AI investment boom leaves social impact behind

New York: During the 81st session of the UN General Assembly, global leaders gathered to address the imbalance in AI investment. Nearly two-thirds of venture capital funding went to artificial intelligence (AI), yet less than 1 percent of that investment focused on social impact. This disparity could leave developing countries as passive consumers of AI rather than its creators.

At the UAE Mission to the United Nations, over 60 leaders from various sectors discussed strategies for building the necessary skills, infrastructure, and institutions in the Global South to shape AI around their own priorities. The private roundtable, co-hosted by the Emirates Foundation and Badr Jafar, Special Envoy for Business and Philanthropy at the UAE Ministry of Foreign Affairs, also launched a white paper titled "From Access to Agency: How philanthropy can support AI development in the Global South."

The paper, developed with Oliver Wyman, highlights the need for philanthropy to invest in areas that may be too early-stage, local, or long-term for commercial investors and governments. These areas include local-language datasets, independent evaluation, shared infrastructure, technical skills, and companies capable of sustaining AI systems post-pilot projects.

Participants, including Bill Gates and Omran Sharaf, discussed how technology can create meaningful social impact when it empowers people and institutions serving their communities. They also explored how the UAE's resources could support locally led AI development through initiatives like the UAE’s AI for Development in Africa and its AIM for Scale partnership with the Gates Foundation.

The Emirates Foundation signed an agreement with the Responsible AI Future Foundation to explore methods for responsibly adopting, shaping, and sustaining AI solutions across the Middle East and Global South.