During the recent Expand North Star event in Dubai, H.E. Omar Sultan Al Olama, Minister of State for Digital Economy, Artificial Intelligence, and Remote Work Applications, highlighted the importance of AI governance and regulations in the UAE. The rapidly evolving AI industry poses challenges for regulators as they seek to foster public trust and confidence in AI while promoting innovation and competitiveness for local industries.
Speaking at a session titled ‘Leaders of Change Through the AI Lens,’ 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 and audit AI systems, as well as explore use cases. He emphasized the need for regulations to be adapted to specific countries, taking into account the unique challenges faced by each nation. Al Olama also stressed the importance of establishing a global regulatory baseline to prevent technology from harming the public.
Joining Al Olama on the panel were Mohamed Gouled, Vice President of Industries at the International Finance Corporation, and Emad Mostaque, Co-Founder and CEO of Stability AI. The panelists highlighted the immense power of AI while acknowledging the need for proper regulation. They also discussed the various ways AI can elevate small businesses and developing countries, opening up new opportunities for growth and transformation.
In addition to the discussion on AI governance, Expand North Star also featured a panel on the entrepreneurial journey with founders of successful startups. The panelists shared insights into the challenges and triumphs of building and scaling a business, emphasizing the importance of properly valuing startups and addressing the obstacles that founders and employees face. They spoke about the need for continuous reinvention to maintain growth and the personal and corporate upheaval that comes with scaling a business.
Furthermore, the event focused on the Asian startup scene, highlighting the region’s vibrant tech scene and the opportunities it presents for future growth. The panelists discussed the measures needed to propel the startup landscape in emerging markets and the role of public-private partnerships in driving growth for next-generation startups. They commended events like Expand North Star for providing a platform to explore international markets and connect with global players in the industry.
Expand North Star, hosted by the Dubai Chamber of Digital Economy, took place at the new Dubai Harbour venue and marked its largest-ever edition this year. The event brought together 1,800 startups from over 100 countries and attracted over 1,000 investors with a combined total of over US$1 trillion under management. Dubai is rapidly emerging as the heart of the world’s digital economy, with its thriving ecosystem and commitment to fostering innovation and entrepreneurship.
In conclusion, the discussions and insights shared at Expand North Star underscored the importance of AI governance and regulations in the UAE and worldwide. As the AI industry continues to evolve, it is crucial for regulators to strike a balance between fostering innovation and ensuring public trust. By educating public officials, adapting regulations to specific countries, and establishing a global regulatory baseline, we can harness the potential of AI while safeguarding against potential harm. Events like Expand North Star provide a valuable platform for industry leaders to come together, share their experiences, and drive the future of technology and entrepreneurship forward.
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