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Rishi Sunak eyes AI Summit as chance to reclaim pioneering role for UK


Rishi Sunak has spent months saying he wants the UK to lead the world in developing and regulating artificial intelligence. That strategy is finally taking shape.

The prime minister plans a summit later this year that aims, for the first time, to bring together world leaders and top AI executives in an event that’s supported by Joe Biden. The US president and other G7 leaders, along with tech chiefs including OpenAI chief Sam Altman, Microsoft CEO Satya Nadella, Anthropic’s Dario Amodei and DeepMind CEO Demis Hassabis are expected to be invited, said people familiar with the plans.

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In a sign of Sunak’s vision, officials are eyeing Bletchley Park as a possible venue: the country house between the research hubs of Oxford and Cambridge was where British code-breakers including Alan Turing cracked Germany’s Enigma code during World War II in an early demonstration of computational power.

There is a debate on whether to invite China amid concerns it may be hard to reach agreement with the Asian nation on AI regulation, said the people, who asked not to be identified because the information isn’t public.

At stake is the future of a rapidly-developing area of computing that has the potential to speed up medical diagnoses and cut transport emissions but could also be used for nefarious purposes such as rigging elections and spreading false information. The $40 billion generative AI market could increase 30-fold over the next 10 years, according to estimates by Bloomberg Intelligence.

“The UK is showing that it can have a leadership role between China, the US, and Europe, said Brent Hoberman, co-founder of travel site lastminute.com and tech-focused events business Founders Forum. “It’s not just about reining it in, it’s also about making the UK a center of talent for AI and of adoption.”

For the UK, it’s a rare opportunity post-Brexit to make a mark on the global stage in the development of a truly transformative new technology.

While Sunak has said AI needs “guardrails,” what shape that takes has yet to be defined. Officials familiar with the matter told Bloomberg that areas the UK wants to look at include setting a threshold of computing power — measured in Floating Point Operations Per Second, or FLOPs — above which AI chips would be regulated, and using watermarks to identify material generated by AI.

Also up for discussion is whether and how to monitor who’s buying the most powerful chips from semiconductor design companies such as Nvidia Corp., according to the people. The US is already working to tighten export controls around sales of such chips to China.

The UK government said in a statement that the summit in the fall would bring together “key countries, as well as leading technology companies and researchers, to drive targeted, rapid international action.”
The government is preparing to announce fuller details of the conference, including its date, location, and invitees, in the coming weeks, the people familiar with the matter said.

The summit aims to “create a shared understanding of those risks and a platform for global cooperation on thinking about how to mitigate them,” Entrepreneur First Chief Executive Officer Matt Clifford, who’s helping prepare the summit, said in a Bloomberg Radio interview.

Clifford, who’s also chairman of the Advanced Research and In-novation Agency, the UK’s equivalent to the US Defense Advanced Research Projects Agency, wouldn’t comment on whether China would be invited, but said “in any global technology where you have both global risks and global consequences, it’s going to be important to take a genuinely international perspective.”

Still, there is some wariness about China. A panel of MPs warned earlier this year that China is using both investment and espionage to target telecommunications, artificial intelligence and engineering in Britain.

Sunak, a Stanford graduate who spent years studying and work-ing in California’s Silicon Valley, has vowed to make the UK a science “superpower.” British influence in AI regulation can feed into that even if the UK lacks the economic heft of its allies: its £1 billion plan to bolster domestic semiconductor development, for example, was dwarfed by the US $50 billion and EU’s €43 billion ($47 billion) proposals.

Major AI companies are firmly established in the UK. Alphabet Inc.’s DeepMind has its headquarters in Britain and OpenAI and Anthropic are opening London offices. Home-grown players include Synthesia, Graphcore, and Stability AI.

For now, western governments are feeling around on AI rules. Biden’s administration has asked firms to ensure the technology doesn’t lead to harm, but for now, commitments are voluntary. Congress has spent months trying to better understand AI before drafting any legislation.

The European Union is set to become the first Western govern-ment to regulate AI, with policymakers negotiating legislation potentially by year-end. Even so, it’s unlikely they would take effect for at least a couple of years. Sunak, for his part, has yet to flesh out his proposed guardrails into rules or laws.

China, too, is taking action, trying to balance state control of the technology while allowing its firms to become viable global competitors.

The aim of Sunak’s summit is “not to say that the UK has the right solution, which it wants the rest of the world to adopt,” said Clifford. “It’s to provide a platform for the conversation about what needs to be global and international and where will domestic regulation be enough.

Read more:

White House guidelines for Artificial Intelligence aim to mitigate harm

A look at how Europe is building artificial intelligence guardrails

EU seeks global standards for artificial intelligence, civil rights groups fret

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Abu Dhabi Overtakes Oslo for Sovereign Wealth Fund Capital in Global SWF’s First City Ranking

Today, industry specialist Global SWF published a special report announcing a new global ranking of cities according to the capital managed by their Sovereign Wealth Funds (SWFs). The findings show that Abu Dhabi is the leading city that manages the most SWF capital globally, thanks to the US$ 1.7 trillion in assets managed by its various SWFs headquartered in the capital of the UAE. These include the Abu Dhabi Investment Authority (ADIA), Mubadala Investment Company (MIC), Abu Dhabi Developmental
Holding Company (ADQ), and the Emirates Investment Authority (EIA). Abu Dhabi now ranks slightly above Oslo, home to the world’s largest SWF, the Government Pension Fund (GPF), which manages over US$ 1.6 trillion in assets. Abu Dhabi and Oslo are followed by Beijing (headquarters of the China Investment Corporation), Singapore (with GIC Private and Temasek Holdings), Riyadh (home to the
Public Investment Fund), and Hong Kong (where China’s second SWF, SAFE
Investment Corporation, operates from). Together, these six cities represent two thirds
of the capital managed by SWFs globally, i.e., US$ 12.5 trillion as of October 1, 2024.
For the past few decades, Abu Dhabi has grown an impressive portfolio of institutional
investors, which are among the world’s largest and most active dealmakers. In addition
to its SWFs, the emirate is home to several other asset owners, including central banks,
pension funds, and family offices linked to member of the Royal Family. Altogether, Abu
Dhabi’s public capital is estimated at US$ 2.3 trillion and is projected to reach US$ 3.4
trillion by 2030, according to Global SWF estimates.
Abu Dhabi, often referred to as the “Capital of Capital,” also leads when it comes to
human capital i.e., the number of personnel employed by SWFs of that jurisdiction, with
3,107 staff working for funds based in the city.
Diego López, Founder and Managing Director of Global SWF, said: “The world ranking
confirms the concentration of Sovereign Wealth Funds in a select number of cities,
underscoring the significance of these financial hubs on the global stage. This report
offers valuable insights into the landscape of SWF-managed capital and shows how it is
shifting and expanding in certain cities in the world.”

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AM Best Briefing in Dubai to Explore State of MENA Insurance Markets; Panel to Feature CEOs From Leading UAE Insurance Companies

AM Best will host a briefing focused on the insurance markets of the Middle East and North Africa (MENA) on 20 November 2024, at Kempinski Central Avenue in Dubai.
At this annual regional market event, senior AM Best analysts and leading executives
from the (re)insurance industry will discuss recent developments in the MENA region’s
markets and anticipate their implications in the short-to-medium term. Included in the
programme will be a panel of chief executive officers at key insurance companies in the
United Arab Emirates: Abdellatif Abuqurah of Dubai Insurance; Jason Light of Emirates
Insurance; Charalampos Mylonas (Haris) of Abu Dhabi National Insurance Company
(ADNIC); and Dr. Ali Abdul Zahra of National General Insurance (NGI).
Shivash Bhagaloo, managing partner of Lux Actuaries & Consultants, will his present
his observations in an additional session regarding implementation of IFRS 17 in the
region. The event also will highlight the state of the global and MENA region
reinsurance sectors, as well as a talk on insurance ramifications stemming from the
major United Arab Emirates floods of April 2024. The programme will be followed by a
networking lunch.
Registration for the market briefing, which will take place in the Diamond Ballroom at the
Kempinski hotel, begins at 9:00 a.m. GST with introductory comments at 9:30 a.m.
Please visit www.ambest.com/conference/IMBMENA2024 for more information or to
register.
AM Best is a global credit rating agency, news publisher and data analytics
provider specialising in the insurance industry. Headquartered in the United
States, the company does business in over 100 countries with regional offices in
London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.

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Future of Automotive Mobility 2024: UAE Leads the Charge in Embracing Digital Car Purchases and Alternative Drivetrains

-UAE scores show highest percentage among the region in willingness to purchase a car
completely online
– Openness to fully autonomous cars has grown to 60% vs previous 32%.
– More than half of UAE respondents in the survey intend to move to hybrid cars during
next car purchase, while less than 15% intend to move to fully electric car.
– UAE sees strong use of new mobility services such as ride-hailing (Uber, Careem, Hala
Taxi)
– The perceived future importance of having a car is not only increasing in UAE but is
higher than any other major region globally, even China

Arthur D. Little (ADL) has released the fourth edition of its influential Future of Automotive Mobility (FOAM) report, presenting a detailed analysis of current and future trends in the automotive industry. This year’s study, with insights from over 16,000 respondents across 25 countries, includes a comprehensive focus on the United Arab Emirates (UAE). The report examines car ownership, electric vehicles,
autonomous driving, and new mobility services within the UAE.

“The UAE is at the forefront of automotive innovation and consumer readiness for new mobility
solutions,” said Alan Martinovich, Partner and Head of Automotive Practice in the Middle East
and India at Arthur D. Little. “Our findings highlight the UAE’s significant interest in
transitioning to electric vehicles, favorable attitudes towards autonomous driving technologies,
and a strong inclination towards digital transactions in car purchases. These insights are critical
for automotive manufacturers and policymakers navigating the evolving landscape of the UAE
automotive market.”
Key Findings for the UAE:
1. Car Ownership:
o Over half of UAE respondents perceive that the importance of owning a car is
increasing, with the study showing the increase higher than any other major
region, including China.
o Approximately 80% of UAE respondents expressed interest in buying new (as
opposed to used) cars, above Europe and the USA which have mature used
vehicle markets

2. Shift to Electric and Hybrid Vehicles:
o While a high number of UAE respondents currently own internal combustion
engine (ICE) vehicles, more than half intend that their next vehicle have an
alternative powertrain, with significant interest in electric and plug-in hybrid
(PHEV) options. Less than 15% plan to opt for pure battery electric vehicles
(BEVs).

3. Emerging Mobility Trends:

o Ride-hailing services are the most popular new mobility option among UAE
residents, with higher usage rates than traditional car sharing and ride sharing.
The study indicates a strong openness to switching to alternative transport modes
given the quality and service levels available today.

4. Autonomous Vehicles:
o UAE consumers are among the most open globally to adopting autonomous
vehicles, with a significant increase in favorable attitudes from 32% in previous
years to 60% this year versus approximately 30% in mature markets. Safety
concerns, both human and machine-related, remain the primary obstacles to
broader adoption.

5. Car Purchasing Behavior and Sustainability:
o The internet has become a dominant channel for UAE residents throughout the car
buying process, from finding the right vehicle to arranging test drives and closing
deals. UAE car buyers visit dealerships an average of 3.9 times before making a
purchase, higher than any other region in the world, emphasizing the need for
efficient integration of online and offline experiences.
o Upwards of 53% of respondents from the region would prefer to ‘close the deal’
and complete the purchase of their car online, which is the highest for any region
in the world.
o Sustainability is a key factor cited by UAE consumers as influencing car choice.
The UAE scored among the top half of regions, highlighting the importance of
environmental considerations.

“Our study confirms the promising market opportunities for car manufacturers (OEMs) and
distributors in the UAE” commented Philipp Seidel, Principal at Arthur D. Little and co-Author
of the Global Study. “Consumers in the Emirates show a great and increasing appetite for cars
while being among the most demanding globally when it comes to latest vehicle technologies
and a seamless purchase and service experience.”
The comprehensive report, “The Future of Automotive Mobility 2024” by Richard Parkin and
Philipp Seidel, delves into global automotive trends and their impact on various regions,
including the UAE. This study is an invaluable tool for industry stakeholders seeking to navigate
and leverage the dynamic changes driving the future of mobility.

 

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