Al Qubaisi: 4IR brings both opportunities and tremendous challenges

MILAN / WAM

The Fourth Industrial Revolution (4IR) is knocking at our doors bringing huge potentials, but at the same time, bringing tremendous challenges which require us to update principles of the international law to protect multilateral organisations, said Dr Amal Abdullah Al Qubaisi, Speaker of Federal National Council (FNC), while addressing the plenary opening session of the second meeting of the Parliamentary Assembly of the Mediterranean (PAM) in Italy.
Dr Al Qubaisi was speaking as a “Guest of Honour” of the Meeting of PAM 2nd Standing Committee on “Alternative Capital Markets for economic growth in the Mediterranean — the critical role of parliamentarians”, held in Milan, Italy, with the attendance of PAM President Dr Alia Hatoug-Bouran, Raffaele Jerus- almi, CEO of Borsa Italianas, speakers of 25 parliaments and over 250 delegates.
She told the gathering that the UAE, as a peace-loving nation and advocate of cross-cultural dialogue, supports global efforts aimed at realising peace, development, cooperation and growth.
The UAE provided multiple assistance to refugees across the world, especially the Syrian refugees, and spent more than $3 billion in humanitarian assistance, she added.
Dr Al Qubaisi pointed to the Memorandum of Understanding, MoU, she signed recently with Dr Hatoug-Bouran to reinforce coordination and cooperation between the two sides. The MoU stipulates that the UAE, represented by the FNC, will be granted the status of associate member of the Assembly, whose number of members will reach 33 after the UAE joins.
On the meeting agenda, she noted that while the meeting discussed alternative capital markets for economic growth, the UAE is dealing with the concept of an integrated economy. ‘‘The UAE is employing Blockchain, Artificial Intelligence, AI, and 5th generation cellular technology to consolidate the markets.’’
‘‘Our participation in this meeting reflects our commitment to and hope for a common dream that can be fulfilled by harnessing our diversity in geography, economy, natural resources and political systems. We must also look forward while addressing pressing challenges like economic diversification, demographic imbalance, fanaticism, global warming and others,’’ she noted.