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Khaleej Times
29-05-2025
- Business
- Khaleej Times
Economy Middle East Summit 2025, gathers public, private sectors to drive sustainable growth
Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence has officially opened the Economy Middle East Summit 2025, which convened high-level public and private sector leaders to discuss collaborative solutions for sustainable economic transformation. The event was held at Abu Dhabi Global Market (ADGM) under the theme 'Bridging Sectors, Building Economic Growth', and brought together more than 1,500 participants, including policymakers, business leaders, global investors, and technology pioneers. In his opening address, Sheikh Nahayan welcomed delegates and emphasised the summit's timely focus on collaboration and future-readiness. He said: "It is a deep personal pleasure to join you at the second edition of the Economy Middle East Summit. We come together as governments, businesses, and stakeholders to share knowledge, forge partnerships, and imagine new possibilities for the future of our economies and our region." 'Today, we gather at a critical moment that demands clarity of vision, boldness of action, and depth of partnership. The global economic landscape is undergoing profound transformation — driven by shifts in trade, geopolitical realignments, technological revolutions, and societal expectations. These changes offer rare windows of opportunity,' he added. He affirmed the UAE's proactive approach under the leadership of President Sheikh Mohammed bin Zayed Al Nahyan, saying: 'We are fully committed to economic diversification, innovation, and global competitiveness. From smart infrastructure and AI to sustainable finance and forward-looking education, we are building the pillars of future growth.' Sheikh Nahayan went on to stress regional integration: 'Now is the time to transform our regional ties into corridors of collaboration and opportunity. We must harmonise digital trade regulations, invest in green infrastructure, nurture entrepreneurs, and align our innovation and education systems. By working together, we can ensure that the Middle East is not only resilient — but energised with new possibilities.' 'Bridging Sectors, Building Economic Growth' is not just a slogan — it is a mission. Let us invest boldly, collaborate openly, and build a sustainable, inclusive economic future for our region,' he concluded. Abdulla bin Touq Al Marri, UAE Minister of Economy, delivered the opening remarks and shared the UAE perspective on navigating the global economy. 'The global economic landscape in 2025 is marked by heightened uncertainty. The IMF's latest World Economic Outlook projects global growth at 2.8 per cent and this year at 3 per cent next year,' the minister said. Al Marri explained that the slower than usual growth is primarily due to escalating trade tensions and persistent policy uncertainty. He also mentioned the resurgence of protectionist policies, most notably the recent US tariff hikes, which have disrupted trade flows, eroded business confidence, and delayed investments. He added: 'Our approach is rooted in the belief that economic prosperity is achieved through cooperation, not isolation. By building bridges, we aim to create a more inclusive and sustainable global economy. Our Comprehensive Economic Partnership Agreements (CEPAs) with countries across Asia, Europe, and Africa reflect this commitment, expanding our market access, strengthening supply chains, and accelerating investment flows. These agreements have not only diversified our economic partnerships but have also bolstered our resilience against external shocks. As a result, we expect the impact of recent US tariffs on the UAE economy to remain limited.' Salem Al Darei, CEO of ADGM Authority said: 'As an official partner of the Economy Middle East Summit, we are pleased to have been part of this platform that brought together influential voices from across the region. The event not only provided an invaluable opportunity for industry experts and leaders to engage in meaningful discussions, but also an opportunity for the ecosystem to listen to and connect on matters that are important for fostering innovation and driving sustainable economic growth.' "ADGM remains committed to contributing towards a prosperous and sustainable economy by fostering innovation, enabling business growth, and strengthening collaboration between public and private sectors. Through strategic initiatives like these, ADGM continues to play a vital role in shaping the region's economic future," he added. A high-profile panel featuring Dr Mahmoud Mohieldin, the UN special envoy on Financing the 2030 Agenda; Rashed Al Blooshi, undersecretary of the Abu Dhabi Department of Economic Development; and Safaa El Tayeb El-Kogali, country director for the GCC, World Bank, discussed the world's economic landscape, highlighting key issues that affect global trade, noting that the global economy's order which has been in place for decades, is now changing. The summit featured an in-depth analysis of the UAE's investment ecosystem, with experts from Visa, the Abu Dhabi Investment Office (ADIO) and the Multiply Group discussing trade and investment opportunities across key sectors. The panel shed light on the growing adoption of e-commerce and mobile commerce in a rapidly evolving digital landscape. A related panel on the financial services sector featured speakers from Wio Bank, Finstreet and the Financial Services Regulatory Authority of ADGM who explored the forces reshaping the industry, from digital innovation and regulatory developments to shifting customer expectations and regional growth. Technology continues to be a major conduit for enabling smart cities to thrive and enhancing living standards across the region, but also in transforming the mobility of people and goods as well as in transitioning to a greener and sustainable economy. Major stakeholders and thought leaders in this field – from e& and Mercedes-Benz to Siemens and Mubadala – shared optimism on the region's path to technological adoption and innovation. The experts also examined innovative approaches to decarbonising power systems, enhancing water and energy efficiency, and building infrastructure that supports long-term environmental and economic goals. Joe Chidiac, publisher of JC Media Group and organisers of the summit, said: 'As we venture into today's journey of dialogue and discovery, I challenge each one of you to embrace the spirit of innovation that has been the hallmark of the UAE and its capital, Abu Dhabi. The partnerships formed here, the ideas exchanged, and the commitments made will ripple beyond these walls to shape economies, empower communities, and create prosperity for generations to come. Together, let us bridge sectors and build not just growth, but a legacy of sustainable economic excellence.'
Axios
22-05-2025
- Business
- Axios
OpenAI, UAE to build massive AI center in Abu Dhabi
OpenAI will partner with United Arab Emirates to build Stargate UAE, a massive new Middle East data center that's part of the company's OpenAI for Countries push, the deal's participants announced Thursday. Why it matters: The deal is a huge AI bet by the Emirates, which will also secure ChatGPT Plus subscriptions for its entire population, making it the first country to do so. Driving the news: OpenAI and its partners will build a one gigawatt AI computing cluster in Abu Dhabi, with 200 megawatts of that expected to go live next year. This new cluster will be part of the larger 5 gigawatt Abu Dhabi data center that Trump and Emirati President Mohammed bin Zayed announced last week. Also, for every dollar the UAE invests in Stargate UAE and the broader data center project in Abu Dhabi, UAE will invest an additional dollar in U.S. AI infrastructure as well — including Stargate. A source tells Axios' Dan Primack that the new UAE investments, via Emirati-based AI investment vehicle G42, could total $20 billion, with expected outlays in the Gulf and the U.S. at $8 to $10 billion each. The deal is a partnership with Oracle, Nvidia, Cisco, SoftBank and G42, a Middle East-based AI startup backed by Microsoft and others. The U.S. government, which has a say over such deals via its export control authority, also gave its approval to the effort. The big picture: Trump's trip to the Gulf brought a slew of AI infrastructure announcements intended to forge a new AI alliance between the U.S. and the region's energy-rich powers. The Trump administration sees these deals as opportunities to spread U.S. power and counter Chinese influence. Critics fear the flow of American chips and know-how into nations like UAE — which has had close ties to China — will make it easier for China to gain access to U.S. technology. What they're saying:"By establishing the world's first Stargate outside of the U.S. in the UAE, we're transforming a bold vision into reality," OpenAI CEO Sam Altman said in a statement. "It's a step toward ensuring some of this era's most important breakthroughs — safer medicines, personalized learning, and modernized energy — can emerge from more places and benefit the world." Chris Lehane, OpenAI vice president of global affairs, told Axios that OpenAI hopes the deal will help "lead as many countries as possible onto the U.S. rails, into the U.S. AI system. This is a real moment in time to do that — this is an important first brick in the road. There are two countries in the world that can build this at scale, and the U.S. has a lead." What's next: OpenAI says it wants the UAE deal to be the first of many such arrangements.
Free Malaysia Today
21-05-2025
- Business
- Free Malaysia Today
Trump says nearing deal to avoid military action on Iran
Children line up to welcome US President Donald Trump alongside UAE President Mohammed bin Zayed Al Nahyan upon his arrival in Abu Dhabi. (AP pic) ABU DHABI : US President Donald Trump said Thursday a nuclear deal with Iran was close that would avert military action, as he toured Gulf capitals, securing US$1.4 trillion in 10-year investments from Abu Dhabi. Trump made the Iran remarks in Qatar before flying on to the UAE for the third and final leg of the tour that began in Saudi Arabia. The UAE vowed to invest US$1.4 trillion in the US economy over 10 years, the latest in a raft of multi-billion pledges and deals secured during Trump's Gulf tour, which also saw Washington lifting decades-long sanctions on Syria. 'We're not going to be making any nuclear dust in Iran,' Trump said earlier in Doha. 'I think we're getting close to maybe doing a deal without having to do this,' he said, referring to military action. Oil prices plunged more than 3% following his remarks, on rising hopes for a nuclear deal that could see Iranian exports return to the market. Iran has held four rounds of talks with Trump's administration which has sought to avert threatened military action by Israel while keeping up its 'maximum pressure' campaign. 'You probably read today the story about Iran. It's sort of agreed to the terms,' Trump said. The US president did not specify which remarks he was referring to, but an adviser to Iran's supreme leader Ayatollah Ali Khamenei, Ali Shamkhani, told NBC News Tehran would give up its stocks of highly enriched uranium as part of a deal in which Washington lifts sanctions. In Tehran, foreign minister Abbas Araghchi said Iran had yet to receive any proposal in writing from the US but said it stood to build trust if sanctions were lifted. 'We are ready to build trust and transparency about our nuclear programme in response to the lifting of sanctions,' he said. In Abu Dhabi, UAE President Sheikh Mohamed bin Zayed announced his country's 'plan to invest US$1.4 trillion in the US… over the next 10 years,' in fields including technology, artificial intelligence and energy. He hailed the 'strong partnership' between Abu Dhabi and Washington which he said took an 'unprecedented boost especially after your (Trump's) arrival at the White House'. AI ambitions Trump was welcomed by the UAE president along with children waving flags and women performing a traditional dance that involves moving their heads from side to side to make their hair 'dance'. Afterwards, he toured the opulent Sheikh Zayed mosque, the country's largest, with its giant white columns and high walls adorned with golden moulding. English-language Emirati newspaper The National has reported that the US and UAE are working on announcing an AI and tech partnership during Trump's visit. The UAE is betting on artificial intelligence to help diversify its oil-reliant economy. But these ambitions hinge on access to advanced US technologies, including AI chips that were under stringent export restriction – which the UAE president's brother and spy chief Sheikh Tahnoon bin Zayed reportedly lobbied for during a Washington visit in March. Two days ago, Trump rescinded further controls on AI chips, which were imposed by his predecessor Joe Biden to make it harder for China to access advanced technology. Trump estimated his 'record' tour would raise between US$3.5 trillion and US$4 trillion. He hailed what he said was a record US$200-billion deal for Boeing aircraft from flag-carrier Qatar Airways. Saudi Arabia promised its own US$600 billion in investment, including one of the largest-ever purchases of US weapons. Gulf largesse The Gulf leaders' largesse has also stirred controversy, with Qatar offering Trump a luxury aircraft ahead of his visit for presidential and then personal use, in what Trump's Democratic opponents charged was blatant corruption. Trump has made no mention of human rights during his tour. Biden had initially vowed to shun Saudi Arabia's Crown Prince Mohammed bin Salman over US intelligence findings that he ordered the gruesome murder in 2018 of Jamal Khashoggi – a Saudi dissident writer who lived in the United States. Trump, instead, hailed the crown prince, Saudi Arabia's de facto ruler, as a visionary due to the kingdom's rapid economic investments. The president also acceded to a key request of the crown prince in announcing the lifting of sanctions on Syria following the toppling of Bashar al-Assad in December. He met in Riyadh with interim President Ahmed al-Sharaa, the first encounter between leaders of the two nations in 25 years. Sharaa – a former jihadist once on the US wanted list – appeared in a suit and was complimented by Trump as a 'young, attractive guy'.
Newsweek
19-05-2025
- Business
- Newsweek
AI-Run City Set for Launch
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The United Arab Emirates is planning to power all public and private services in the city of Abu Dhabi through a single artificial intelligence platform by 2027 with a $2.5 billion investment, according to the Khaleej Times. The project will be delivered by Italy's Synapsia and the UAE's Bold Technologies. Newsweek has contacted the UAE government and Bold Technologies' parent company Bold Holding for comment. An email to the address on Synapsia's website bounced back. Why It Matters The new project underscores Gulf ambitions to take a lead in AI innovation the week after it was also made central to a visit to the region by U.S. President Donald Trump. While AI is increasingly at the heart of the global U.S.-China competition of influence, Gulf countries also see it not only as a way to make themselves more effective through its practical application, but also as a way to break new ground as they look to a future beyond energy exports. Summit G7 at Borgo Egnaza, Italy: Working session on Artificial Intelligence (AI), Energy, Africa and Mediterranean. United Arab Emirates' President Mohammed bin Zayed. Summit G7 at Borgo Egnaza, Italy: Working session on Artificial Intelligence (AI), Energy, Africa and Mediterranean. United Arab Emirates' President Mohammed bin Zayed. Aleksy Witwicki/Sipa USA/AP Images What To Know Aion Sentia, the project's given name, aims to consolidate public and private services onto a single platform, from automated public transport to the integration of smart homes and AI-powered support for healthcare, according to the Khaleej Times. The UAE has publicly stated its ambitions to lead in AI, and its National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan has actively courted foreign—including U.S.—investment for AI infrastructure projects. Saudi Arabia is also making similar calls and planning to use AI‐managed systems in its flagship Neom city. During his Middle East tour last week, Trump approved a major deal with the UAE to construct the world's largest artificial intelligence campus outside the U.S., removing previous limits that had barred the Gulf state from accessing advanced American chips amid fears they might end up in China. In March 2025, Synapsia and Bold Technologies signed a UAE-backed deal to deploy their Maia engine to coordinate traffic, public lighting, transportation, and security across urban infrastructure for more efficiency and energy consumption reduction, Synapsia said in a statement. What People Are Saying Daniele Marinelli, CEO of My Aion Inc., as quoted by the Khaleej Times: "We want to go to the next level. Imagine an AI that knows you so well, it can recommend the perfect place for your anniversary dinner and book it for you without you lifting a finger. That's the power of MAIA, and it's just one example of how Aion Sentia will redefine convenience." Synapsia's website in March 2025: "The agreement includes a significant investment in the development of Cognitive Cities, a new paradigm that goes beyond the concept of smart cities, which introduces fully autonomous urban management based on generative AI and predictive optimization." What Happens Next The UAE said it aims to expand Aion Sentia globally after piloting in Abu Dhabi, but did not give further details of exactly where.
See - Sada Elbalad
16-05-2025
- Business
- See - Sada Elbalad
UAE invests $1.4 Trillion in US over 10 years
Taarek Refaat Sheikh Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates, said that the UAE will invest $1.4 trillion in the United States over the next ten years, in areas including technology, artificial intelligence, and energy. During his speech at Qasr Al Watan in the UAE capital, Abu Dhabi, during his reception of US President Donald Trump, Sheikh Mohammed bin Zayed added that the UAE is keen to strengthen relations with the US, noting that there is a strong partnership between the UAE and the US for development. He pointed out that the partnership has taken an unprecedented qualitative leap, especially in the new economy, energy, renewable technology, artificial intelligence, and industry. He noted that the US is a strategic partner of the UAE in the Mars Exploration Project and the Asteroid Belt Project. He emphasized that the UAE is keen to continue working with the United States to achieve peace and security in the Middle East and the world. On the other hand, US President Donald Trump told Sheikh Mohammed bin Zayed, President of the UAE: "You are a great warrior, a strong man of vision, and you are highly respected." He added that the United States will work diligently with the UAE, and there is no doubt that the relationship will be even greater and better. He continued: "I believe that the partnership with the UAE in the field of artificial intelligence will be distinctive." Sheikh Mohammed bin Zayed, President of the UAE, awarded US President Donald Trump the Sheikh Zayed Medal at the conclusion of his visit to Qasr Al Watan. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
