The Organisation for Economic Co-operation and Development is calling for greater co-operation and “interoperability” across governments to rein in artificial intelligence, amid serious risks stemming from the technology's rapid growth and reach.
With users of AI tools set to grow more than sixfold through the decade, to almost three quarters of a billion, principles for trustworthy AI need to be developed and implemented, Lucia Rossi, an economist and policy analyst at the OECD's AI division, said on the sidelines of Samsung Unpacked in Paris on Thursday.
“We see that policymakers across the globe are issuing different regulatory frameworks … we encourage interoperability across jurisdictions and encourage co-operation across these players,” she said.
Paris-based OECD has been focusing on AI for nearly a decade, and in May 2019 its member countries adopted the OECD AI Principles, the first intergovernmental standard on AI.
Regulations should be designed to protect “human rights, privacy, transparency, safety and accountability”, and any principle should “set a guide, a blueprint for policymakers and all stakeholders to set a common ground that we all must find to foster a thriving AI ecosystem”, Ms Rossi added.
Among the biggest risks when it comes to AI are bias and threats to authenticity, especially with its growing user base, Don McGuire, senior vice president and chief marketing officer of Qualcomm, said at the panel.
The emergence of generative AI, propelled to the forefront by OpenAI's ChatGPT in 2023, has accelerated its expansion.
Growing interest in the technology, due to its advanced conversational skills, led to a scramble by technology majors such as Microsoft, Google, Amazon and Oracle, and corporate leaders such as X owner Elon Musk to enter the space.
However, its sudden rise has also raised questions about how data is used in AI models and how the law applies to the output of those models, such as a paragraph of text or a computer-generated image.
Users of AI tools are projected to reach 729.11 million by 2030, a 132 per cent jump from an estimated 314.38 million this year and a 529 per cent surge from 2020, data from Statista shows.
“We can continue to develop the future of mobile AI based on consumer experience, the importance of reliable AI development and the critical role of collaboration in shaping AI for the humanities,” said Won-joon Choi, an executive vice president at Samsung Electronics, which on Wednesday launched its newest foldable and wearable line-ups in the French capital.
Bridging the gap
The use of mobile AI is increasing and also having an impact on users' quality of life, a survey by Samsung and the University of London found.
Those who use AI more frequently are about 1.4 timesmore likely to rate their quality of life as “good to very good” compared to those who rarely use it, the study found.
The report, which surveyed more than 5,000 individuals, also revealed that 46 per centwere most likely to use mobile AI on their smartphones, with PCs next at 32 per cent.
More than half of people surveyed also indicated they will continue to use mobile AI as the technology advances in the future.
The study is the first of its kind linking AI on quality of life and lifestyles, said Chris Brauer, director of innovation of the Institute of Management Studies at Goldsmiths in the University of London.
“We approached it from a perspective where we were trying to understand what people actually wanted to do with this technology and where the opportunities, risks and fears lie, and engaging with it.”
The study also claims that mobile AI is giving users a boost “where it matters most” – creativity, productivity, social relationships and physical health.
Chris Brauer, director of innovation at the University of London, Lucia Russo, economist at the Organisation of Economic Co-operation and Development, Don McGuire, senior vice president and chief marketing officer of Qualcomm, Won-joon Choi, executive vice president at Samsung Electronics, Jenny Blackburn, vice president at Google, Daehyun Kim, executive vice president at Samsung Electronics, and Carolina Milanesi, president of Creative Strategies, during the Salon d'AI panel discussions on the sidelines of Samsung's Unpacked event in Paris. Alvin R Cabral / The National
It will also be useful in addressing attempts to bridge the digital divide, which adversely affects those without access to the latest technology, Mr McGuire said.
“You have to connect the underconnected and unconnected, and then bring the technology to them and the skill set to be able to utilise it,” he said.
“Some people might say they are better off not being connected because they don't have to deal with social media … but there's so many obviously positive aspects of being connected, such as for healthcare and education, and moving the socioeconomic status of people all around.”
Some of French groups are threatening Friday to continue their journey to Brussels, the capital of Belgium and the European Union, and to meet up with drivers from other countries on Monday.
Belgian authorities joined French police in banning the threatened blockade. A similar lorry cavalcade was planned for Friday in Vienna but cancelled after authorities prohibited it.
UAE currency: the story behind the money in your pockets
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood. Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues. Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity. Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
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.”
Education: Master’s degree in special education, preparing for a PhD in philosophy.
Favourite activities: Bungee jumping
Favourite quote: “My people and I will not settle for anything less than first place” – Sheikh Mohammed bin Rashid.
Married Malala
Malala Yousafzai is enjoying married life, her father said.
The 24-year-old married Pakistan cricket executive Asser Malik last year in a small ceremony in the UK.
Ziauddin Yousafzai told The National his daughter was ‘very happy’ with her husband.
The specs: Macan Turbo
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'How To Build A Boat'
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6.35pm: The Madjani Stakes – Group 2 (PA) Dh97,500 (Dirt) 1,900m
Countdown to Zero exhibition will show how disease can be beaten
Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
