Dubai Calls for Global Alliance to Harness Generative AI Potential
Dubai is urging countries worldwide to join forces in realizing the full potential of generative artificial intelligence (AI) and reaping its economic benefits. The chief executive of the Dubai Future Foundation, Khalfan Belhoul, emphasized the need for a united front to bridge the gap between policies and the advancement of this emerging technology. The reported business opportunity of generative AI stands at a staggering $4.4 trillion, highlighting its immense potential.
The Dubai Assembly for Generative AI conference held on Wednesday shed light on the industries with the highest AI potential, including banking, software and platforms, energy, communications and media, and health. To ensure success in this area, a collaborative effort is required, bringing together key segments of society such as policymakers, the private sector, entrepreneurs, and students.
According to Mr. Belhoul, regulation plays a crucial role in this transformative technology. Understanding how to effectively regulate generative AI is of paramount importance, and immediate action needs to be taken to address the associated challenges and risks. The goal is to establish an alliance comprising different partners from around the world, with tangible outcomes and clear objectives. Meaningful conversations will continue, and the aim is to produce concrete results through this alliance.
While AI has been used by businesses for some time now, the advent of generative AI has brought a new level of momentum. Technologies like Microsoft-backed Open AI’s ChatGPT have become sensations due to their ability to generate various types of data, including audio, code, images, text, simulations, 3D objects, and videos.
The potential of generative AI in regional economies has already been recognized, with GCC countries projected to reap approximately $23.5 billion in economic benefits by 2030. A recent study from the McKinsey Global Institute highlighted that generative AI could generate corporate profits between $2.6 trillion and $4.4 trillion annually in 63 different use cases. These use cases span various industries, such as customer interaction, creative content generation for marketing and sales, and software code drafting based on natural-language prompts, among others.
The potential impact of generative AI on the global workplace is significant. It could increase productivity from AI and analytics by 15% to 40% compared to previous generations of the technology. As generative AI becomes more widespread, this impact is expected to double. Investors have already shown significant interest, pouring over $4.2 billion into generative AI start-ups through 215 deals in 2021 and 2022 alone.
On a global scale, AI investments are projected to reach $200 billion by 2025. Goldman Sachs Economic Research indicates that AI investments will gradually gather momentum over the next few years, significantly impacting the economy. AI has the potential to raise global labor productivity growth by more than 1 percentage point per year in the next decade.
The Dubai Assembly for Generative AI also aims to bolster support for companies involved in this field. It aims to connect them to investors and venture capitalists while facilitating partnerships with government agencies. Entrepreneurs in this sector are highly ambitious, and the assembly seeks to help accelerate their ideas to ensure positive outcomes for AI. These entrepreneurs require rapid progress as they operate with high burn rates, making timely investments and catalyzing components essential for their success.
In summary, Dubai is actively calling for a global alliance to harness the potential of generative AI. By uniting countries, societies, policymakers, and entrepreneurs, Dubai aims to bridge the gap between policies and the advancement of this transformative technology. Emphasis is placed on understanding the challenges, risks, and regulatory frameworks surrounding generative AI. With an estimated business opportunity of $4.4 trillion, the economic benefits are immense. As the adoption of generative AI grows, its impact on various sectors, including banking, energy, and health, is expected to be significant. The Dubai Assembly for Generative AI seeks to support companies and entrepreneurs in this field, connecting them with investors and venture capitalists while aiding partnerships with government agencies. The potential of generative AI is vast, and a united front will maximize its economic benefits and shape the future of this emerging technology.
