logo
UAE-US AI campus unveiled in Abu Dhabi during Trump visit

UAE-US AI campus unveiled in Abu Dhabi during Trump visit

Dubai Eye16-05-2025

The UAE and US unveiled the first phase of a 5GW AI Campus in Abu Dhabi during President Donald Trump's visit, deepening bilateral cooperation in AI and digital infrastructure.
The campus will host large-scale US data centers and enterprises, offering critical compute resources to serve the Global South. Once complete, it is expected to support nearly half of the world's population with accelerated digital services.
Powered by a mix of nuclear, solar and gas energy, the facility is designed to minimise carbon emissions. It will also include a dedicated science park to drive AI innovation and research.
US Secretary of Commerce Howard W. Lutnick described the initiative as a 'major investment in advanced semiconductors and data centers across the US and the UAE,' adding that American companies will operate the data centers and provide US-managed cloud services throughout the region.
The project is being developed by Emirati AI leader G42, in collaboration with multiple US firms. It falls under the newly launched US-UAE AI Acceleration Partnership, a bilateral framework to advance cooperation on artificial intelligence and emerging technologies.
The UAE has been a pioneer in AI development, becoming the first country in the world to appoint a Minister of Artificial Intelligence in 2017. It also launched the Mohamed bin Zayed University of Artificial Intelligence in 2019 as part of its broader national AI strategy, aimed at transforming sectors including education, healthcare, transportation, and energy.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Upon UAE President's directives, Debts Settlement Fund waives over Dh139 million for 222 citizens
Upon UAE President's directives, Debts Settlement Fund waives over Dh139 million for 222 citizens

Al Etihad

time18 minutes ago

  • Al Etihad

Upon UAE President's directives, Debts Settlement Fund waives over Dh139 million for 222 citizens

4 June 2025 10:11 ABU DHABI (WAM) In implementation of the directives of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and under the follow-up of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, the Defaulted Debts Settlement Fund has exempted 222 citizens, including retirees and social support categories, from debts totalling more than Dh139.879 a statement, the Fund affirmed that the initiative reflects the wise leadership's vision to ease the lives of citizens and ensure them a dignified and stable standard of living. It also contributes to advancing social development by alleviating financial burdens, supporting retirees and social support beneficiaries, and fostering family with the UAE's national strategy for sustainable development, the initiative underscores a commitment to social cohesion and prosperity, with particular attention to those who served the country and the community's most support of financial and social stability, the initiative will clear debts exceeding Dh86.476 million for 132 retirees, in addition to exempting 90 citizens under the social support category from debts totalling more than Dh53.403 million. The statement further emphasised that this initiative embodies President His Highness Sheikh Mohamed bin Zayed Al Nahyan's commitment to alleviating financial burdens on citizens. It also highlights his prudent vision to ensure a dignified life for Emiratis, promote their well-being, strengthen family and community stability, and uphold the values of cohesion and solidarity that characterise Emirati society.

Abu Dhabi Fund for Development (ADFD) advances UAE sustainable development goals locally and globally
Abu Dhabi Fund for Development (ADFD) advances UAE sustainable development goals locally and globally

Al Etihad

time18 minutes ago

  • Al Etihad

Abu Dhabi Fund for Development (ADFD) advances UAE sustainable development goals locally and globally

4 June 2025 10:21 ABU DHABI (ALETIHAD)Abu Dhabi Fund for Development (ADFD) has published its 2024 Annual Report, showcasing its pioneering achievements in advancing strategic objectives aligned with the UAE's foreign aid policy. The report underscores the ADFD's vital role in supporting global sustainable development and enhancing the quality of life for communities report emphasises ADFD's significant contributions to major national agendas, including the UAE Export Development Policy, UAE Centennial 2071, and Abu Dhabi Economic Vision efforts are led by the Abu Dhabi Exports Office (ADEX), part of Abu Dhabi Fund for Development (ADFD), aimed at strengthening the global competitiveness of the UAE's industrial the end of 2024, ADFD's cumulative development financing reached Dh216.5 billion, benefitting 107 countries across various total comprises Dh157 billion in concessional loans, Dh57.6 billion in government grants, and Dh1.9 billion in direct contributions. The financing supported strategic projects in critical sectors, including renewable energy, infrastructure, such as housing, transportation, education, technology, and water security, helping to drive economic growth and improve quality of life in partner remains committed to supporting the national economy and the long-term growth of Emirati companies, while enhancing their international reach. In this context, ADEX allocated Dh4 billion in financing by the end of 2024 to support UAE national exports, facilitating access to over 40 global markets. ADFD also prioritised the role of the UAE private sector, allocating Dh6 billion in financing, which benefited 19 Emirati companies implementing strategic projects across eight an investment perspective, the Fund saw robust growth, with total investments reaching Dh12.2 billion across 22 countries. ADFD currently invests in 17 companies across a range of sectors, helping to strengthen financial resources, stimulate key economic activities in partner countries, and create sustainable job opportunities for local a strategic reflection on the 2024 Annual Report, His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President of the UAE, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of ADFD's Board of Directors, said, 'Sheikh Zayed bin Sultan Al Nahyan believed that the essence of civilised progress is measured by the value of the individual and their good deeds, whose impact lasts a lifetime. This philosophy formed the foundation upon which Abu Dhabi Fund for Development (ADFD) was established in 1971, transforming it into a developmental institution that embodies the values of the UAE and a shining beacon spreading its sustainable impact around the world. His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, follows the same path, carrying forward a legacy of giving and supporting the objectives of the Abu Dhabi Fund for Development, in a way that achieves global prosperity.'His Highness stated, 'The Fund plays an exceptional role in supporting the UAE's foreign aid policy, which is based on principles of development and achieving economic and social stability in developing countries. Additionally, it strengthens partnerships with international and regional organisations to establish a sustainable developmental impact, reflecting the UAE's position as a global force driving sustainable development.'His Highness added, 'Based on its strategic vision, the Fund seeks to expand its operational activities and innovate sustainable solutions that contribute to the development of partner countries. It also continues supporting the national economy by providing innovative financing tools that empower UAE companies to expand and reach new markets.'His Highness Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Foreign Affairs, and Vice Chairman of ADFD's Board of Directors, stated, 'ADFD continues to achieve more milestones, using its developmental and economic tools to enhance the UAE's position regionally and internationally, solidifying its role as an active and influential global player. Thanks to the visionary of the leadership, the Fund has become a pioneering model in adopting a strategic approach to financing vital projects that create a lasting impact and contribute to supporting the developmental programs of developing nations to meet their aspirations and strengthen their infrastructure and economies.'His Highness added, 'In 2024, the Fund made exceptional efforts to help countries overcome their economic and social challenges, financing many major developmental projects with a sustainable impact in areas such as energy, water, infrastructure, education, technology, food security, and other key sectors that contribute to supporting the Sustainable Development Goals and improving the well-being of people.'His Highness also emphasised, 'In addition to the sustainable development impact the Fund has achieved globally, it continues to play a vital role in supporting the national economy by enhancing UAE exports and developing the capabilities of local companies to compete in global markets. That contributes to achieving sustainable economic diversification, benefiting society as a whole.'On the release of the 2024 Annual Report, His Excellency Mohamed Saif Al Suwaidi, Director General of ADFD, said, 'The achievements of ADFD are a testament to the UAE's unwavering commitment to sustainable development, a vision set forth by the Founding Father, Sheikh Zayed bin Sultan Al Nahyan. This foundation paved the way for ADFD to become a key partner of development in emerging countries and a significant contributor to building a prosperous and sustainable future for generations to come.'His Excellency continued, 'Recent accomplishments reflect the steadfast support of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, whose visionary leadership serves as a beacon of inspiration. Equally, the guidance of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of ADFD Board of Directors, has been instrumental in enabling ADFD to provide vital support, enhancing the quality of life for millions of people worldwide and playing a key role in the development of more advanced and resilient societies.'In a global recognition of its leadership, ADFD received the 2024 United Nations Small Island Developing States (SIDS) Partnerships Award in the economic category for its renewable energy initiatives in the Pacific and Caribbean is the first time the award has been granted to an institution from the Middle East and North Africa a move that reflects its institutional development and forward-looking vision, ADFD launched its new corporate identity in 2024 under the slogan Shaping the Future Together, reaffirming its commitment to the UAE's vision for supporting the 2030 Sustainable Development Goals and building a prosperous, sustainable future for people around the on decades of impact, ADFD is advancing its global development mission, guided by an integrated and adaptive strategy that reflects the UAE leadership's forward-looking vision and ambition to establish the Fund as a globally recognised national institution in development work and a key supporter of the national economy. Aligned with the UAE's foreign aid policy, the strategy emphasises impactful development outcomes – both internationally and domestically – aimed at building prosperous, resilient societies for generations to come.

FX options market positioned for further dollar weakness
FX options market positioned for further dollar weakness

Zawya

time36 minutes ago

  • Zawya

FX options market positioned for further dollar weakness

NEW YORK - The U.S. dollar has steadied after a sharp tumble this year but traders in the foreign exchange options market are positioned for the U.S. currency to weaken further amid growing concern about the U.S. economy and persistent trade-related tensions. Investors started the year expecting the Trump administration's policies to boost the dollar, helped by his tax cuts and safe haven demand stemming from protectionist policies. But that view quickly soured when U.S. President Donald Trump unveiled levies in April that were larger and broader than anticipated, spiking volatility and sending the dollar to a three-year low. While a temporary pause in some of the reciprocal tariffs has helped calm nerves, the options market still paints a dour outlook for the dollar. The options market can offer a view on how investors and traders expect currencies to fare months down the line. "FX option prices in general continue to point to a greater risk of further dollar weakening," said Tim Brooks, head of FX options at Optiver. "From our perspective there is no clear single large position, but relative to the past 5-10 years, we see unprecedented demand from investors to own USD puts in comparison with at-the-money options or USD calls." Put options confer the right to sell the underlying security at a fixed price and date and are typically bought to express a bearish view. Their bullish counterpart is the call option, which grants the right to buy at a set price and known time frame. Because the foreign exchange market quotes currencies in pairs like dollars per euro , and yen per dollar , a bullish position on the euro indicates a bearish view on the dollar. FX risk reversals, a type of options strategy that involves the simultaneous purchase of a put option and sale of a call, or vice versa, are useful indicators of which currency is seeing more demand. Pricing on several of these currency pairs remains near multi-year highs despite the pause in the dollar's slide this year, highlighting the market's bearish stance on the buck. According to LSEG data, the three-month , six-month , and one-year 25-delta EURUSD at-the-money risk reversal measures just edged off their highest level of bullishness for the euro against the dollar on records dating to 2007, apart from a brief interlude during the 2020 pandemic's market disruption. "Positioning remains extremely bearish on the dollar," Karl Schamotta, chief market strategist at Corpay, said. "Pricing increases across the curve, with one-year risk reversals trading well above their shorter-term equivalents, suggest that options market participants expect the euro to continue its gradual grind higher," he said. The euro is up nearly 10% against the dollar this year. DOLLAR BEARS AT PLAY Other popular bets being placed are for the dollar to fall against the yen, Sagar Sambrani, senior FX options trader at Nomura, said. Investors are building up positions in dollar puts, trades to sell the U.S. currency particularly against currencies like the euro and sterling, suggesting they remain convinced the greenback has more losses in store. CME Group's options data show USD puts have drawn strong demand, both in aggregate and against most major currencies. In May, USD puts made up just over 59% of traded FX options volume, said Chris Povey, head of FX options at CME Group. Demand for dollar puts over calls was especially apparent in the yen and the Australian dollar, Povey said, making up more than 65% of the options volume in those pairs. Options data hint at expectations that the pace of decline in the dollar from here may be more measured relative to the sharp drop seen since the start of the year. The dollar is down about 9% against the euro, and the yen, respectively, for the year. The euro was last at $1.1443, and the dollar was trading at 142.70 yen. "Traders think spot market momentum will fade in the short term, but are betting on a gradual narrowing in relative growth differentials between the advanced economies by the autumn, along with a slow-motion diversification push over the next year, with major investors reallocating resources toward structurally undervalued markets outside the United States," Corpay's Schamotta said. CONTRARIANS BEWARE Investor confidence in the U.S. economy outperforming the rest of the world has taken a knock in recent months. Worries about rising U.S. debt and a widening budget deficit have also come to the fore, bolstering investors' desire to lighten up on U.S. assets. "I don't think we have the conviction to fight this consensus," Jayati Bharadwaj, a global FX strategist at TD Securities. "The new announcements that we have seen since the start of the year ... after a long time there are fundamental reasons to be bearish on the dollar," she said. With trade policy in flux, the dollar could well experience modest relief rallies. It also has the great advantage of being the No. 1 central bank reserve currency, backed by the world's safest and most liquid government debt market, with higher interest rates than rival developed-economy currencies. But on balance, the path of least resistance for the dollar is lower, strategists and investors said. "We've seen a significant amount of buying of dollar puts coming from a number of different types of clients," said an FX options trader at a large U.S. bank, who did not want to be named because of the private nature of these trades. "We still want to have exposure to dollar weakness, because that's the trade that when you add up all the things that are going on in the world probably makes the most sense," the trader said.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store