• Sunday, December 03, 2023
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Growing AI industry seen posing challenge for regulators

Growing AI industry seen posing challenge for regulators

The rapidly evolving Artificial intelligence (AI) industry poses a challenge for regulators as they seek to foster public trust and confidence in AI while promoting innovation and competitiveness for local industry.

Artificial intelligence (AI) is the intelligence of machines or software, as opposed to the intelligence of humans or animals.

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A session titled “Leaders of Change Through the AI Lens” at the Expand North Star event underscored the potential impact of AI and the need for its regulation.

Participants noted that to prevent technology from harming the public, the world must agree on a regulatory baseline, where legislation is possible, and how it can be implemented.

Conscious of AI’s immense power, the panellists stressed the need for AI regulation. However, the speakers also acknowledged technology’s vast potential to change and uplift the world, highlighting how various AI use cases can elevate small businesses and developing countries.

AI technology is widely used throughout industry, government and science. Some high-profile applications are: advanced web search engines like Google Search, recommendation systems used by YouTube, Amazon, and Netflix, understanding human speech such as Siri and Alexa, self-driving cars like Waymo, generative or creative tools like ChatGPT and AI art, and competing at the highest level in strategic games such as chess and Go.

“Regulations must be adapted to specific countries, noting that the challenges facing the USA vary from those in the UAE, Japan, China or England,” said Al Olama, Minister of State for Digital Economy, Artificial Intelligence and Remote Work Applications and Chairman of Dubai Chamber of Digital Economy.

Other panelists included Mohamed Gouled, Vice President of Industries, International Finance Corporation (IFC) US and Emad Mostaque, Co-Founder and CEO, Stability AI, UK.

Al Olama revealed that the UAE Government has launched a program in partnership with Oxford University to educate public officials on how to govern artificial intelligence, how to audit AI systems, and help explore use cases.

Read also: Artificial Intelligence disrupts Nigerian comic, animation industry

The event is hosted by Dubai Chambers of Digital Commerce and organised by the Dubai World Trade Centre.

GITEX Global 2023 and Expand North Star bring together 1,800 startups from 100-plus countries at the Middle East’s biggest iconic superyacht hub.

More than 1,000 investors with a combined total of over $1trillion under management are in Dubai, rapidly emerging as the heart of the world’s digital economy.