The UAE is already doing well in the competitiveness report, and has the capability to become a role model for the future, said Prof. Klaus Schwab, Founder and Executive Chairman of the World Economic Forum.

Schwab further added that the UAE could set an example for the world.

Professor Schwab addressed the opening day of the World Government Summit 2016 through a session entitled "The Dawn of the Fourth Industrial Revolution." His address stressed the role of the government in shaping the future for next generations.

A tsunami of changes in technology have brought about the advent of the fourth Industrial Revolution mandating governments to absorb these changes.

Highlighting that the concept of the fourth Industrial Revolution fusing the physical, digital, and biological sphere deals with the crucial and overwhelming changes that technology has brought in, Prof Schwab emphasized the three absolute changes that governments must undertake.

First, government must recognize their roles and foster innovation. Second, governments will need to reorganize themselves as platforms for innovation. The traditional hierarchical approach must be reevaluated. Third, governments must recognize that the availability of human talent adds a valuable competitive advantage to nations.

Professor Klaus Schwab said: "Governments must put the whole emphasis on the development of human capital Capitalism is in some ways has been replaced by talent-ism."

Professor Schwab also added that the challenge lies in the fact that governments will need to re-scale and upscale their people and integrate all parts of population into the talent pool.

To overcome the traditional ways of governing, governments must keep pace with fast changing systems and uphold long term visions. Government entities must also embrace changes with passion and function as a compass to guide its people.

Professor Schwab added: "The new technological transformation can serve as an entry card for humanity to step into a new civilization. It is this concept that underlines our aspiration for mankind to shape planet earth into a real human place. This task is a united responsibility to create a more sophisticated and enlightened humanity. This is directly in line with the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who has emphasized that the UAE government’s focus will be to ensure the happiness of its people."

The World Government Summit has convened over 3,000 personalities from 125 countries. The summit seeks to explore more than 70 topical issues through the participation of world leaders, ministers, decision makers, CEOs, innovators, officials, experts, entrepreneurs, academics, and university students. A number of initiatives, reports and studies will also be launched during the three-day summit and throughout the year. World Government Summit is set to conclude on February 10 at the Madinat Jumeirah in Dubai.