Abu Dhabi’s Biggest Holding Company Places Virtual AI Entity on Board

We have already heard about AI lawyers and even AI-powered priests leading church services in Germany. With artificial intelligence's recent rapid development, the technology is now penetrating more industries and performing even more complex tasks.

More recently, Abu Dhabi's largest operating asset holding company is reportedly appointing Aiden Insight, a virtual AI entity, to its board.

According to Bloomberg, Abu Dhabi's International Holding Co (IHC) installed Aiden Insight as a board observer to assist its human board members in running the United Arab Emirates' largest listed firm.

Aiden Insight's Role

It is important to note that board observers do not have the same core powers as other full board members. According to the company, Aiden's job will be to "continuously process and instantly analyze decades of business data, financial information, market trends, and global economic indicators."

Bloomberg LP launched a similar AI model last year that can answer financial questions and determine whether news headlines are bullish or bearish for investors. The AI model is powered by 40 years worth of financial data from Bloomberg, and a plethora of other financial language documents, as well as a web crawl focused on financial web pages.

According to IHC, Aiden's role includes risk assessment and compliance monitoring. Additionally, the virtual AI entity will be attending the company's coming board meetings.

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AI Industry Support

This move, a first for large Middle Eastern firms, is supported by some of the biggest organizations leading the global AI revolution. Bloomberg reports that the initiative has received backing from top Emirati AI company G42 and tech giant Microsoft.

Earlier this month, OpenAI CEO Sam Altman was reportedly in talks with potential investors, including the government of the United Arab Emirates (UAE), to secure funding for a massive chip production project.

The goal is to significantly increase the world's chip production capacity while improving AI capabilities. Altman's proposed investment of $1 trillion dwarfs the current size of the global semiconductor industry and far exceeds traditional corporate fundraising standards.

In case you missed it, G42 recently sold its stakes in Chinese companies, including TikTok owner ByteDance, as part of efforts to strengthen ties with its US partners.

G42's decision to cut ties with Chinese partners is consistent with its focus on collaborating with US companies such as Microsoft and OpenAI.

Government Backing

Additionally, the governments have also been very supportive of AI development in the Gulf region as well as in other countries. Earlier this month, we reported that the UAE government had established a $200 million fund through the Advanced Technology Research Council (ATRC) to support advanced technology development in underdeveloped regions.

Last year, the UAE's AI minister also cautioned against overregulating artificial intelligence. Al Olama, the world's first AI minister appointed at the age of 27, likened rejecting AI to the Ottoman Sultan's refusal of the printing press.