OpenAI technology chief executive Sam Altman said artificial intelligence was the “most exciting frontier” he could possibly imagine, during a speech at the 2024 World Governments Summit in Dubai.
“It will unlock a future that’s difficult for me to imagine in terms of how good it will be,” he said, reflecting on the rise of ChatGPT and AI, generally.
Mr Altman said the technology sector was only scratching the surface of what could be accomplished through generative AI and large language models (LLMs).
“The current technology we have is like that very first cell phone with the black and white screen that could only display numbers,” he said.
“It just didn't do much, but there was enough in that technology. You could make a call, but then it took many decades to the iPhones we have today, and it’s incredible.”
Mr Altman said that, like the early iterations of mobile phones, it will take a massive amount of work for AI to reach its true potential.
“You have to be patient, give us some time,” he said. “In a few more years it will be much better than it is right now and in a decade, it should be pretty remarkable … imagine a world where everyone gets a great personal tutor, great personalised medical advice."
The OpenAI chief also pushed for a global AI watchdog system to monitor what happens with the most powerful AI systems.
“[It could] decide what sort of auditing and safety measures need to be in place before you could deploy a superintelligence system,” he said, referring to potential new AI systems that could pass human capabilities.
“For a bunch of reasons, the UAE would be well-positioned to be a leader in the discussions around that.”
Omar Al Olama, Minister of State for AI, Digital Economy and Remote Work Applications, opened the World Governments Summit discussion with Mr Altman.
Mr Al Olama joked about the speculation that OpenAI was trying to convince investors and governments, including in the UAE, to raise trillions of dollars to help boost international chip-manufacturing capacity.
“I’d like to start by proposing an idea I had last night while falling asleep. I’m looking to raise $7 trillion, if you’re interested in joining,” he said.
Mr Altman, laughingly responded: “If you figure out how to do that, please let me know, I’m very curious."
Mr Al Olama added that “sometimes you read the news and you really feel how audacious people can be".
Mr Altman addressed the packed auditorium by video at the Madinat Jumeirah in Dubai.
His appearance came a day after Jensen Huang of chip maker Nvidia appeared at the summit.
Mr Huang, whose company has become one of the world's most valuable against the backdrop of the AI chip boom, pushed for countries to build their own, sovereign AI infrastructures.
Mr Altman visited the UAE in 2023, when he took part in an event hosted by Abu Dhabi’s Hub71, the government-backed start-up ecosystem.
At that appearance, Mr Altman spoke of his optimism that the Middle East and North Africa could play a central role in developing safe artificial intelligence, while also noting that the UAE “had been talking about AI since before it was cool”.
One year later, the AI boom has reshaped the technology industry and created hope – along with fear – over what the implementation of AI might do, and the redundancies it may cause.
At the World Governments Summit, Mr Altman was optimistic about the future and addressed a generation growing up with the technology, while acknowledging the need to be careful.
“You will be able to use these tools to do things that the people in the generation before you couldn't imagine,” he said.
“You'll have your entire career flooded with opportunity. The ground under us is shifting and the rules are changing, but the amount of value created and the ability of individuals to express their creative vision and will, it's going to be a great time.”
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
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Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
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2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
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5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
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Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
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The Abu Dhabi Awards explained:
What are the awards? They honour anyone who has made a contribution to life in Abu Dhabi.
Are they open to only Emiratis? The awards are open to anyone, regardless of age or nationality, living anywhere in the world.
When do nominations close? The process concludes on December 31.
How do I nominate someone? Through the website.
When is the ceremony? The awards event will take place early next year.
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Favourite book: The Power of Habit
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Price, base / as tested: Dh74,900 / Dh85,900
Engine: 937cc
Transmission: Six-speed gearbox
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