UAE artificial intelligence company G42 has launched its Frontier AI Safety Framework, as it seeks to ensure the responsible development and deployment of the booming technology amid perceived risks and safety concerns.
The framework aims to adapt to emerging AI trends and will help the Abu Dhabi-based company in structuring an AI strategy backed by "rigorous" standards for security, autonomy and ethical consideration across its operational domains, G42 said in the publication released on Thursday.
It "sets clear protocols for risk assessment, governance and external oversight to ensure the safe and responsible development of advanced AI models", G42 said.
It also makes G42 one of the first AI companies in the Middle East to introduce a comprehensive AI safety framework, reinforcing its role as the UAE's leading AI firm, with the potential of serving as a model for other entities to follow suit.
"The framework is tailored specifically to address the unique challenges and risks associated with high-capability AI, building on industry best practices and aligning with established responsible AI principles," G42 said in the publication.
It "emphasises proactive risk identification and mitigation, centring on capability monitoring, robust governance, and multi-layered safeguards to ensure powerful AI models are both innovative and safe".
In addition, the systematic approach to early threat detection and risk management would support G42 in "unlocking the benefits of frontier AI safely and ethically", it added.
The framework is also a culmination of the pledge G42 had made to the Frontier AI Safety Commitments at last year's AI Seoul Summit and the Bletchley Declaration, which is a call for international co-operation to manage AI risks forged by those attending the 2023 AI Safety Summit in the UK.
“With such power comes responsibility," Peng Xiao, group chief executive of G42, said in a separate statement. "This framework reflects our commitment to AI safety, ensuring that innovation moves forward with the right safeguards in place."
AI has long been used in several segments of society but rose to the spotlight with the advent of generative AI in 2023. However, the lack of a formal governing body has spurred a number of challenges, including its potential to spread misinformation and be weaponised.
The issues with AI have become so substantial that there has been even a call to "pause giant AI experiments", because "AI systems with human-competitive intelligence can pose profound risks to society and humanity, as shown by extensive research", according to the Future of Life Institute, a non-profit group based in California.
Geoffrey Hinton, considered the "godfather of AI" and a pioneer of deep learning, had also spoken of the dangers some of his creations may pose when he left Google in 2023, from eliminating jobs to the threat of AI becoming sentient as it can learn on its own by self-analysing huge amounts of data.
Companies and governments have therefore been moving to rein in the technology. G42's framework, in particular, is committed to developing AI systems that "align with its principles that prioritise fairness, reliability, safety, privacy, security and inclusiveness to reflect and uphold societal values".
As detailed in the framework, the company is taking several steps to achieve this goal, starting with conducting internal risk analysis, with inputs from external AI safety experts to identify potential security capabilities across several domains, including biological risks, cyber security and autonomous operations in specialised fields.
This will lead to mitigation measures for its products that will be deployed externally, which aim to protect systems against misuse, as AI models reach higher levels of capability and risk.
G42 has also appointed a dedicated frontier AI governance board, led by its chief responsible AI officer Andrew Jackson, to oversee the endeavour. Transparency reports, both within G42 and public, and external audits will also be enforced.
The framework will be implemented in phases: the first six months will feature the establishment of foundational security protocols, and the operational rollout will be conducted within 12 months; beyond this will be "continuous improvement and expansion".
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
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Fight card
1. Bantamweight: Victor Nunes (BRA) v Siyovush Gulmamadov (TJK)
2. Featherweight: Hussein Salim (IRQ) v Shakhriyor Juraev (UZB)
3. Catchweight 80kg: Rashed Dawood (UAE) v Khamza Yamadaev (RUS)
4. Lightweight: Ho Taek-oh (KOR) v Ronald Girones (CUB)
5. Lightweight: Arthur Zaynukov (RUS) v Damien Lapilus (FRA)
6. Bantamweight: Vinicius de Oliveira (BRA) v Furkatbek Yokubov (RUS)
7. Featherweight: Movlid Khaybulaev (RUS) v Zaka Fatullazade (AZE)
8. Flyweight: Shannon Ross (TUR) v Donovon Freelow (USA)
9. Lightweight: Mohammad Yahya (UAE) v Dan Collins (GBR)
10. Catchweight 73kg: Islam Mamedov (RUS) v Martun Mezhulmyan (ARM)
11. Bantamweight World title: Jaures Dea (CAM) v Xavier Alaoui (MAR)
12. Flyweight World title: Manon Fiorot (FRA) v Gabriela Campo (ARG)
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
