Latest news with #Dh335
Khaleej Times
08-04-2025
- Business
- Khaleej Times
Dubai: Gold prices drop; 24K variant sells at Dh361.75
Global gold prices rebounded on Tuesday from a near four-week low reached in the previous session, as heightened concerns over the trade war between the US and its key trading partners lifted investor appetite for safe-haven assets. In UAE, 24k fell Dh3 and opened at Dh361.75 per gram against Dh364.75 when markets closed on Monday. The 22K variant was selling at Dh335 per gram. Among the other variants, 21K and 18K opened at Dh321 and Dh275.25 per gram, respectively. US President Donald Trump ramped up tariff threats against China on Monday, while the European Union outlined plans for retaliatory duties, deepening fears of a drawn-out trade war that could tip the global economy into recession. "Escalation of the trade war could trigger a global recession, and that is driving safe-haven demand," said Reliance Securities' senior analyst Jigar Trivedi. "Despite slipping in the previous sessions, gold is still strong and should remain on the upward trend," because of the bullish undertone. Trump said he was not considering a pause on tariffs to facilitate negotiations with trading partners, but mentioned that he would engage in discussions with China, Japan and other countries regarding the duties. Spot gold rose 1% at $3,013.42 an ounce. Bullion hit its lowest level since March 13 on Monday. US gold futures gained 1.3% to $3,010.70. Gold, often considered a safe investment during times of political and financial uncertainty, scaled an all-time peak of $3,167.57 on April 3. Markets will be closely monitoring minutes from the US Federal Reserve's latest policy meeting, scheduled for release on Wednesday. Traders also await US Consumer Price Index data, due on Thursday, and the Producer Price Index on Friday for US interest rate cues amid escalating global trade war and recession fears. Futures now point to around 93 basis points' worth of interest rate cuts by the US Fed by December. Among other metals, spot silver eased 0.1% to $30.09 an ounce, platinum firmed 1.3% to $925.35 and palladium lost 0.3% to $915.80.
Tahawul Tech
12-02-2025
- Business
- Tahawul Tech
UAE among top 10 countries with most AI companies per million population
Singapore, UAE, and Hong Kong lead global AI enterprise density rankings Dubai – The UAE has achieved a remarkable position among the top 10 countries with the most AI companies per million population, as revealed in the Global AI Competitiveness Index. The report, a collaborative effort between the International Finance Forum (IFF) and Deep Knowledge Group, analyzed over 55,000 AI companies worldwide to evaluate the density, financing, and development of AI enterprises globally. Highlighting its growing prominence in AI enterprise density, the UAE stands alongside innovation hubs such as Singapore and Hong Kong. This milestone reflects the UAE's strategic vision to become a global leader in AI, driven by progressive policies, robust infrastructure, and targeted investments. Dmitry Kaminskiy, General Partner of Deep Knowledge Group stated: 'The UAE's ranking among the top 10 countries for AI companies per capita demonstrates how targeted investments are creating an ecosystem where AI innovation thrives. This is a blueprint for how nations can transform strategic vision into measurable impact.' Government strategic support and investment The UAE has consistently demonstrated its commitment to AI at the highest levels. In 2017, the UAE became the first nation to appoint an AI Minister, a groundbreaking move to embed AI at the core of its national strategy. The government's AI Strategy 2031 aims to contribute Dh335 billion ($91 billion) to GDP by 2031 and reduce operational costs by 50% through AI innovation. The UAE has also established the Dh10 billion ($2.7 billion) Dubai Future Accelerator Fund to support AI innovation projects. Complementing this is the nation's business-friendly environment and zero personal income tax. Talent attraction and development To support its AI ambitions, the UAE is rapidly building a talent pipeline. Key initiatives include the Golden Visa program, offering 10-year residency to AI professionals, and the establishment of the Mohamed bin Zayed University of Artificial Intelligence (MBZUAI), the world's first dedicated AI research university. Partnerships with top global universities have further enhanced the UAE's AI research capabilities, supported by high-value scholarships and advanced research funding. As a result, the UAE boasts an annual AI talent growth rate of 30%. Infrastructure excellence The UAE's world-class digital infrastructure underpins its leadership in AI innovation. With over 90% 5G network coverage, 97.1% internet penetration, and the largest data center cluster in the Middle East, the nation provides an unparalleled environment for AI companies to thrive. Its well-developed smart city infrastructure offers the perfect testing ground for cutting-edge AI applications. UAE's AI success story: G42 Abu Dhabi-based G42 is a shining example of the UAE's AI prowess. Specializing in healthcare, finance, and smart city solutions, G42 has become a global leader in AI innovation. In 2024, Microsoft invested USD 1.5 billion into the company, forming a partnership to establish AI research institutes in Abu Dhabi to develop 'responsible' AI. G42 also introduced Jais, an open-source Arabic AI language model with 30 billion parameters. Trained on extensive Arabic data and English computer code, Jais highlights G42's contributions to advancing AI in the region. Currently valued at over $10 billion, G42 embodies the UAE's vision of becoming a global AI hub. With its strategic initiatives, investments, and infrastructure, the UAE is well-positioned to lead the global AI revolution. The Global AI Competitiveness Index highlights the country's impressive progress and underscores its dedication to shaping a future where AI is a driving force for innovation and economic growth.
