Far from just a buzzword, AI is changing the world as we know it. It is increasingly integrated into everything from energy optimisation to plant-based food innovation while also informing decision-making and reimagining work processes.
So, it comes as no surprise that AI is also the star of the show at this year’s GITEX Global.
Dubbing itself the “largest AI event in the world,” GITEX Global opened its doors in Dubai on Monday and will feature 120 hours of AI-focused content—including “Super AI Tuesday”—positioning the technology front and centre of conversations across the five days.
Betting Big on AI
The UAE itself is betting big on AI. In 2023, the country’s AI market was valued at $3.47 billion, and looking ahead, it is pegged to contribute up to 14 per cent of the UAE’s GDP by 2030.
Indeed, this week, at Expand North Star, which runs alongside GITEX Global, over 400 AI startups presented their solutions and discussed using Dubai as a hub for global expansion.
“Dubai is at the crossroads of Europe, Asia, and Africa. We’ve found that a lot of US and North American investors are here as well. We’re setting up a company here and meeting with consultants to determine the best free zone for our operations,” said Brian Keene, CEO of Diagen AI, a Canadian company specialising in AI-driven drug discovery.
More broadly, looking through a global lens, it has been forecast that AI investment could hit $200 billion globally by 2025, with AI projected to contribute up to $15.7 trillion to the global economy by 2030.
However, according to Steven Hoffman, Venture Investor, Author, and Chairman and CEO of Founders Space, investment trends reveal that only a few are benefiting from the big bucks: “There is a lot of money going into AI but most of that is going into a handful of companies which are dominating the market and this is impacting the growth of startups.”
“As such, a lot of money is now going into vertical AI where the specialist area is only on one focus such as healthcare or hospitality and this is centred around this business model and adding AI on top of this,” he added.
Further, alongside its transformative potential, AI is also an energy- and water-guzzling giant, lacking in regulation and a source of quickly growing emissions—meaning that, despite the hype, AI is far from a silver bullet solution to the world’s problems.
Yesterday, a number of sessions at GITEX Global pondered on some of these issues, including one session on AI leadership, where H.E. Faisal Al Bannai, Advisor to the UAE President and Secretary General of the Advanced Technology Research Council (ATRC), explored the socio-economic implications alongside governance, and regulation.
Similarly, at the 9th edition of Expand North Star, some sessions saw the focus shift to ‘AI for good,’ including from the likes of Manu Chopra, Founder and CEO of Karya, USA, with a conversation on democratising AI and grassroots innovation.
Reimagining Business Models
Beyond AI for good, conversations this week have also centred on business for good, and at a talk on Sunday, Sean O’Sullivan, Founder of US venture capital firm SOSV, underlined the importance of reimagining business models for the better.
“Climate change is an urgent, existential crisis for humanity – and unsustainable, nonsensical business models cannot continue. There are opportunities for tens of thousands of startups to immediately begin solving our problems and reinventing society – becoming profitable over time,” said O’Sullivan at Expand North Star.
“Open AI was founded in 2015 and was going nowhere until recently. Now it’s the most valuable company in the world. With perseverance, companies can suddenly be worth hundreds of billions – even trillions – of dollars,” he added.
By convening stakeholders from the public and private sectors, investors, accelerators, and startups, the event—also the largest to date— serves as an opportunity to catalyse the growth of sustainable solutions that do good at a time when the planet needs them most.
Indeed, a new climate study led by Oregon State University Scientists, published this month, warns that the world is now “on the brink” of an irreversible climate disaster and calls for “bold, transformative change.”
“In a world with finite resources, unlimited growth is a perilous illusion,” the report reads. “Humanity’s future depends on our creativity, moral fiber, and perseverance.”
GITEX Global wraps up Friday, while Expand North Star concludes tomorrow.
ESG Mena is an Expand North Star Community Partner.