Good morning wonderful people, and welcome to the fifth installment of EnterpriseAM Forum Playback, the AI edition. This week, we’re asking: What does AI mean for your company? It’s a loaded question. After a month that cybersecurity professionals have dubbed “Black October,” every business leader, CTO, and government official on the planet is reminded that as new opportunities arise so will the risks.
October was supposed to be Cybersecurity Awareness Month. It delivered rather more awareness than anyone had bargained for. A wave of cyberattacks and security disclosures put businesses on alert around the world. AI is helping uncover vulnerabilities, but it is also giving attackers new ways to exploit them — and less time for businesses to respond.
That gives one part of the Forum conversation that we are recapping today particular resonance. On stage in the companies panel, Qalaa Holdings founder and Chairman Ahmed Heikal singled out cybersecurity as the AI application giving him the greatest concern. For a business running industrial assets, the consequences of getting security wrong can quickly reach the bottom line. So can the benefits of getting AI right: Heikal explained how predictive maintenance could help avoid refinery shutdowns that cost millions of dollars in forgone profit.
The opportunity goes well beyond keeping the lights on. Microsoft’s Mirna Arif and Capgemini Egypt’s Hossam Seifeldin explored how companies are moving from using AI to save time to changing how their businesses operate. From agents supporting customer service to systems helping optimize energy consumption, the applications are becoming more concrete. So are the questions for management: Is your data ready? Who decides what an agent can access? And which responsibilities should remain firmly with people?
ALSO IN THIS ISSUE- What could tokenization mean for an Egyptian money market fund? In our sideline interview, Granite Financial Holding CEO Hisham Akram discusses the tokenization of the company’s fund and its participation in the FRA’s sandbox. It’s another look at how fintechs are testing new technology and how the regulatory framework is developing alongside that experimentation.
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AI can catch you up on a meeting that you missed or joined late.But can it keep a refinery running, lower a factory’s electricity bill, or change the economics of an entire industry? For companies moving beyond experimentation, those are increasingly the questions that matter. The fundamental question that business owners are currently grappling with is rethinking how their businesses operate — and deciding how AI can help them do things differently and how much responsibility they can safely hand over to the bots.
That was the focus of the company panel at the EnterpriseAM Egypt Forum — the AI edition. Microsoft’s Middle East and Africa Growth Markets General Manager Mirna Arif, Capgemini Egypt CEO Hossam Seifeldin, and Qalaa Holdings founder and Chairman Ahmed Heikal discussed where AI is delivering value, what is holding adoption back, and why some of Egypt’s competitive advantages could come under pressure. You can read more on that in our post-conference coverage here.
The productivity gains are already part of the workday according to our panelists. Arif uses Copilot to summarize documents, prepare customer briefings, and catch up on meetings without asking colleagues to repeat themselves. There is also a more relatable application: Taking the frustration out of an email before hitting send. Her prompt? “Please make it more professional and make sure I don’t get fired.” Beyond those tasks, she sees agents taking on parts of workflows, requiring executives to think through permissions and how work should be organized.
For Heikal, the business case comes down to the cost of getting things wrong. “Every day a refinery is offline I lose USD 5 mn,” he told the audience. If a refinery goes down, it needs seven days to come back up, I lose USD 35 million in those seven days. So I don’t have the luxury of doing it wrong,” he said. Predictive maintenance is one application across his businesses, alongside automation, agriculture, and cybersecurity.
At Egyptian Refining Company (ERC), Qalaa’s USD 4.3 bn refinery, an AI pilot is looking for trouble before equipment fails. ERC’s Head of Digital Transformation Ramy Harfoush explained that the agent monitors operating data — including pressure, temperature, vibration, and flow — for patterns associated with historical failures. When it identifies a warning sign, it assembles previous maintenance orders, spare parts requirements, inventory availability, procurement lead times, and root cause analysis into a package for engineers to assess.
The engineer still makes the call. The aim is to allow the maintenance team to validate the findings and plan an outage before an unexpected breakdown forces one. “This doesn’t only save time, it keeps people on top of things,” Harfoush said. The pilot links an early warning to the information needed to act on it, giving engineers a head start on decisions that directly affect the refinery’s margins.
AI is also helping companies make more efficient use of energy. Ahmed Imam, the CTO of ASEC Automation, Qalaa’s engineering and industrial automation business, described an energy management application for cement grinding, an area he said consumes around 40% of a plant’s power. It learns from control system data and recommends operating parameters to improve energy consumption. The system provides “the best parameters and best values, or set points, for the operator,” Imam said. At Dina Farms, Qalaa’s agriculture arm, Heikal pointed to drones flying above the fields to identify crop problems like changes in color, to help determine fertilizer or pesticide needs and potentially improve yields.
In customer service, AI is already taking work off human agents’ desks. Capgemini’s “AI buddy” listens to service desk calls, summarizes them, and suggests solutions while the conversation is happening,” Seifeldin said. “It also updates the knowledge available for future calls. With one client, 56% of traffic was being handled without human intervention. Technology used to be an asset that depreciates with time, and AI is the first thing that is actually appreciating with time,” he said, pointing to the knowledge accumulated as systems operate.
The next step is changing business processes. With most projects Seifeldin still sees a focus on speed and productivity, but companies are starting to explore how AI could reshape business processes and business models. That requires more than access to a capable tool: Cybersecurity, data, regulation, and existing workflows all need attention. Capgemini is training teams across technologies so they can apply AI to areas including coding, project management, implementation, and modernization.
BUT- Legacy systems can stop that transformation before it starts. Inconsistent data, old applications, and undocumented code make it difficult for established businesses to capture AI’s full value. “You cannot run an AI system on such a platform. You need to have the right foundation in order to get the right outcome,” Seifeldin said. Startups have an advantage because they can choose that foundation from the outset. For larger organizations, modernization becomes part of the investment required to make AI useful.
Some responsibilities should stay with people. Arif frames adoption around three questions: What can AI accelerate, what can be delegated to agents, and what must remain human? A customer briefing can be automated, but she still wants the account owner or country manager to “read the room.” Difficult conversations with employees also remain a human responsibility and they will likely always remain so, according to Arif. “I will never delegate to an agent or an AI a difficult conversation with a team member, for example,” she said.
Leadership has to signal that AI use matters. Heikal, who sits on NYU’s President’s Global Council, brought roughly 250 people together with NYU professors for a week in Marassi on Egypt’s North Coast earlier this year to explore what’s coming with AI. Setting aside that time was itself a message. “If I am taking one week off for this, then it must be important. Everybody should try to get the best implementation.There are the local flows and the local processes but also, sometimes you may find that you are able to commercialize an agent, and that can bring some value over time,” said Heikal.
Cybersecurity is a particular concern given the potential damage from attacks on industrial businesses. “Cybersecurity [attacks] can kill you,” said Heikal. His role, he said, is to encourage adoption while putting ethical and legal safeguards in place.
For Egypt, the opportunity extends from finance and tourism to agriculture and education. Arif sees the dividing line running between companies willing and able to transform within each industry. Regulation, workforce training, and industry readiness need to advance together. Seifeldin sees scope for AI to help the public sector, including education, where agents could take on some teaching functions as the country grapples with teacher shortages and school construction costs.
But AI could also erode advantages Egypt has spent years building. Seifeldin warned that wider AI adoption could weaken the language skills advantage underpinning the call center industry. Heikal’s concern extends to robotics: If machines can perform textile work around the clock at lower unit labor costs, production could shift back toward mature markets. That prospect already affects his investment thinking. “There are certain classes of industries where I would be very, very hesitant to invest,” he said.
On the sidelines of the EnterpriseAM AI Forum, we spoke with Hisham Akram, CEO of Granite Financial Holding about Granite’s efforts to tokenize its money market fund, a process that the company has initiated in a controlled regulatory sandbox environment.
EnterpriseAM: Granite entered the FRA’s sandbox in August. Can you tell us what you are actually testing?
HA: Essentially what we're trying to do is test the best cases for tokenizing a money market fund. To do that we had to enter into a sandbox which was like a controlled environment where we can test certain concepts to see if they can be serviced by existing regulations or whether the FRA needs to enact new regulations to accommodate us. The main idea is to put all our data on a blockchain, tokenize a money market fund, and then look at the different use cases for it.
EnterpriseAM: Why test a money market fund first?
HA: Money market funds are being tested first because they act as "quasi-cash" with daily price discovery, making them the simplest assets to tokenize. There are existing use cases for money market funds in other developed countries that have already been tested. What you would be able to do is use it as a medium of exchange. It would act like a currency or a credit card. So imagine having a tokenized fund like Granite on your Apple Pay. You can actually go to a store and transact using a tokenized money market fund. It would be instant. It would be great for merchants because they get the money instantly. They don't have to wait for card collection.
EnterpriseAM: What does tokenizing a fund do in practice for the investor?
HA: I just mentioned one use case. You can essentially tokenize any physical asset. You can tokenize a building, an apartment or even a piece of art. Imagine for instance a very nice painting that is quite expensive. It’s worth USD 1 mn and uh you only have USD 10 k but you want to be a proud owner of that particular painting. You can buy a fraction or a portion of a particular asset which would have been tokenized and then you would be able to exchange it with anybody who wants to buy it but first you have to divide it up. So having fractionalization is the first outcome and then being able to transact; buy and sell that physical asset be it art, an apartment, a piece of land, or car, can take place very easily once you've achieved the tokenization.
EnterpriseAM: Does this remove the need for a fund administrator?
HA: In our case tokenization does not eliminate the need for a fund administrator. A fund administrator acts as the source of truth for us as a fund. He's the one entity that knows who has bought and who has sold. So when you tokenize a fund, you have to use blockchain technology which is predicated on smart contracts. Ultimately that data will sit with the fund administrator and he will continue to be the source of truth but it will change how the fund manager does business. I will not need to have APIs to communicate with him and tell him the transactions, the redemptions and subscriptions that have taken place at the end of the day. He will see everything instantly in real-time and so will the FRA.
EnterpriseAM: Are you looking at other types of fund tokenization in the future or just money market funds?
HA:The only fund that we have at Granite is the money market fund so that’s the only one that we're looking at tokenizing and as I said that would probably be the easiest and simplest fund to tokenize and the easiest to use in practical application. But if we can do it with the money market fund, in theory we’d be able to do it with a gold fund, a real estate fund, and art. The possibilities are infinite and the money market fund is a good starting point.
EnterpriseAM: What makes a money market fund easier to tokenize?
HA: Because money market funds are quasi cash. They're not exactly cash, but you know the underlying value of the fund on a daily basis. So it's very easy to have this price discovery and in our case the unit is one pound.
EnterpriseAM: What happens after the Sandbox? HA: The reason we entered into this experiment is to find out whether or not new regulations are required. There are certain KPIs that have been defined that will determine the success of this particular exercise and then we'll see if we need new regulations or not. In the interest of time, I hope we don’t, but if we do, I'm sure the FRA is going to be very forthcoming and cooperative because they would like to see this kind of product come to light but there is no particular timeline in mind. You can read more on how Egypt is on the same tokenization track as the UAE in our MENA + edition here.