The Silicon Review
Technological innovations worldwide are ruling the world currently. We are in the golden age of innovations where recent advancements are continuously solving the world’s problems. Artificial intelligence is one such example through which many companies are opting to develop and utilize computer systems to perform tasks like visual perception, speech recognition, decision-making, and translation between languages which would typically require human intelligence. This is useful while analyzing large sets of data, much like the stock market share price changes, where there are fluctuations by the minute, and switching to AI can reduce hours of time by processing those values faster and predicting future trends efficiently. Dubai-based Elixir too believes in this and is now pushing for AI and Machine Learning innovation in the Middle East.
Elixir is a diverse investment group where the onus is put on innovation. The Elixir Group wants to enhance the future growth of the business through pioneering technology and revolutionary thinking. “We actively seek out and seize innovative business ideas and opportunities that create positive disruption. Our experience, knowledge, and expertise span across a variety of industries and are all rooted in transformative growth through dynamic solutions,” says Ali Rao, Group CEO of Elixir.
Success is often achieved through consistently delivering excellence. In a rapidly changing market, the definition of excellence and innovation is always evolving, which is why companies need to evolve too. And Elixir is perpetually evolving and growing. “We are passionate about driving growth through innovative technology and ever-transforming and improving the world around us,” adds Rao.
Established in 2003, Elixir has invested in various ventures ranging from real estate to technology since its inception and reaped exponential returns from multiple investments. The group is currently focused on implementing certain technologies in the MENA and South Asia regions spearheading disruption through AI and Machine Learning.
AI - The Present and Future
Elixir believes that the Middle East is a central hub that has a lot of potential to make diverse offerings but has not been able to anchor the modern technology that is needed here.
As a modern technology leader in the Middle East and MENA regions, Elixir sees this as a positive sign.
“We now see a logical connection between the human and the machine. There is so much happening in the technology space, and we are witnessing radical developments and changes that are directly impacting life on earth and beyond and changing the way we live and work. At this juncture, we see the new technologies as a holistic panacea for each and every problem as well as huge business growth potential and great service to humanity. Our AI-powered solutions will support different business sectors. Industries and people can take the full advantage of modern technologies and have an opportunity to invest in what Elixir offers,” says Ali Rao.
Many countries like the US, China, and the UK have already begun using AI to use algorithms to process data points in time and come up with investment decisions based on previous trend data. This has reduced the need for human effort to make models for such predictions. AI merges important parameters such as customer’s financial goals, tolerance for risk, and allocation of assets according to requirements, and timeframes, to come up with appropriate decisions for the customer’s portfolio. Perhaps it’s time to introduce this to the emerging economies or emerging markets. This could be very useful for amateurs who wish to invest in the Stock Exchange but are reluctant to do so because of improper information collected, misleading models, and other time-related parameters, keeping in mind the uncertainty around many government policies. “It can reduce processing time, bring about an efficient result, with the right time to invest, and maximize investor wealth. This is one area where Elixir is exploring more,” emphasizes Rao.
AI can prove to be a positive step for the tech industry in emerging economies. The UK-based NatWest allows a person to open a bank account with just a selfie. With AI, this maybe be possible everywhere soon – by matching the applicant’s selfie to a passport, government-issued I.D. card, or other official photo identification document. It’s only a matter of time this bridge lowers, and emerging economies compete with the world on its rich potential.
Loan management could also become more manageable through the usage of algorithms that are continually changing and adapting to the fluctuating interest rates, and keeping a check on the payments, assets etc. South Asian banks have recently switched to online banking, so introducing this in their systems would help in efficient management on all levels, including keeping a check on the business processes and attracting more investors, possibly foreign, by the smooth work ethics culture of the organization. They can build in their own chatbots and voice assistants to guide customers through banking procedures like international funds transfer or block credit card charges and only transfer the call to a human when the bot cannot help with the queries. It eases the traffic on the phone, leaving only serious queries for the employees to work through.
Innovating in Proptech
Real estate is easily the world’s largest asset class (approximately three times the total value of all publicly traded companies), and yet, proptech for years did not receive its due share of funding.
In comparison, Fintech companies receive seven times more VC funding than real estate companies. This has been because of the slow adoption of technology in the real estate industry. But this is now changing. Tech adoption has picked up significantly in real estate throughout the pandemic.
Shifting to proptech has had many benefits for developers, including by helping them manage operating and capital costs. “The core objective of proptech is managing the Opex and Capex and bring out precision in its efficiency, thus saving time and cost at every level of the operation — [both] in process and for the entire company — by increasing profits,” notes Rao. Elixir had observed that the developers’ appetites for proptech had been growing for a while and moved into this segment. However, according to Rao, the key challenge has been increasing awareness among developers and as well as creating cost-effective solutions. “Consumer behavior and a greater appetite for real estate have been driving this industry. It would be fair to accept that the proptech disruption has entered the UAE market and it is bringing in rapid changes,” says Rao.
There is a paradigm shift in technology disruption globally and the UAE’s ambitious plans; this is definitely bound to create a wave of proptech in the UAE. “We have also started the process to transform our real estate business towards a PaaS-based business to reap exponentiation scalability and growth,” explains Rao.
Growth through Partnerships:
Elixir has partnered with the Silicon Valley Innovation Center in U.S to source ventures that wish to expand in MENA through white-labelling or finding strategic partners. Elixir is particularly looking ahead to partner with advertisement technology companies towards an open collaboration.
You can reach out to Elixir with any query through their website, www.elixir.ae
ALI RAO, GROUP CEO
He is a seasoned businessman, investment banker and philanthropist, who has a strong track record of performance in high-paced organizations. Rao began his career at Citi Bank and fast-tracked his way into real estate and large-scale investment ventures. Utilizing his experience in the banking and real estate industries and by implementing innovative and best practices, Elixir has achieved exponential growth. His analytical ability and team-approach to drive organizational improvements and implementation of best practices has produced remarkable results. His bold and innovative way of thinking has helped expand Elixir’s offerings in a broad range of new and emerging industries. Transforming enterprises and real estate assets into successful ventures with exceptional results, is his trademark.