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Dubai AI leaders call for global regulations

By Shruthi Nair

Digital economy leaders in the UAE called for the global unification of artificial intelligence regulations at the launch of DMCC’s AI Centre last week. 

Dubai issued a universal blueprint for AI earlier this year, but a unified framework governing the growing AI technology sector is still lacking. 

“How can you disregard the artificial intelligence sector that will be adding $15 trillion to the global economy? You need to do something about it,” said Khalfan Belhoul, CEO of Dubai Future Foundation, during the launch event. 

Belhoul said he believed that alongside its involvement in areas such as healthcare, wellness and productivity, AI will also have a role to play in governing AI.

Marwan Alzarouni, CEO of AI for the Dubai Department of Economy and Tourism, pointed to Dubai’s vision of creating 30 unicorns – start-up companies valued at more than $1 billion – and scaling up more than 400 businesses by 2033. 

“AI will be the underlying enabler for these goals,” he said. 

Alzarouni said he believed that Dubai offered regulatory openness and transparency, which will attract more AI companies. 

“I’m sure a lot of companies are frustrated by the regulations imposed by other countries when it comes to the use of AI in prop-tech, sustainable manufacturing or healthcare,” he said.

DMCC, which is already home to 70 percent of the region’s crypto and blockchain companies, is looking to attract more AI and robotics companies and talent as a result of the launch of the new AI Centre. 

Global semiconductor industry sales totalled $150 billion in the second quarter of 2024. However, the true value for AI businesses does not lie in semiconductors or generative AI, according to Sachin Dev Duggal, founder of the Microsoft-backed Builder.AI, which was the first company brought on board by DMCC.

“90 percent of proof of concepts for generative AI fail”, he said.

Watch the full video to find out how Dubai businesses can tap into the true potential of AI

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