DUB(AI) is Big Business

Last week I turned 44 years old.

On the same day, Artificial Intelligence had its iPhone moment.

The AI industry declared its Top Dog. And it’s not Sam Altman’s OpenAI.

NVIDIA, a company most people hadn’t heard of, saw its market cap soar by 24% in after-hours trading to open at $940B.

Where others like Facebook’s META have been talking about AI’s profitability potential, NVIDIA proved it. And the market rewarded it in kind.

Its meteoric $184B Market Cap pop in a single day, exceeded the combined values of Walt Disney Co.NetflixNikeBoeing, UPSVerizon, and Adobe.

(Salamu Alaikum. Goodnight. 👊🖐🎤)

On that auspicious 25th May, I found myself with NVIDIA, sharing my thoughts on a panel discussing ‘Entrepreneurship of the Future’ in #Dubai‘s stunning Museum of the Future. The event, organised by them in collaboration with the UAE’s Artificial Intelligence Office, was themed around Generative AI’s ability to unlock a new era of startup entrepreneurs.

Since then, NVIDIA’s value has continued to rise. Joining the world’s elite Trillion Dollar Club.

And investors have woken up to the fact that AI is not only a very big deal, but very big business.

Like the old saying goes, when there’s a Gold Rush, it pays best to be in the shovel and spade business.

NVIDIA does precisely that. By making the Graphics Processing Units (GPU’s) that power the voracious processing demands of Artificial Intelligence systems including OpenAI’s ChatGPT.

That overwrite.ai is a pioneering member of the #nvidiainception programme is extraordinary.

Where Dubai pioneered the transformation of the Middle East into a region the World can not afford to ignore, we pioneered the MENA region’s first proprietary Real Estate Themed Generative Artificial Intelligence.

Being part of NVIDIA’s network is validation of the incredible work the overwrite.ai team have put into developing the AI that creates the property adverts you browse through when searching for a home to buy or rent, online.

‘Unlocking a New Era of Startup Opportunities with Generative AI’ UAE Artificial Intelligence office in collaboration with NVIDIA
Ayman Alashkar, Founder and CEO, overwrite.ai and propchat.ai
All smiles with His Excellency Omar Sultan Al Olama UAE Minister of State for AI

And as I took to the stage in front of a room packed full with hundreds of aspiring entrepreneurs, I was asked how a startup should harness the power of Artificial Intelligence for growth.

The answer I gave;

Be User-Friendly like Dubai.

Ayman Alashkar | Founder & CEO | overwrite.ai

Dubai is an undisputed Tier 1 Global City. In the 20 years since moving here, I’ve been fortunate to have been part of its story in becoming that.

Whatever your profession, Dubai has made living, working, and investing in it, user-friendly for us all.

Any entrepreneur that’s taking a good idea and using Generative AI to turn it into a startup business, must be obsessed with how user-friendly their solution can be.

Nobody’s got time to learn to use a complex tool.

Less friction equals greater adoption and user retention.

That same user-friendliness, is baked into overwrite’s ethos.

Its why thousands of real estate agents use overwrite.ai to create their property listings.

And as overwrite.ai continues to grow, I also continue to learn from inspirational leaders in our field, such as the remarkable people at NVIDIA. 

Thank you for your time.

overwrite.ai is a pioneering Themed Generative AI, creating engagement-oriented content for the real estate industry. 

We create the marketing content that powers the real estate industries of the UAE, KSA, Egypt and Lebanon.

For informative news and views on the world of real estate, proptech and AI, follow overwrite on Instagram and LinkedIn, and keep up-to-date with our weekly NewsBites blog.

overwrite | real estate content creation, reimagined.

Luxury Must-Have Amenities for Home-Buyers in 2023

Real Estate Agents Reveal The Must-Have Amenities For Home-Buyers In 2023.

Let’s see which ones topped the luxury home amenities list:

Outdoor Kitchen

They say the kitchen is the heart of the home, but that heart may be moving outside, according to a recent survey of top real estate agents worldwide.

A recent Luxury Agent Poll conducted by Forbes Global Properties revealed that the single-most sought-after home amenity in 2023 is an outdoor kitchen.

While tastes of high-net-worth buyers continuously evolve, outdoor space, proximity to lifestyle amenities and private pools remain among the most-requested features. From brick pizza ovens to barbecue pits to full-on al fresco chef’s kitchens, the outdoor kitchen is a trend that has only grown in the past few years. 

Indoor/Outdoor Pools

A regular on top luxury amenities lists, pools have long been a symbol of status and wealth. In warm-weather climates, you’d be hard-pressed to find a luxury new-construction home that doesn’t include a pool.

Pool designs have evolved to include multitiers, hidden grottos and sun shelves. Other popular variations on the traditional pool include saltwater, plunge and jetstream pools for in-place lap swimming.

The highest-caliber homes can even have two pools on the property—one indoor and one outdoor.

Spa Amenities

Another long-standing amenity, the spa highlights not only the extravagance of a home but of a lifestyle. As wellness and self-care continue to become prioritized so, too, have home spas. Often found in the primary bathroom, spa amenities can include soaking tubs, steam showers or movable walls for al fresco bathing.

Whether it’s a property with a massage room or one with a swim spa, a listing featuring spa amenities is sure to catch the eye of affluent homebuyers.

Fitness Centre

Continuing on the trend of wellness, the next popular luxury amenity on our list is the home fitness centre. Like outdoor kitchens, home gyms had something of a renaissance in the past few years and have grown increasingly common in new build projects.

In addition, new high-tech equipment is more readily available than ever, with many featuring virtual training to get a professional workout without leaving your home. At-home facilities can range from more traditional weightlifting rooms to modern Pilates studios to outdoor yoga spaces.

Luxury home gyms have hit their stride

Selling Sunsets

Dubai’s luxury real estate market is all about selling the story (or the sunset). Bolstered by a flock of high net-worth buyers, high-end real estate prices have jumped 89% over the past year and the sale of ultraluxe properties priced at more than $10 million reached an unprecedented level.

Research shows that property listings that are well-written, and create a story that the client can buy into, sell faster than generic, poorly written listings.

Additionally, the last thing a seller wants is for their stunning property to be let down by their broker’s bland, cut and paste description. Or one that’s been read time and time again by ready buyers.

Using a real estate themed generative AI tool, like overwrite.ai, solves this problem instantly. Listings are created through a series of simple prompts, to produce localised, engaging, seo-optimised text, which sells the lifestyle, through elevated AI generated language.

This column does not necessarily reflect the opinion of overwrite.ai and its owners.

Spencer Elliott writes for Forbes Magazine.

This story has been published from an article in Forbes magazine published on May, 2023.

overwrite.ai is a pioneering Themed Generative AI, creating engagement-oriented content for the real estate industry. 

We create the marketing content that powers the real estate industries of the UAE, KSA, Egypt and Lebanon.

For informative news and views on the world of real estate, proptech and AI, follow overwrite on Instagram and LinkedIn, and keep up-to-date with our weekly NewsBites blog.

overwrite | real estate content creation, reimagined.

Dubai Residential Real Estate Prices to Stabilise in 2023

Dubai’s real estate sector will remain stable in 2023 despite global economic headwinds, according to S&P analysts.

The international credit ratings specialists say growth will support strong cash flow, steady profitability, and improving credit metrics in a new report.

S&P Global Ratings credit analyst Tatjana Lescova said:

“Mounting economic pressures globally, including rising interest rates, inflation, and the devaluation of emerging currencies, may cool the demand for residential real estate. This will lead residential real estate prices to stabilise in 2023.”

“Nevertheless, we expect continued deleveraging and improving rating headroom for Dubai-based real estate companies in 2023.

“We also expect ample liquidity and limited funding needs. Plentiful cash flow leaves headroom for higher capital expenditure, dividends, or acquisitions”.

Real estate operators will benefit from rising footfall and a growing number of international visitors, but face the risk of reduced spending due to economic headwinds.

Rents will remain under pressure due to new supply.

Dubai’s GDP will expand by about 3% in 2023, with modest annual inflation of about 3%, according to S&P Global Ratings.

At the same time the population will grow by three to four per cent. Supportive oil prices will sustain positive investor sentiment in the GCC region, while international tourism will continue to recover from its 2020 trough.

Real estate developers’ revenue growth will mainly come from new and recent sales. Developers have good revenue visibility for the next couple of years, thanks to their robust revenue backlogs following strong presales in 2021-2022.

This column does not necessarily reflect the opinion of overwrite.ai and its owners.

This story has been published from an article in Arabian Business published March, 2023.

ChatGPT is still hot, but who else is playing the generative AI game?

The generative AI (GAI) arms race has begun, and the fear of missing out has its grip on everyone.

Yunqi Li writing for Wired magazine

Ayman Alashkar, Founder and CEO of UAE AI startup overwrite.ai, talks to Middle East’s Wired Magazine about “high accuracy, outcome-oriented content” and trends around the business application for GAI.  

At the end of 2022, social media was stirred up by a chatbot that could produce text responses or create content guided by simple prompts in a stunningly human way. We’re of course talking about ChatGPT, a generative AI (GAI) that can create text based on training data it has received.  

When ChatGPT’s flickering cursor moves across the screen and types out text in a few seconds, or when artworks generated by DALL-E (an AI image generator also developed by OpenAI) win art competitions, many of us are both thrilled and scared. A future where AI can undertake increasingly complicated tasks and eventually replace humans seems ever more possible. According to research by Gartner in 2023, by 2025, the global market for GAI is expected to reach $18.5 billion, with 75 percent of enterprises using some form of GAI technology in their businesses. Naturally, the GAI arms race is becoming fierce among the tech giants, and no one wants to be left out.

The Game Players

All in the race: Microsoft, OpenAI, AWS and Hugging Face, Baidu, META

Read more on these.

A Healthy Competition

For the public, it is reassuring when a top AI scientist like Yann LeCun, a Turing Award recipient, says that GAI like ChatGPT has “no knowledge of the world around them” and that they are merely “typing, writing aids.”

“I agree that at this point, ChatGPT is best to be seen as a typing and writing aid, and also one that requires a lot of attention,” said Professor Preslav Nakov, Acting Deputy Department Chair of the NLP department at the Mohamed Bin Zayed University of Artificial Intelligence.

For smaller players in the GAI game, the competition is a healthy sign. “It promotes research and development and provides more options for businesses and developers to leverage AI,”

Prof. Nakov also thinks of it as a stimulation of development. He compared the situation to how the iPhone revolutionized smartphones and sparked the development of similar technology,

“I expect several ChatGPT-like projects to flourish in the coming years and even months, and there are already serious competitors eager to catch up and improve,” he says.

“My big concerns are around the ethics we have to deal with,” says Senese. The ethical dilemmas linked to GAI may result in a tumultuous human-AI relationship.

The Middle East’s take on generative AI

The tornado of GAI has swept across the globe.

“A 2023 survey of 1,000 US business leaders found that 49 percent of companies currently use ChatGPT, and another 30 percent plan to,” Prof. Nakov pointed out.

The Middle East is not isolated from this. ChatGPT has been a topic of discussion within the UAE government leadership, with some entities like DEWA (Dubai Electricity and Water Authority) already adopting it.

The region’s blossoming startup culture is embracing increasing numbers of AI startups.

Other industries, such as real estate, oil and gas, and healthcare, are also steering toward an AI-powered future.

Ayman Alashkar, the founder of overwrite.ai, is an active public speaker and leader in AI. He believes that the trend around the business application for GAI “lies in outcome-oriented content, where high accuracy is important”.

With a background in UAE’s real estate industry, Alashkar developed overwrite.ai, a highly efficient real estate-themed GAI.

Dr. Hector Ren, Director of Engineering and Production at Inception Institute of Artificial Intelligence (IIAI), also observed this trend. “It is believed that smaller companies will lead the trend by providing specialized tools and services that support the development and deployment of language models,” he says.

The Middle East to become a major player in AI development

In the UAE, breakthroughs in Arabic LLM are also happening quickly, creating opportunities for the Middle East to become a major player in AI development. Engineers at IIAI, a G42 company, have created the largest Arabic LLM with 13 billion parameters to date. Dr. Ren viewed it as a milestone for the Arabic NLP field that will significantly benefit the Arab world.

The GAI arms race is only just beginning. Indeed, the competition will foster revolutionary changes in our society across various industries. 

This column does not necessarily reflect the opinion of overwrite.ai and its owners.

This story has been published from an article published in WIRED May, 2023.

Only the article length, headline and images have been edited to fit this blog. The original article is linked below.

More about overwrite.ai

overwrite.ai is a Foundation Language Model. A pioneering themed generative AI, delivering engagement-oriented content for the real estate industry, overwrite.ai creates the marketing content that powers the real estate industries of the UAE, KSA, Egypt and Lebanon.

For informative news and views on the world of real estate, proptech and AI, follow overwrite on Instagram and LinkedIn, and keep up-to-date with our weekly NewsBites blog.

overwrite.ai | real estate themed generative AI

AI will not remedy all our real estate woes

Is rent-seeking in the property sphere about to come under attack from robots?

This winter, American realtors have a plethora of problems to ponder. Surging interest rates have created a frozen residential housing market and shifting working practices will push office vacancies to 55 per cent above their pre-pandemic peak by 2030, according to new research from Cushman & Wakefield. The prospect of stranded assets looms.

But if you listen to the chatter among realtors right now, there is another topic sparking even more debate: ChatGPT, the chatbot equipped with generative artificial intelligence launched last November by OpenAI, with backing from Microsoft.

The explosive spread of this tool has already sparked a noisy debate about the impact of AI on sectors such as education, science and the media. The real estate world, however, has attracted less investor focus. That is a mistake.

AI disruption of traditional real estate is well underway

A wave of AI experimentation in this sector is already under way: brokers are using ChatGPT to write listings and social media posts, calculate mortgage payments, scour real estate databases and amass expertise on new fields, such as agriculture. As these experiments accelerate, they prompt a bigger question: will an AI-equipped realtor really need as many human realtors — and brokerage fees — in the future?

Or to put it another way, is rent-seeking in the property sphere about to come under attack from robots? Not in the literal sense of involvement in leases, but as described by economists: when powerful incumbents rig a market, by making it opaque or complex, to extract high fees.

Realtors themselves do not believe they will lose their jobs. “A common feeling [in the property sector] is that it will help rather than replace real estate professionals,” the Cushman & Wakefield report insists. “Some tasks will be automated [but] it’s more about helping to make people really good at what they do.”

Maybe so. Robots, after all, cannot sense the intangible qualities of a building, in a way that humans can. Nor can they read the body language of purchasers and sellers, and provide the necessary encouragement or reassurance. Given the extreme anxiety involved in many property trades, this is a serious shortcoming.

Moreover, the AI tools such as ChatGPT that are sparking such excitement do not always function well without human oversight. To understand the risks, consider an experiment recently carried out by Sarah Bell, an AI specialist focused on real estate. When she asked ChatGPT to evaluate the desirability of different tenants based on nationality, she discovered that the python computing code inside the bot was profoundly prejudiced against Australians.

More alarming still, it was impossible to determine exactly why it disliked Australians, because the system was a black box. A real estate principal who unknowingly deployed the anti-Australian python code would be “responsible” for violations of anti-discrimination legislation, Bell notes.

What the industry really needs is not so much AI in the sense of artificial intelligence, but another type of AI: augmented intelligence — ways to help humans to think smarter. The only way to achieve that is to add in a third AI, anthropology intelligence, which would imbue the process with vital cultural context.

New levels of transparency

Even if humans are needed to make sense of AI, it is not clear that the industry needs as many of them today. After all, in the past decade, the internet has already introduced new levels of transparency into the business: non-professionals can now use property websites to value properties, see listings, arrange mortgages and connect sellers and buyers.

Despite this, the number of residential real estate brokers and dealers in America (some 562,000 at last count) has not declined, but appears to be on the rise: the number is projected to expand by another 5 per cent over the next decade. Employment in the commercial real estate sector is almost 4mn — and is rising.

Neither has the new era of digital transparency dented sky-high brokerage fees. In 2020, average commission rates on residential property sales were 5.66 per cent. That was less than the 6.02 per cent level seen in 1992 — but higher than the levels recorded between 2011 and 2018. This is utterly perverse. Or, as an economist might say, a strong sign of rent-seeking.

Might this now change? Realtors obviously hope not. But entrepreneurs are sensing an opportunity for disruption, particularly given the other macroeconomic pressures now bearing down on the market.

“Technology entrepreneurs have a unique advantage to start a real estate tech company in AI today [since] most incumbents have had a challenging last two years,” argues Kunal Lunawat, one such wannabe challenger.

Investors — and economists — would do well to watch what happens next, not least as a test case for whether tech innovation can challenge rent-seeking.

After all, if robots can make the industry more efficient and bring down commission rates, many property owners will be thrilled.

Rightly so: with or without AI, the sector is overdue for reform.

This column does not necessarily reflect the opinion of overwrite.ai and its owners.

Gillian Tett writes for Financial Times.

This story has been published from an article in Financial Times published on March 3, 2022.

overwrite.ai is a pioneering Themed Generative AI, creating engagement-oriented content for the real estate industry. 

We create the marketing content that powers the real estate industries of the UAE, KSA, Egypt and Lebanon.

For informative news and views on the world of real estate, proptech and AI, follow overwrite on Instagram and LinkedIn, and keep up-to-date with our weekly NewsBites blog.

overwrite | real estate content creation, reimagined