Sharjah 24: At the 7th edition of the Sharjah Investment Forum (SIF) 2024, global experts have explored the profound impact of emerging technologies on the global investment arena. Highlighting that embracing these changes is essential to staying competitive in today's fast-paced world, the experts also brought up the attendant ethical concerns of AI and alignment with human values.
Moderated by Mohamad Kassem, Founder and CEO of Invest Nations, the panel featured Jigar Sagar, founder of Triliv Holdings Limited; Dariush Soudi, founder of ARENA, Be Unique Group and the Gladiators mastery program; Briar Prestidge, founder and CEO of Prestidge Group; and Reg Athwal, founder and CEO of Verchool Holdings.
Addressing market pain through AI and Blockchain
Opening the panel, Dariush Soudi, Founder of family-run consultancy and venture capital group ARENA, and consulting services Be Unique Group, said: “We are going through massive change. When you try to re-educate the market, if there is no pain-point, it costs you 10 to 100 times more. So before I invest, I try to find if there’s a pain point in the marketplace”.
He highlighted the need for innovative solutions in the investment world and also the risk of losing out by failing to adopt technology. “If your business doesn't grow, somebody very quickly will overtake you. Embrace change. Most people who procrastinate, fear change. Don't listen to the noise, embrace it, welcome it, and roll with it.”
Beyond the AI hype: A path to intentional investment
Briar Prestidge, Founder and CEO of personal branding consultancy Prestidge Group, addressed the potential pitfalls of investing in standalone AI technologies. “The AI bubble of what I call standalone AI is about to burst,” the entrepreneur warned. “This is money wasted, money that could have been more intentionally invested beyond the hype and into science, ethics, or technological advancements that can help solve humanity’s most pressing challenges. We need to align our investments with our values and think from a long-term vision perspective.”
“In the next 20 years, we're going to see this super exponential growth. The rate of change is going to be four times faster than what it is today. If you stop, someone’s going to continue developing it in the garage, so we just have to go with it and ethically guide it. In the future, we will see the emergence of physical and virtual worlds through augmented reality or virtual reality. When people try to tell me, as the ‘Queen of the Metaverse’, that the metaverse is dead, I tell them it’s not dead – it’s just not here yet.”
Leading digital transformation in government services
Jigar Sagar, Founder of Triliv Holdings Limited, a consultancy firm dedicated to promoting entrepreneurship, highlighted the UAE’s leadership in digital transformation, particularly in government services. “The UAE is at the forefront of integrating technology to streamline processes,” Sagar said, citing initiatives like the AI-powered trade licensing service launched by Sharjah FDI Office “Invest in Sharjah” at SIF 2024, 24/7 digital free zones, and issuance of instant permits. “The UAE is ready to take the risks, ready to be at the forefront of blockchain or AI. We have seen a Minister of State for Entrepreneurship and SMEs appointed in the country, a global first.”
Public-private partnerships play a major role in amplifying these efforts, the investor and serial entrepreneur noted, saying, “When the government touches something, it amplifies beyond traditional models, what the B2B and B2C sectors are doing.”
Family offices and the cautious embrace of AI
Reg Athwal, Founder & CEO of Executive Chairman of TAO Legacy Holdings, a private single family office and investment company, provided insights into the slow adoption of AI by family offices due to trust and cybersecurity concerns. “We spoke to 750 family offices. We’re talking about the Metaverse, the early hype cycle of AI. The majority of these family offices were not interested,” he observed. Despite AI’s potential to streamline processes, many family offices remain reliant on traditional tools noted Athwal, who also founded Verchool Holdings.
This cautious attitude to AI by family offices was because “trust and cybersecurity are significant concerns.” "AI can reduce due diligence time, but the human touch is irreplaceable," the family business and legacy building expert concluded. “AI can streamline processes, but the human touch is irreplaceable. The biggest pain points are monitoring portfolio performance and conducting due diligence. AI helps by quickly analysing data, such as financials and team credibility, to support decision-making. However, human judgement is still crucial.”
Ethical considerations in tech adoption and future implications
The panel also delved into the ethical implications of emerging technologies. Soudi urged attendees to overcome the fear of change, which is a significant barrier to innovation, saying: “Change is inevitable; embracing it is essential for survival.” Prestidge expressed excitement about the potential of metaverse and brain-computer interfaces, envisioning them as key players in the next era of intelligence, creating a future where these technologies enhance human capabilities. “We are entering an era where biological and artificial realms merge.”
Vital role of startups and embracing AI in investment
Aman Gupta, entrepreneur and co-founder & CMO of Indian electronics brand boAt, the world’s second largest wearable brand along and India's No.1 audio brand, and judge plus investor in Shark Tank India, spoke about the transformative role of startups in shaping our society and the ever-evolving landscape of entrepreneurship in the session ‘The Art of Investing in StartUps’.
With an increasing number of startups emerging globally, the narrative is shifting from traditional corporate employment to innovative ventures that redefine industries. “Startups are the revolutionists of our world,” said Gupta. “They inspire us to think beyond conventional boundaries and are creating more opportunities now than ever. In just a few years, the perception of startups has transitioned from scepticism to being a preferred choice for young graduates."
In the realm of investment, Gupta noted that while AI offers tools to streamline decision-making, the human element remains irreplaceable. “AI is an incredible asset in analysing mechanical data, but it can’t replace human intuition and emotional intelligence in identifying promising ventures.”
The Sharjah Investment Forum, organised by the Sharjah FDI Office (Invest in Sharjah) under the theme ‘Future Visions for Smart Economies,’ took place on 18-19 September at Al Jawaher Reception and Convention Centre in Sharjah.
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