Navigating the Challenges and Opportunities of Synthetic Voices

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OpenAI is committed to developing safe and broadly beneficial AI. Today we are sharing preliminary insights and results from a small-scale preview of a model called Voice Engine, which uses text input and a single 15-second audio sample to generate natural-sounding speech that closely resembles the original speaker. It is notable that a small model with a single 15-second sample can create emotive and realistic voices.

We first developed Voice Engine in late 2022, and have used it to power the preset voices available in the text-to-speech API as well as ChatGPT Voice and Read Aloud. At the same time, we are taking a cautious and informed approach to a broader release due to the potential for synthetic voice misuse. We hope to start a dialogue on the responsible deployment of synthetic voices, and how society can adapt to these new capabilities. Based on these conversations and the results of these small scale tests, we will make a more informed decision about whether and how to deploy this technology at scale.

Early applications of Voice Engine

To better understand the potential uses of this technology, late last year we started privately testing it with a small group of trusted partners. We’ve been impressed by the applications this group has developed. These small scale deployments are helping to inform our approach, safeguards, and thinking about how Voice Engine could be used for good across various industries. A few early examples include:

  • Providing reading assistance to non-readers and children through natural-sounding, emotive voices representing a wider range of speakers than what’s possible with preset voices. Age of Learning, an education technology company dedicated to the academic success of children, has been using this to generate pre-scripted voice-over content. They also use Voice Engine and GPT-4 to create real-time, personalized responses to interact with students. With this technology, Age of Learning has been able to create more content for a wider audience.

1. Reference audio

2. Generated audio

Some of the most amazing habitats on Earth are found in the rainforest. A rainforest is a place with a lot of precipitation and it has many kinds of animals trees and other plants. Tropical rainforests are usually not too far from the equator and are warm all year.

  • Translating content, like videos and podcasts, so creators and businesses can reach more people around the world, fluently and in their own voices. One early adopter of this is HeyGen, an AI visual storytelling platform that works with their enterprise customers to create custom, human-like avatars for a variety of content, from product marketing to sales demos. They use Voice Engine for video translation, so they can translate a speaker’s voice into multiple languages and reach a global audience. When used for translation, Voice Engine preserves the native accent of the original speaker: for example generating English with an audio sample from a French speaker would produce speech with a French accent.

1. Reference audio

2. Generated audio

La amistad es un tesoro universal aporta alegría apoyo y risas a nuestras vidas sin importar donde estemos en el mundo. Los verdaderos amigos están con nosotros en las buenas y en las malas compartiendo nuestras alegrías y aliviando nuestras penas. Celebremos los lazos de amistad que nos conectan a todos a través de cada idioma y cultura.

  • Reaching global communities, by improving essential service delivery in remote settings. Dimagi is building tools for community health workers to provide a variety of essential services, such as counseling for breastfeeding mothers. To help these workers develop their skills, Dimagi uses Voice Engine and GPT-4 to give interactive feedback in each worker’s primary language including Swahili or more informal languages like Sheng, a code-mixed language popular in Kenya.

1. Reference audio

2. Generated audio

Lishe bora ni muhimu katika kuhakikisha kwamba watoto wanakua vizuri, kimwili na kiakili. Vyakula kama matunda, mboga, protini, kalsiamu, na vitamini mbalibali ni muhimu sana kwa ukuaji wa mifupa na maendeleo ya ubongo. Kula vizuri kunamaanisha kwamba mtoto anakuwa na mfumu wa kinga imara unaomwezesha kupambana na magonjwa. Hii ina maana kwamba, hata kama kuna mafua yanayoenea mtaani, mtoto atakuwa na uwezo mkubwa wa kukabiliana nayo. Hivyo, hakutakuwa na haja ya kumpeleka hospitalini mara kwa mara. Kwa kufanya hivyo, tunakuwa tunajenga kizazi cha watu imara. Kama unavyojua, mustakabali wa jamii yetu uko mikononi mwa vijana hawa. Ni vyema tuwape mwanzo bora maishani.

  • Supporting people who are non-verbal, such as therapeutic applications for individuals with conditions that affect speech and educational enhancements for those with learning needs. Livox, an AI alternative communication app, powers Augmentative & Alternative Communication (AAC) devices that enable people with disabilities to communicate. By using Voice Engine, they are able to offer people who are non-verbal unique and non-robotic voices across many languages. Their users can choose speech that best represents them, and for multilingual users, maintain a consistent voice across each spoken language.

1. Reference audio

2. Generated audio

Excuse me can I get your attention? Thank you for your help. Can we watch a movie tonight? Could you please help me find my glasses? Thank you for your understanding, it means a lot to me.

  • Helping patients recover their voice, for those suffering from sudden or degenerative speech conditions. The Norman Prince Neurosciences Institute at Lifespan, a not-for-profit health system that serves as the primary teaching affiliate of Brown University’s medical school, is exploring uses of AI in clinical contexts. They’ve been piloting a program offering Voice Engine to individuals with oncologic or neurologic etiologies for speech impairment. Since Voice Engine requires such a short audio sample, doctors Fatima Mirza, Rohaid Ali and Konstantina Svokos were able to restore the voice of a young patient who lost her fluent speech due to a vascular brain tumor, using audio from a video recorded for a school project.

1. Current voice

2. Reference audio

3. Generated audio

Hi everyone, this is what my voice sounds like using OpenAI’s new text to speech model called Voice Engine. I was able to use just 15 seconds of a video that I made for a class project to be the reference audio source for the voice you hear right now. What do you think?

Building Voice Engine safely

We recognize that generating speech that resembles people’s voices has serious risks, which are especially top of mind in an election year. We are engaging with U.S. and international partners from across government, media, entertainment, education, civil society and beyond to ensure we are incorporating their feedback as we build. 

The partners testing Voice Engine today have agreed to our usage policies, which prohibit the impersonation of another individual or organization without consent or legal right. In addition, our terms with these partners require explicit and informed consent from the original speaker and we don’t allow developers to build ways for individual users to create their own voices. Partners must also clearly disclose to their audience that the voices they’re hearing are AI-generated. Finally, we have implemented a set of safety measures, including watermarking to trace the origin of any audio generated by Voice Engine, as well as proactive monitoring of how it’s being used. 

We believe that any broad deployment of synthetic voice technology should be accompanied by voice authentication experiences that verify that the original speaker is knowingly adding their voice to the service and a no-go voice list that detects and prevents the creation of voices that are too similar to prominent figures.

Looking ahead

Voice Engine is a continuation of our commitment to understand the technical frontier and openly share what is becoming possible with AI. In line with our approach to AI safety and our voluntary commitments, we are choosing to preview but not widely release this technology at this time. We hope this preview of Voice Engine both underscores its potential and also motivates the need to bolster societal resilience against the challenges brought by ever more convincing generative models. Specifically, we encourage steps like:

  • Phasing out voice based authentication as a security measure for accessing bank accounts and other sensitive information
  • Exploring policies to protect the use of individuals’ voices in AI
  • Educating the public in understanding the capabilities and limitations of AI technologies, including the possibility of deceptive AI content
  • Accelerating the development and adoption of techniques for tracking the origin of audiovisual content, so it’s always clear when you’re interacting with a real person or with an AI

It’s important that people around the world understand where this technology is headed, whether we ultimately deploy it widely ourselves or not. We look forward to continuing to engage in conversations around the challenges and opportunities of synthetic voices with policymakers, researchers, developers and creatives.

Two Key Dubai Customs Centers Demonstrate Vigilance: Over 181,000 Inspections and 30 Seizures in 2023

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Dubai Customs keeps pace with the rapid development of the Emirate of Dubai by enhancing the department’s ability to protect the community. This is achieved through improving the readiness of its customs centers and elevating their performance levels in combating all attempts to smuggle prohibited materials into the UAE through Dubai’s border crossings. The Creek & Deira Wharfage, and Hamriyah Port customs centers, which fall under the Sea Customs Centers Management, are among the centers that contribute effectively to community protection. In 2023 alone, these centers conducted 181,062 inspections, resulting in 30 major seizures. Continuously, the two centers consistently succeed in facilitating maritime trade. They processed 110,483 customs declarations.

Rashid Al-Dhabbah Al-Suwaidi, Acting Director of Sea Customs Centers Management emphasized the significance of the achievements at these centers in community protection while facilitating maritime trade. This is achieved through developing the capabilities of customs inspectors and equipping them with the necessary skills to carry out inspection operations promptly. The efficiency of inspectors and the advanced level of inspection devices at maritime customs centers, such as the giant X-ray container scanner at Hamriyah Port Customs Center, support increased inspection operations.

Al Suwaidi added, “We are committed to enhancing the development of  the Creek & Deira Wharfage, and Hamriyah Port customs centers through the implementation of new projects and mechanisms in inspection. These projects support the capabilities of the centers in inspecting goods, dhows, and ships used in fish trade, allowing us to achieve the best levels of success in implementing customs seizures to protect the community from the risks and harms of attempted smuggling of prohibited materials.”

The Acting Director of the Sea Customs Centers Management emphasized that Dubai Customs applies the highest international standards and best practices to enhance the skills and capabilities of customs inspectors. Our customs centers have proven their ability to efficiently detect smuggling attempts, regardless of the camouflage and concealment methods used. Inspectors at our customs centers, with their experience and efficiency in conducting inspection operations, are able to access prohibited materials and prevent their entry into the UAE through Dubai’s border crossings.

Etihad Airways celebrates inaugural flight to Boston

  • First flight from Abu Dhabi to the vibrant American city touched down on 31 March 2024
  • Boston is now the airline’s fourth destination in the United States, joining Chicago, New York and Washington, along with services to Toronto in Canada
  • New route to Boston Logan International Airport offers business and leisure travellers gateway connections across the Middle East and India

ABU DHABI, UAE – Etihad Airways, the national airline of the UAE, touched down for the first time in Boston on Sunday, marking the launch of regular services between Abu Dhabi and the US city, strengthening ties and enriching travel options for passengers.

The inaugural flight, EY147, was celebrated at Abu Dhabi Airport before take-off, and on arrival in Massachusetts, Etihad’s captains waved UAE and US flags from the cockpit to celebrate the start of the carrier’s fourth non-stop service to America.

The new service operates on Mondays, Wednesdays, Fridays and Sundays using a state-of-the-art Boeing 787-9 Dreamliner, featuring the airline’s acclaimed Business Studios and Economy Smart seats. With 28 seats in Business and 262 seats in Economy boasting entertainment systems, in-seat power, and in-flight Wi-Fi connectivity, passengers can expect a comfortable and enjoyable travel experience, complemented by world-class service and hospitality.

“We are thrilled to inaugurate flights to Boston, further extending our reach across the United States and enhancing connectivity for travellers,” said Etihad’s Chief Executive Officer Antonoaldo Neves.

“This new route not only brings the allure of Abu Dhabi and Dubai to the American Northeast but also signifies our commitment to delivering exceptional travel experiences and fostering global connections.

“The new route is timed to offer convenient links to our growing network for corporate business travellers and leisure guests connecting to destinations across the Middle East and our 11 routes across India.”

“Massport is pleased to welcome Etihad Airways to Boston Logan International Airport with their new flight to Abu Dhabi,” said Massport Interim CEO and Aviation Director Ed Freni. “This route provides a key connection between Boston and the UAE, and New Englanders now have even more options when planning a trip to the Middle East and beyond.”

As one of America’s most culturally diverse and dynamic cities, Boston offers a tapestry of historical landmarks, culinary delights, and vibrant neighborhoods, enticing visitors from Abu Dhabi to immerse themselves in its rich heritage and warm hospitality.

Boston joins Chicago, New York, and Washington as Etihad’s fourth destination in the United States, complementing existing services and reinforcing the airline’s dedication to facilitating seamless travel experiences. Additionally, flights to Toronto in Canada further expand Etihad’s North American footprint, providing passengers with enhanced accessibility and convenience.

Etihad’s partnership with JetBlue ensures convenient connections to numerous cities throughout North America, unlocking endless possibilities for exploration across the continent.

The launch of the Boston route signifies more than just a new travel option; it symbolizes the deep cultural and educational ties between Abu Dhabi and Boston. Emiratis, past and present, hold Boston dear to their hearts, with many having studied in its prestigious universities. Moreover, significant investments in healthcare and education sectors have fostered enduring collaborations, driving progress and innovation in both regions.

Emirates Awarded Certified Autism Center™ Designation for all Check In Facilities in Dubai

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Dubai, UAE, 1 April 2024: Furthering Dubai’s commitment to accessible travel and in time for World Autism Awareness Day on 2 April; Emirates has achieved a Certified Autism Center™ Designation for all of its Dubai Check In facilities – Emirates City Check-in & Travel Store in DIFC, Emirates Cruise Check In – Port Rashid, Emirates Cruise Check In – Dubai Harbour and Emirates City Check-In Ajman, in addition to the Emirates’ dedicated hub in Terminal 3 at Dubai International Airport (DXB).

The certification, awarded by the International Board of Credentialing and Continuing Education Standards (IBCCES) ensures that all Emirates facilities in Dubai have taken a significant step towards making travel more inclusive and accessible to neurodiverse customers, meeting criteria required for a comfortable and supported travel experience.

As part of the designation, Emirates employees at the various facilities underwent specialized training on autism and sensory awareness, to equip them with the understanding and skills to address needs of autistic travellers or those with sensory sensitivities, along with their families. Comprehensive facilities audits were conducted across the locations, measuring all sensory inputs in public areas such as sound levels, lighting, and potential sights and smells to develop sensory guides, empowering travellers to make informed decisions and choose the environment that best suits their needs and preferences.

This achievement builds on the recent recognition of Dubai International Airport as the first international airport to earn the designation from IBCCES and aligns with the Department of Economy and Tourism’s (DET) vision of becoming the first Certified Autism Destination™ (CAD) in the Middle East.

Emirates’ City Check-Ins across Dubai offer a seamless and stress-free pre-airport experience in convenient and easily accessible locations, where Emirates customers can check in for flights up to 24 hours in advance, drop off luggage between four and 24 hours before departure, and choose between agent-assisted check-ins, robot-assisted check-ins, or self-service kiosks, allowing a more relaxed travel experience. 

Mohammed H. Mattar – Emirates DSVP Airport Services commented:

“As a global airline, Emirates is committed to providing a seamless travel experience for everyone. We recognize the challenges customers with autism and sensory sensitivities face in airport environments. That’s why we’ve proactively partnered with Dubai’s DET and IBCCES to certify all our city check-in locations across the UAE. This initiative is a crucial step forward in our ongoing mission to make travel inclusive and accessible for all.” 

Myron Pincomb, Chairman of the Board for IBCCES remarked:

“Emirates is known worldwide for its exceptional guest service. Checking in for a flight is one of the most stressful segments of the whole travel experience. With the completion of the facilities, audit and the addition of the new sensory guides, the check-in procedure at the Check-in facilities will be more accommodating for people of determination, and especially those with sensory challenges.”

By working together – Emirates, Department of Economy and Tourism and Dubai Airports in collaboration with the General Directorate of Residency and Foreign Affairs, Dubai Police and Dubai Customs, are making travel more inclusive and accessible for all, reflecting Dubai’s commitment to becoming a leading destination for travellers with diverse needs.

IBCCES also created AutismTravel.com, a free online resource for families that lists certified destinations and connects families to other resources and each other. Each destination listed on the site has met the CAC requirements.

About IBCCES

Delivering The Global Standard For Training and Certification in The Field of Cognitive Disorders – IBCCES provides a series of certifications that empower professionals to be leaders in their field and improve the outcomes for the individuals they serve. These programs are recognized around the world as the leading benchmark for training and certification in the areas of autism and other cognitive disorders. 

Saeed Al Tayer discusses enhancing cooperation in water and renewable and clean energy with UK Consul General in Dubai

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HE Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (DEWA), welcomed HE Oliver Christian, Consul General of the United Kingdom in Dubai and the Northern Emirates. The two parties discussed enhancing cooperation between DEWA and British organisations in the water, and renewable and clean energy sectors.

Al Tayer welcomed the UK Consul General and reviewed DEWA’s pioneering and innovative initiatives and projects to promote sustainability and a green economy, in line with its vision to be a globally leading sustainable innovative corporation committed to achieving net-zero by 2050. This supports the Dubai Clean Energy Strategy 2050, the Dubai Net Zero Carbon Emissions Strategy 2050, and accelerates the pace of energy transformation into a green, circular, and sustainable economy, in line with the global transformation in the energy sector by increasing the share of clean and renewable energy.

Al Tayer emphasised that DEWA is focusing its efforts on decarbonisation and promoting climate action. DEWA has set ambitious goals to reduce greenhouse gas emissions and increase the share of renewable energy in its energy mix. DEWA provides its services to more than 1.2 million customers in Dubai, according to the highest standards of efficiency, reliability, and availability. By the end of 2023, DEWA’s installed capacity reached 15.7 GW of electricity and 495 million imperial gallons per day (MIGD) of desalinated water. In line with its commitment to achieving Dubai’s ambitions to reach net zero by 2050, DEWA continues developing the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world using the Independent Power Producer (IPP) model. By the end of last year, the solar park’s production capacity reached 2,627MW. By 2030, it will reach more than 5,000MW using photovoltaic solar panels and concentrated solar power (CSP).

Al Tayer said that in terms of benchmarking studies, last year DEWA came in the top position globally in more than 10 KPIs in its areas of work, surpassing prominent utilities in Europe and the USA in all global competitiveness indicators. DEWA recorded 2% losses in electricity transmission and distribution networks in 2023 compared to 6-7% in Europe and the USA, and 4.6% water network losses in 2023 compared to around 15% in North America. DEWA also recorded just 1.06 minutes per customer, breaking its record of 1.19 minutes per customer in 2022. This is compared to around 15 minutes recorded by leading utility companies in the European Union,” added Al Tayer.

HE Oliver Christian expressed his interest in cooperating with DEWA in its pioneering projects in clean and renewable energy and water. He commended the bilateral relations between the UAE and the UK. He also applauded DEWA’s tireless efforts to promote the sustainable development of Dubai.

The Advent of the Bespoke AI Era

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Fifty years ago, in 1974, Samsung Electronics introduced its first refrigerator, washing machine, and air conditioner to the world. In the time since, we have continuously pushed the boundaries of innovation in digital appliances.

Fast forward to five years ago, in 2019, when Samsung debuted its first Bespoke appliances. These products were made to transform users’ daily lives with customized features and optimized designs. Now, we are set to usher in a new era of AI appliances, featuring cutting-edge artificial intelligence (AI) and SmartThings-based connectivity.

Ahead of the global product launch event on April 3, this editorial will explore how AI appliances and inter-connected smart homes are about to transform our understanding of modern home life.

Why Security Is the Foundation of Bespoke AI Appliances

A recent study conducted by market research firm Ipsos highlights the significance of security in the age of AI. The study surveyed 17,000 people across 17 countries, using the title of “Our Life With AI: The reality of today and the promise of tomorrow.” A key finding was that 42 percent of respondents identified “better security” as a very important application for AI, with an additional 44 percent deeming it somewhat important.

AI technology is brimming with potential, but even the best AI will not be worthwhile if it fails to protect users — in fact, it could be dangerous. And this is why security stands at the core of Bespoke AI appliances. We have prioritized security throughout our product development to ensure users can get all the benefits of AI-based digital appliances, while experiencing peace of mind.

Our AI appliances are protected by Samsung Knox to ensure safe usage. A blockchain-based Knox Matrix monitors and protects Samsung’s inter-connected appliances.

Our newest AI appliances, the Bespoke 4-Door Flex™ Refrigerator with AI Family Hub™+ and the Bespoke Jet Bot Combo™ AI, have earned the Diamond level rating for their Internet of Things (IoT) security capabilities from UL Solutions, a global verification company. This rating represents the highest level of IoT security, a distinction that no other home appliance in the world has achieved to date.

But Samsung hasn’t stopped there. We are always researching new technologies that can further enhance the safety of AI appliances and smart homes.

Using AI Appliances to Advance Society

At Samsung, we aspire to develop appliances that go beyond mere convenience for the sake of convenience. Our goal is to create AI appliances that accomplish two things: they are readily accessible for everyone, and they contribute to society by reducing environmental impact.

Samsung’s latest all-in-one washer and dryer boasts a large 7-inch LCD touch screen designed for easy operation, catering to users with varying abilities. With Bixby integration, controlling the machine using voice commands is also possible, ensuring wider accessibility. Furthermore, the convenience of Samsung’s Auto Open Door allows users to effortlessly open the refrigerator with just a light touch. And the new washer and dryer also automatically opens its door upon completion of the wash and dry cycle. The combined result of all these improvements is that our appliances are now more user-friendly than ever.

As for the role our products play in society, we are leveraging next-generation technology to reduce environmental impact. This includes using AI to decrease energy usage in appliances and employing enhanced semiconductors to reduce the power consumption and carbon emissions of refrigerators. We are also developing technology that enables continuous use of air purifiers without the need for regular filter replacements.

Bespoke AI Appliances: The Pinnacle of AI Technology

Our 2024 appliance lineup represents the pinnacle of AI integration. Designed to significantly ease the burden of household chores, these appliances incorporate a range of sensors, recognition technology, big data analytics tools, powerful AI chips, and the Tizen OS.

With these capabilities, the way in which appliances are used will undergo a complete transformation. The large displays integrated into Family Hub™ refrigerators and the 7-inch display on Samsung’s latest all-in-one dryer and washer allow easy control and monitoring of appliances throughout the house. Moreover, you can conveniently control the main functions of the product using a smartphone, without having to search for a remote control or fiddling with buttons. This revolutionizes home life.

This year, we’re also planning to incorporate generative AI into Bespoke AI appliances, which will allow users to operate them through natural conversation — much like chatting with family members. Building on SmartThings and the strength of AI appliances, will introduce over 100 diverse inter-connecting experiences that Samsung appliances can offer.

At Welcome to BESPOKE AI on April 3, you’ll have the opportunity to witness Samsung’s groundbreaking AI appliances for 2024. Our products not only prioritize security, but also consider our society and environment. Join us as we embark on this journey to shape the future of Bespoke AI appliances.

Gold hits record high as US inflation data cements June rate cut bets

WORLD CAPITALS, 1st April, 2024 (WAM) — Gold prices rose to a record high on Monday, as a softer US inflation reading cemented bets that the Federal Reserve would deliver its first interest rate cut of the year in June.

According to Reuters, spot gold was up 1.2% at $2,258.12 per ounce, as of 0529 GMT, after hitting an all-time high of $2,265.49 earlier in the session. US gold futures gained 1.8% to $2,279.10.

Spot silver rose 0.9% to $25.19 per ounce, platinum was up 0.5% at $912.90 and palladium climbed 0.7% to $1,021.77.

Etihad Airways celebrates inaugural flight to Boston

ABU DHABI, 1st April, 2024 (WAM) — Etihad Airways touched down for the first time in Boston on Sunday, marking the launch of regular services between Abu Dhabi and the US city, strengthening ties and enriching travel options for passengers.

The inaugural flight, EY147, was celebrated at Abu Dhabi Airport before take-off, and on arrival in Massachusetts, Etihad’s captains waved UAE and US flags from the cockpit to celebrate the start of the carrier’s fourth non-stop service to America.

The new service operates on Mondays, Wednesdays, Fridays and Sundays using a state-of-the-art Boeing 787-9 Dreamliner, featuring the airline’s acclaimed Business Studios and Economy Smart seats.

“We are thrilled to inaugurate flights to Boston, further extending our reach across the United States and enhancing connectivity for travellers,” said Etihad’s Chief Executive Officer Antonoaldo Neves.

He added, “This new route not only brings the allure of Abu Dhabi and Dubai to the American Northeast but also signifies our commitment to delivering exceptional travel experiences and fostering global connections. The new route is timed to offer convenient links to our growing network for corporate business travellers and leisure guests connecting to destinations across the Middle East and our 11 routes across India.”

“Massport is pleased to welcome Etihad Airways to Boston Logan International Airport with their new flight to Abu Dhabi,” said Massport Interim CEO and Aviation Director Ed Freni. “This route provides a key connection between Boston and the UAE, and New Englanders now have even more options when planning a trip to the Middle East and beyond.”

Boston joins Chicago, New York, and Washington as Etihad’s fourth destination in the United States, complementing existing services and reinforcing the airline’s dedication to facilitating seamless travel experiences. Additionally, flights to Toronto in Canada further expand Etihad’s North American footprint, providing passengers with enhanced accessibility and convenience.

AD Ports Group issues 2023 annual report

ABU DHABI, 1st April, 2024 (WAM) — AD Ports Group, a leading facilitator of global trade, logistics, and industry, today issued its 2023 Annual Report.

The report highlights significant achievements for the Group that expanded its international footprint significantly in 2023, particularly following the integration of Noatum, a global logistics platform with a presence in 27 countries and a leader in automotive logistics services in Europe. Moreover, a series of ports, terminals, maritime and shipping agreements in Jordan, Egypt, Pakistan, Republic of Congo, Kazakhstan and Uzbekistan, supported doubling the Group’s revenue and extended its global reach to 46 countries.

AD Ports Group’s vertically integrated businesses Clusters, including Ports, Economic Cities and Free Zones, Maritime and Shipping, Logistics, and Digital, have enabled the Group to become one of the fastest-growing enablers of trade, industry and logistics, whose integrated synergistic businesses are dedicated to leading the future of global trade with innovative, end-to-end supply chain solutions, world-class infrastructure, and smart new routes for a changing world.

Commenting on the report, Falah Al Ahbabi, Chairman of AD Ports Group, said, “Through bold, value enhancing acquisitions, and strategic expansions in the Arabian Gulf, Red Sea, Caspian Sea, Africa, and around the world, AD Ports Group in 2023 transformed into a world-class facilitator of global trade and logistics, in line with the economic diversification objectives set by the UAE’s visionary leadership. In a year of rising global market uncertainty, the Group’s record revenue and profits underlined, once again, its resilience and core strength, as well as its value to shareholders.”

Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said, “2023 was one of the most dynamic periods of growth in the history of AD Ports Group. We expanded our maritime, shipping and ports footprint into Jordan, Egypt, Pakistan, the Republic of the Congo, Uzbekistan, and Kazakhstan, and in addition we transformed our logistics business by acquiring Noatum, an integrated provider active in 27 countries and a leading in the automotive logistics sector in Europe.”

He added, “Moving forward into 2024, we plan to continue in delivering value to our customers, shareholders and the communities we serve. With the guidance of the UAE’s wise leadership, our strategic focus will be to leverage our cutting-edge infrastructure and advanced fleet, for further dynamic growth both regionally and internationally.”

Strategic Direction

The Group’s growth strategy is underscored by a prudent and risk-aware approach, leveraging its stable revenue streams and favourable macroeconomic conditions to drive expansion. This multifaceted strategy combines the operational enhancement of current assets with strategic mergers and acquisitions both within the domestic market and internationally.

Central to this strategy is the Group’s aim to strengthen its presence in Abu Dhabi and the UAE, whilst pursuing targeted growth in the regional market, and establish a significant global footprint in the logistics and trade services sector.

The Group’s focused inorganic growth strategy focuses on strategic investments to proactively pursue opportunistic complementary, synergetic, and value-added investments in logistics, maritime and shipping, and port assets. This will drive enhanced customer relationships, expand the Group’s logistics network, and bolster its Abu Dhabi-based operations, ensuring these opportunities align with its criteria of scale, management quality, and financial attractiveness.

With this strategy supported by robust financial foundation and a portfolio of high-quality assets, the Group is well-positioned for resilient growth across varying economic and industry cycles.

Market Overview

The global shipping industry experienced a year of mixed fortunes in 2023, with a return to normalised shipping rates across various segments, despite uneven supply-demand dynamics. While the tanker, offshore, bulk, and Ro-Ro segments enjoyed a positive year, bolstered by China’s reopening and a 3 percent increase in global trade volumes, the container market faced challenges, with rates softening due to a gradual regularisation of supply chains post-COVID-19 and an increase in vessel fleet supply.

Despite these disparities, the industry on average remained 33 percent above its 10-year trend, with energy shipping and the offshore segment experiencing strong performance – Ro-Ro rates hit all-time highs and bulkers recovered in the fourth quarter. The container segment, however, saw better performance in trade lanes related to AD Ports Group, while main East-West routes were deeply affected.

Financial highlights for 2023 included revenue growth of 112 percent year-on-year to AED11.7 billion. Results for the 12 months ending 31st December 2023 reported strong operational and financial performance with EBITDA increasing 23 percent YoY to AED2.67 billion and total Net Profit reaching AED1.4 billion in 2023, up 6 percent YoY.

26,596 new investors flocked to DFM in Q1, 2024

DUBAI, 1st April, 2024 (WAM) — Brokerage firms at the Dubai Financial Market (DFM) opened 26,596 new investor accounts during the first quarter of the current year 2024, a growth of 103 percent compared to 13,112 accounts during the first quarter of 2023, according to data released by the DFM.

This comes amid significant momentum in the market since the announcement of the listing of government and semi-governmental companies, including the recent listing of Parkin, which enhanced the market’s attractiveness and draw new investors.

The new accounts were distributed over the months of the year, with a notable YoY spike of 151.5 percent in March 2023, when 16,574 new accounts were opened.

This coincided with Parkin floating its shares amid exceptional interest from international and regional investment institutions, as well as individual investors in the UAE.

Surging new investor accounts bolster Dubai’s Financial Market, injecting potential for greater liquidity and trading activity.

Meanwhile, the first quarter of 2024 saw 30 brokerage firms operating in the Dubai Financial Market execute over 1.014 million transactions, involving 22.7 billion shares, with a value exceeding AED50.9 billion.