DUBAI (WAM)

Agile regulation is the key to ensuring innovation can take place rapidly but responsibly as the world steps into the Intelligent Age, Khalfan Belhoul, CEO of Dubai Future Foundation, told the Annual Meeting of the Global Future Councils 2024 (AMGFC24).

Emphasising Dubai’s role as a global testing ground for emerging technologies, supported by the UAE’s adaptive approach to governance, he said: “Regulations will never be on par with the most recent innovations. The key is how agile you can make your regulatory frameworks, how you create a system that can adapt quickly.”

Belhoul elaborated on how Dubai fosters innovation through collaboration between government, industry, and researchers.

He said: “You create an area to test this. You get the industry expertise, the private sector, the cabinet at the federal level to approve the legislation, and the researchers all in the same room. You try to accelerate the process, creating a sandbox environment to safely test, deploy, and adapt these innovations.”

Belhoul further highlighted the importance of agility in a rapidly converging technological landscape, noting: “You need to have an agile skill set, and humanity needs to adapt to those environments. We're connecting three big beasts together—high-speed computing, AI, and robotics. If you think about the magnitude of what can happen once those components connect, you really need to be agile.”

The closing plenary at AMGFC24, “Collaboration for the Intelligent Age”, explored the intersection of technological advancements—particularly in AI, synthetic biology, and energy transitions—and their influence on industries and global governance. Speakers included Erik Brynjolfsson, Director of the Digital Economy Lab at Stanford University; Samir Saran, President of the Observer Research Foundation; Emma FitzGerald, Independent Non-Executive Director at Seplat Energy; and Megan Palmer, Director of iGEM (International Genetically Engineered Machine Foundation).

Saran brought a geopolitical perspective to the discussion, emphasizing the role of countries like the UAE in leading global efforts on climate action, technology governance, and international cooperation.

“Middle powers, like the UAE, are not just in the middle; they hold the centre. They can chart a middle path that takes everyone along and pushes forward issues like climate action and tech governance,” Saran said.

He also addressed the potential risks of AI, warning of its concentration in a few hands. “There’s a huge push by technology, particularly AI, to connect the world. But we must also be cautious about fragmentation—AI’s concentration of power in a few hands could threaten the democratisation of innovation. It’s essential that AI benefits are distributed equitably.”

FitzGerald focused on the critical role of AI in the energy transition, emphasizing its potential to optimise energy efficiency and support better decision-making in complex systems.

“AI can help by integrating old data sources with new ones, creating scenarios to understand interdependencies and uncover unintended consequences—particularly in energy and resource management,” she said.

Offering a practical perspective on AI’s role in industry, Brynjolfsson noted that while there is considerable excitement surrounding the technology, its true value lies in targeted applications.

He said: “The opportunity isn’t just in creating AI, but in using it to transform industries like education, agriculture, and professional services. We should focus on combining AI with human skills to create new goods and services, not just replace existing ones.”

Palmer emphasised synthetic biology’s potential to revolutionise various sectors, particularly when integrated with AI, saying: “It’s estimated that 60% of the physical inputs to the global economy could be bio-made, with synthetic biology poised to disrupt 30% of sectors and create trillions in economic value.”

AMGFC24, hosted by the UAE Government in cooperation with the World Economic Forum (WEF), is taking place from October 15-17, in Dubai. The 2024 edition features 30 councils and over 700 participants from 80 countries, including experts, thought leaders, senior government officials, and business leaders who are helping shape the agenda of the 2025 WEF Annual Meeting in Davos.