World Government Summit: AI Readiness is Imperative

Opening session of World Government Summit (WAM)
Opening session of World Government Summit (WAM)
TT

World Government Summit: AI Readiness is Imperative

Opening session of World Government Summit (WAM)
Opening session of World Government Summit (WAM)

Participants in the World Government Summit (WGS) 2024 on Monday unanimously agreed that the rapid progress in artificial intelligence technologies has become a pivotal point in preparing for the future, emphasizing the necessity of establishing strategies for this transformative wave.
The summit stressed the importance of clarifying the multifaceted dimensions of AI impact, starting with its ability to revolutionize industries and increase human capabilities.
Participants called for setting positive frameworks that help benefit from this technology.
The event also witnessed discussions about global economy and the challenges facing it.
- $17 trillion
UAE Minister of Cabinet Affairs and WGS Chairman Mohammed al-Gergawi announced that $17 trillion is the cost of disputes, conflicts, and violence around the world last year alone. He said six percent of this number could cover the cost of major challenges facing humanity in one year.
“For example, it could eliminate hunger and literacy, treat cancer and provide clean water. Imagine what could be achieved if we invested more in addressing other challenges facing humanity,” he said.
He pointed out that poverty rates are constantly declining in the world, noting that “poverty rate has been reduced by 50% in 20 years,” adding: if we look throughout history, we will find out that we are living in the best, safest, most prosperous, and healthiest human era.”
- Artificial intelligence
He stressed that the clear shifts in international trade portend a decline in globalization, and may cost up to 7% of the world's gross domestic product, represented by high inflation, labor shortages, and disintegration in the global financial system.
Gergawi cautioned that this technology is a double-edged sword, as “media misinformation” and the spread of misleading and false information will be one of the biggest challenges facing humanity.
The number of fabricated videos in 2023 has tripled from the previous year, and half a million fabricated content has spread in the digital space, he added.
The Minister pointed out that 50% of global growth comes from China and India alone, as these two countries emerge to shape the future of global economic growth.
China has surpassed the United States in the number of patents in AI and investment in clean energy, and India has the largest number of patents in the world.
With the rest of the Asia-Pacific region contributing up to 25% of global growth, this means that more than 70% of global economic growth will come from the East.
Gergawi called for cooperation to benefit from this emerging new global economic engine instead of confronting it and trying to obstruct it.
- Infrastructure
Meanwhile, Nvidia CEO Jensen Huang said on Monday that every country needs to have its own artificial intelligence infrastructure in order to take advantage of the economic potential while protecting its own culture.
"You cannot allow that to be done by other people," Huang said at the World Government Summit in Dubai.
Huang, whose firm has catapulted to a $1.73 trillion stock market value due to its dominance of the market for high-end AI chips, said his company is "democratizing" access to AI due to swift efficiency gains in AI computing.
"The rest of it is really up to you to take initiative, activate your industry, build the infrastructure, as fast as you can."
He said fears about the dangers of AI are overblown and some interests aim to "scare people about this new technology, to mystify this technology, to encourage other people to not do anything about that technology and rely on them to do it. And I think that's a mistake."
Huang stressed that investing in AI is a cornerstone of the economic future, noting that building the right infrastructure is essential to protecting local culture and maximizing economic benefits.

He emphasized the importance of joint efforts to make access to AI more democratic and how to improve the efficiency of AI computing.
The expert called on Arab countries to invest in strong AI industries and infrastructure, pointing to its enormous potential.
He underlined that the focus should be on the responsible development and application of AI, taking into account the principles of safety, transparency, and inclusivity.
Huang downplayed concerns about AI risks and pointed to the need for strategic investments in smart infrastructure and comprehensive policies that encourage open-source development.
- Egypt’s economy
For his part, Egypt’s Prime Minister Mustafa Madbouly said that the summit is being held amid delicate global circumstances, in light of the successive global economic crises and influential geopolitical developments that affect all nations.
He explained that the challenges include the widespread inflation, which necessitated changes in the priorities of economic policies, most notably monetary policy.
The PM explained that today’s governments face many challenges and threats to their traditional roles, including the economic repercussions of successive and complex global crises, which have led to higher inflationary waves.
He also referred to a significant decline in global economic growth, which is expected to remain during the current and next years lower than its historical records during 2000-2019, according to International Monetary Fund (IMF) estimates.



Saudi Council of Economic and Development Affairs Reviews Local, Global Economic Developments

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat
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Saudi Council of Economic and Development Affairs Reviews Local, Global Economic Developments

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat

The Saudi Council of Economic and Development Affairs has convened via video conference to review reports and agenda items, including a monthly update on local and global economic developments for October 2024.

The update provided an overview of the global economy, analyzed developments in major economies, identified key challenges, and assessed their potential impact on the national economy.

The council reviewed the Kingdom's significant strides in the cybersecurity sector. The nation's classification as a 'Role-modelling' in the UN Global Cybersecurity Index 2024 reflects the unwavering support of the wise leadership for the sector and in implementing Saudi Vision 2030's programs, it said.

The council also reviewed a report on the implementation of its decisions and recommendations from the third quarter of 2024. The report detailed the council's outputs. It highlighted a notable increase in entities achieving over 98% in performance indicators.

The council was briefed on the outcomes of the Saudi delegation's participation in the first Saudi-Brazilian Aviation Conference, including the signing of agreements and memoranda of cooperation that will further solidify the Kingdom's leading role in the aviation sector, aligning with the plans and strategies of Vision 2030.

The council discussed other topics and reports, including those related to the Local Content and Government Procurement Authority and the national program for leadership development.

It also reviewed the economic outlook report for the first quarter of 2024. It examined the executive summary of foreign trade for July, the summary of the wholesale price index report for August, and the summary of the consumer price index report for August.

It made necessary decisions and recommendations on these matters.