking to create a new generation of space explorers. Healthcare Revolution: Investment in genomics and precision medicine is the bedrock of the Emirates’ “dignity-driven” public health strategy. Green Economy: Solar megaprojects and climate-resilient infrastructure place sustainability goals based on ancestral land stewardship. Leading Sheikha Mariam bint Mohamed, Sheikh Mohammed commended the design of the pavilion and highlighted the 54-year Expo history of the United Arab Emirates from its 1970 Osaka opening, citing 24 million visitors to Expo 2020 Dubai as evidence of world trust. The tour also spotlighted deepening UAE-Japan ties, spanning energy, tech, and culture since formal relations began in 1972. UAE Commissioner General Shihab Al Faheem called the pavilion a “testament to partnerships that shape tomorrow’s economy.” (SOURCE: Government of Dubai Media ) To read more on Leadership, head to the link.
Petromin Express Wins the Customer Service Excellence Award at Business Tabloid Awards 2024
April 24, 2025
Petromin Express Wins the Customer Service Excellence Award at Business Tabloid Awards 2024
Riyadh, Saudi Arabia – Petromin Express, recognised for its services, was awarded the “Customer Service Excellence in Automotive Solutions” at the 6th Annual Business Tabloid Awards in recognition of the company’s continuous efforts in revolutionising automotive care through hyper-personalised services, innovative technology, and sustainability. Petromin Express set the pace in the industry by embracing the personalised customer experience. From personalised service suggestions to timely notifications through its easy-to-use mobile app, the company facilitates every step to be easy and rewarding. “We don’t work on vehicles in isolation—we build relationships”, asserted Petromin Express CEO, Mr. Tariq. “This is a testament to the company’s dedication to knowing drivers’ personal needs and delivering empowering solutions.” Combined with its physical service centres, Petromin Express offers customers flexibility and convenience. Its easy-to-use app includes service tracking, reminders, and real-time communication, while no-appointment centres save customers time. Their open and quick turnaround contributes to their reputation as a reliable service provider. Petromin Express is at the forefront of the industry’s environmental initiatives. Innovations like the AC gas recycling system and water-conserving Eco Wash Service have cut the carbon footprint by 30 tons per year and conserved 2.7 million litres of water, balancing high levels of customer convenience and environmental responsibility. Petromin’s success is led by the company’s competent employees, including Petromin’s trailblazing female technicians, who increase interaction with women drivers. Petromin Express also educates and empowers customers through its vehicle maintenance awareness program for young women, which helps build confidence and car literacy. Continuous innovation is decentralised, self-organising “Excellence is a journey, not a destination”, emphasised Mr. Tariq. “This recognition encourages us to work hard and surpass expectations. We remain committed to setting new standards in car care.” Concerning Petromin Express, blending ease, sustainability, and personal attention. With its centres across Saudi Arabia, innovative internet-based systems, and environmentally friendly measures, the company has drivers ready to rush to the customer. (Source: Business Tabloid Awards) To read more on Awards, head to the link.
XNRGY Climate Systems Opens a State-of-the-Art Facility in Arizona to Revolutionise Data Centre Cooling Solutions
April 16, 2025
XNRGY Climate Systems Opens a State-of-the-Art Facility in Arizona to Revolutionise Data Centre Cooling Solutions
MESA, Arizona — XNRGY Climate Systems, North America’s solution provider in green HVAC solutions, officially opened its brand-new, State-of-the-art HVAC facility in Mesa, Arizona. The factory is about 275,000 square feet and is part of an overall $300 million venture consisting of a 1,000,000-square-foot factory and innovation centre in the United States. Production will begin at the new plant on May 1, 2025. The expansion will address increasing demand for energy-efficient HVAC systems and high-quality data centre cooling solutions for massive data centres. Arizona will produce the company’s high-end products, including product lines such as XNAir, XNChiller, and XNFans, which are designed to satisfy the stringent demands of data centre climate control technology. The products are energy-saving and carbon-reducing, following current world trends in green cooling technologies for data centres. The site also makes Arizona an emerging hub for green HVAC manufacturing in the USA, with plans to generate an extra 300 jobs by the end of this year, in addition to the original complement of 130. Developed in conjunction with The Boyer Company in the Gateway East complex, the plant is on adjacent land that can be used in case of an expansion. The partner with The Boyer Company, Matt Jensen, discussed how the project aligned with Mesa’s goal of high-tech manufacturing. The plant will contribute to offering high-efficiency, sustainable cooling solutions for data centres and other core industries across North America is where the CEO Wais Jalali’s interest lies. The COO, Vincent Morin, underscored that they are committed to innovation in thermal management and stated that the facility underpins their capacity to keep on delivering to the fast-growing hyperscale data centre market. The project spearheads the company’s R&D in water-saving cooling technologies to pursue more sustainable approaches to conventional systems. Their Climate Systems is an expert in green HVAC and liquid cooling technologies for hyperscale data centres, health care facilities, semiconductor cleanrooms, and electric vehicle manufacturing. Based in Montreal and Mesa, the company leverages decades of engineering know-how to deliver innovative, energy-saving solutions. (Source: XNRGY Climate Systems) To read more on Technology, head to the link.