The UAE has introduced an international policy on artificial intelligence to help prevent the misuse of the technology as it undergoes rapid growth among consumers and economies.
The UAE Cabinet, chaired by Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, approved the five-point policy, which is centred on six principles – advancement, co-operation, community, ethics, sustainability and security – aligned with the Emirates' AI strategy, the Ministry of Cabinet Affairs said in a statement on Friday.
Under the policy, the UAE will participate in international forums to help develop the use of AI, advocate for transparency to enable governments to enforce ethical and accountability standards, and support the establishment of international alliances for governing AI systems.
It will also aid in implementing international regulations that hold countries accountable for developing AI tools that could cause harm or destabilisation, while ensuring AI security, privacy protection, and data safety. It will encourage the responsible use of AI applications through joint research and development initiatives aimed at promoting peace and stability regionally and globally.
The UAE government already plays a key role in helping shape global AI governance frameworks and international policies with “proactive” contributions to multilateral platforms, said Omar Al Olama, Minister of State for AI, Digital Economy and Remote Work Applications.
“The UAE has become a significant player in the global governance of AI, actively contributing to international policy discussions and helping define the standards and frameworks that will shape the future of AI.”
The UAE has long championed the use of AI and is a first mover when it comes to the technology – especially today when generative AI and other related innovations are rapidly growing.
The country has rolled out several initiatives following the unveiling of the UAE Strategy for AI in 2017, which kick-started the creation of smart systems for services in key sectors. Mr Al Olama is widely recognised as the world's first AI minister.
In May, the cabinet approved the establishment of a chief executive for AI in all major federal entities, which experts said highlights the level of preparation required to achieve long-term benefits and position the country as a technology leader.
The new policy is expected to boost the UAE’s position as a leader in the development and use of AI, “enhancing trust with its strategic partners”, said Omran Sharaf, Assistant Foreign Minister for Advanced Science and Technology.
By aligning the UAE's new policy with global AI standards, "we enable local stakeholders, including private enterprises, research institutions and others, to tackle the challenges of AI on an international scale".
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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.”
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