by Hatem Hussein
DUBAI, 12th February, 2019 (WAM) — The UAE’s balanced approach towards economic diversification coupled with its regulated use of Artificial Intelligence in the banking sector is a positive indicator that the country is moving in the right direction to tackle any job threats that AI may pose to the industry, as it currently is in some countries around the world.
According to Luca Jahier, President of the European Economic and Social Committee (EESC), “The UAE is making enormous investments in AI, indicating thereby a possible road for the future. However, AI will remain a big challenge for other parts of the world.”
Speaking to the Emirates News Agency (WAM) on the sidelines of the 7th World Government Summit, which concludes today in Dubai, Jahier said that “In some parts of the world, AI will generate more solutions than problems; while it will create more problems than solutions in the others.”
Citing a forecast conducted recently in Europe, the EU official said that “a significant number of positions in the banking sector in Europe will be destroyed by AI although the banking industry is one of the highly skilled sectors.”
He added that some sort of balance must be ensured to address this problem in Europe and called for matching the pace between AI and other aspects of life before moving to embrace the phenomenon.
“The rapidity of change brought up by AI is not followed by the needed rapidity of change in economic and social policies as well as in the political will to manage all of this,” he explained.
Speaking about the UAE’s efforts in economic diversification, Jahier said they are “crucial in this part of the world.”
“The diversification efforts made by the UAE are crucial to ensure the wellbeing of future generations,” he added.
With regards to the global economic scene, the European official said although “there are elements of uncertainty, anxiety and pressures looming over the global economy, coupled with geopolitical tensions,” he is still observing “a powerful will to create dialogue for the future.”
“What makes me optimistic is that there is enough good leadership around the world who can tackle these challenges and build up new perspectives despite the current uncertainties.”
The official went on to laud the World Government Summit for providing a message of trust and confidence and for underlining the need to invest together in building the future.
“There are a lot of differences between world countries and peoples. However, these differences should be utilised as a source of a better living in the future. We should not let these differences divide us. We should rather work together against the challenges of the future.”
The WGS provides concrete steps toward the future and it builds on the Human Fraternity Document signed recently in this country by Pope Francis and Grand Imam of Al Azhar, he added.
The European Economic and Social Committee is an EU advisory body comprising representatives of workers’ and employers’ organisations and other interest groups. It issues opinions on EU issues to the European Commission, the Council of the EU and the European Parliament, thus acting as a bridge between the EU’s decision-making institutions and EU citizens.