A Dinsaw robot designed for health care and service greeting people at CT Asia Robotics in Bangkok last year. EPA
A Dinsaw robot designed for health care and service greeting people at CT Asia Robotics in Bangkok last year. EPA
A Dinsaw robot designed for health care and service greeting people at CT Asia Robotics in Bangkok last year. EPA
A Dinsaw robot designed for health care and service greeting people at CT Asia Robotics in Bangkok last year. EPA


How can emerging economies harness the power of AI? Following the UN roadmap would be a good place to start


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September 25, 2024

Artificial intelligence is rapidly transforming our world, reshaping industries and helping to solve complex global challenges. What was once the stuff of science fiction is now an undeniable reality.

Yet as AI progresses, it also threatens to widen the gap between countries that can harness its power and those that risk being left behind. A recent report by the UN Secretary General’s High-level Advisory Body on AI highlights this moment as a critical turning point, and it presents an extraordinary opportunity for emerging markets to leap forward.

The UN’s seven recommendations on AI governance provide a comprehensive roadmap for managing this powerful technology responsibly. But beyond policy discussions, these recommendations also offer a blueprint for how emerging markets can seize the moment and position themselves at the forefront of the AI-driven future.

One of the key proposals is the creation of a scientific panel on AI to identify both opportunities and risks. For emerging markets, this panel represents a chance to participate in the global conversation about the future of the technology.

Historically, scientific innovation has been concentrated in just a few regions, but the interconnected nature of today’s world allows talent from around the globe to contribute. This is an unprecedented opportunity for emerging economies to ensure that their unique challenges and needs are taken into account when developing AI systems. These countries can ensure that AI becomes an inclusive and equitable force, relevant to their local contexts.

FILE - The symbol of the United Nations is displayed on the main gate outside UN headquarters, Feb. 24, 2022, in New York. The United States is spearheading the first United Nations resolution on artificial intelligence, aimed at ensuring the new technology is “safe, secure and trustworthy” and that all countries, especially those in the developing world, have equal access. The draft General Assembly resolution aims to close the digital divide between countries and make sure they are all at the table in discussions on AI. (AP Photo / John Minchillo, file)
FILE - The symbol of the United Nations is displayed on the main gate outside UN headquarters, Feb. 24, 2022, in New York. The United States is spearheading the first United Nations resolution on artificial intelligence, aimed at ensuring the new technology is “safe, secure and trustworthy” and that all countries, especially those in the developing world, have equal access. The draft General Assembly resolution aims to close the digital divide between countries and make sure they are all at the table in discussions on AI. (AP Photo / John Minchillo, file)
The UN’s seven recommendations on AI governance provide a comprehensive roadmap for managing this powerful technology responsibly

Perhaps the most urgent issue is the growing AI divide, the gap between countries with access to AI technologies and those without. The UN’s call to create a global fund to provide resources to countries in need is a vital step toward levelling the playing field.

AI requires access to computational power, sophisticated models and vast amounts of data – resources that many emerging markets currently lack. By offering access to these critical enablers, this fund could be transformative for nations that are eager to harness AI but currently do not have the infrastructure in place.

AI has the potential to revolutionise sectors such as agriculture, health care and education, all of which are vital to many emerging economies. By providing equitable access to AI resources, countries can accelerate their development pathways, solve local problems more efficiently, create jobs and drive long-term economic growth.

Building AI capacity is another important component of the UN recommendations, and the establishment of a capacity development network linking UN-affiliated centres is a powerful opportunity.

For emerging markets, investing in education and training programmes tailored to their specific needs is essential. By cultivating a skilled workforce, these nations can ensure that AI becomes a tool for development rather than a driver of inequality.

AI governance must not be limited to a few advanced economies; it needs to be a global effort that includes emerging markets, ensuring they have the tools to govern and apply AI responsibly. In addition, developing local standards and participating in policy dialogues can help these countries align with global best practices while addressing their unique circumstances.

Data, the lifeblood of AI, is another area where emerging markets have a critical role to play. The UN’s proposal to establish a global data framework, ensuring equitable access to AI data, is crucial for countries with limited data infrastructure. AI systems are only as good as the data they are trained on, and without access to high-quality data, emerging economies risk being excluded from the AI revolution.

By ensuring fair access to data while upholding privacy and ethical standards, these countries can build systems that address their local challenges and needs. Data-sharing partnerships and international collaborations could unlock new possibilities for sectors that are crucial to emerging economies, from climate resilience to public health.

The creation of an AI office within the UN Secretariat, tasked with co-ordinating global efforts, is another promising move. AI governance is inherently complex, requiring the collaboration of governments, industries and civil society.

This office can ensure that emerging markets are not only included in global discussions but have an active role in shaping the future of AI. The office could also provide a framework for developing AI strategies that align with sustainable development goals, particularly in areas such as climate action, economic growth and education.

This moment presents an unprecedented opportunity for emerging markets to position themselves as leaders in the AI revolution. With the right infrastructure, resources and governance, AI can become a powerful engine for sustainable development in these regions.

The UN’s recommendations are not just about managing AI risks – they are about unlocking its potential for everyone. For too long, many emerging economies have been on the periphery of technological innovation. AI offers the chance to change that.

AI is not just the future of technology; it is the future of how we work, how we educate and how we govern. Emerging markets must seize this moment to ensure they are not only passive participants in the AI-driven world but active leaders. By embracing the principles of inclusivity, equitable access and global collaboration, these nations can shape the AI future and ensure that it benefits everyone.

This is humanity’s moment to turn AI into a force for good, and the time to act is now.

Tips for newlyweds to better manage finances

All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.

Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.

Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.

Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.

Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.

Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.

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Updated: September 30, 2024, 10:07 AM